Dramas on Facebook: Libra coins and SilkPay, which one is the copycat?


  On 24、25 June 2019, there is a mysterious man called Daniel Fitzwilliam claimed on Twitter and Facebook that he was one of the early participants of Libra, the cryptocurrency recently issued by Facebook, project. Also, he stated some security and privacy problems of Libra project to prove the authenticity of Libra assets.

After that, Daniel Fitzwilliam released articles referred to SilkPay statement and SLP nodes recruitment. According to Fitzwilliam, “Here comes a great improvement of technology, which will be a major revolution in the traditional economic society”, besides, there is a link of SilkPay website(www.silkpay.live)attached at the end of the statement.

Image: Daniel Fitzwilliam post SilkPay materials on Twitter

Libra, Facebook’s cryptocurrency project announced June 18, offers a  global set of currencies and financial system for billions of people. Libra is essentially a stable cryptocurrency based on Facebook’s global ecosystem.

Daniel Fitzwilliam., who claimed to be a member of the Facebook team and an early designer of the Libra project, has repeatedly criticized Libra and posted SilkPay on Twitter and Facebook. SilkPay, whose founding team is not mentioned in any documents, is created by a free community of blockchain enthusiasts, and it has repeatedly been mentioned its major technological breakthroughs in breaking the barrier of payments between cryptocurrency and legal tender. In this way, SilkPay can be used in any applications with regard to currency transaction.

Image: Daniel Fitzwilliam posts his story on Facebook

Currently, Facebook has not responded to this. If, as Daniel Fitzwilliam said, he and his team first designed the Libra project, and withdrew due to disagreement with others, then it seems that the existing Libra has undergone a qualitative change from the very beginning of the project, while SilkPay is now the prototype of Libra.

Image: Daniel Fitzwilliam comments on Libra Coin Official

After issuing Libra, rumors about it are on and on. “Libra should not be called cryptocurrency”, as Daniel Fitzwilliam pointed out. Libra is just a Facebook integral in the guise of decentralized technology. When you analyze SilkPay, you’ll see that both SilkPay and Libra refer to the currency and SDR, but they have two different sets of technical logic. Specifically speaking, the price of Libra is determined by currencies stored in major Banks that have partnerships with Facebook. While the currency of Silkpay is aimed to apply law-abiding payment system they invented to the cryptocurrency. In addition, SilkPay frankly admitted that the SLP is a decentralized SDR that can be exchanged for any currency.

What kind of technology Universal Payment Rules of SilkPay  are exactly and what SilkPay is up to? Universal Payment Rules of SilkPay is a payment technology independently developed by SilkPay, which allows dynamic exchange between currencies. When paying with SilkPay, the payer can choose to pay in any cryptocurrency, while the recipient is free to choose to receive cryptocurrency or legal tender.

It is debatable that if there is some relation between Libra and SilkPay or if the mysterious man Daniel is even real? For the time being, there will be a fierce competition between Libra and SilkPay.