- Sep 21, 2021
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.
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 post made by the developers 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.