Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

ZenGo Now Supports Libra by Facebook; Transaction Still in Testing Phase

Bipasha Mandal
Bipasha Mandal
Bipasha Mondal is writer at TechGenyz

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

The developers of ZenGo announced on August 18, 2019, that from now on its app supports Facebook’s Libra testnet. Now the users of ZenGo can receive and send Facebook’s new cryptocurrency, Libra, using the app without any hassle.

libra testnet

However, the announcement also underlined the fact that the testnet funds would not hold any real value as it is still in its testing mode, and are valid for only testing purposes.

The developer’s post on behalf of ZenGo explains, “If you would like to experiment with Libra, you can turn on Libra testnet from the Account tab in the wallet. Once you turn on the feature, make sure your wallet is backed up, and we’ll send you your first Libra. Facebook is developing its own wallet Calibra, but it’s not publicly available yet. When it does become available, it will be a custodial wallet, meaning that Facebook will have full control over the funds stored in it. But that will not be the only option. That’s why we’re offering Libra in ZenGo a non-custodial that people will have the option to choose.”

The ZenGo team could not emphasize it enough that the currency exchange is in its experimental stage; hence the mode in the app would frequently undergo many resets for maintenance and upgrades, and during this reset time, “all the data on the network gets reset along with all transaction history and balances.” Presently, ZenGo is available on iOS only.

According to a report by Cointelegraph, “ZenGo wallet aims to eliminate the need for storing private keys by using a key-like solution that is distributed among multiple parties, rather than existing as one string of characters.”

However, on Facebook’s side, there has been much skepticism as David Marcus, the head of Calibra at Facebook, said that Libra users will not have to trust Facebook completely.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic