Facebook Libra cryptocurrency Testnet has reportedly already registered over 50,000 transactions since it was reset on September 17.
According to a blog post published by Libra Association developer Michael Engle, the organization has been working on developing Facebook Libra Testnet by incentivizing community participation, simplifying how developers can work on Libra, and launching a Bug Bounty program that’s helping it fix bugs faster.
Since the association reset the testnet, Engle claims Facebook Libra Testnet already “logged more than 51,000 transactions.” Developers working on Libra’s testnet reportedly also created 34 projects, which include 10 wallets. 11 clients, and 11 blockchain explorers.
The Libra Association added that until its mainnet is launched the “best and fastest way” to demonstrate the cryptocurrency’s functionality is through a pre-mainnet, which makes it “easier and faster to test, troubleshoot, diagnose, and resolve software edge cases.” Libra’s pre-mainnet already has 7 deployed nodes and 14 in the works, with 8 of them lacking a technical team.
As reported the Libra Association has been facing regulatory scrutiny over the last few months, and some of its founding members ended up leaving the organization. PayPal, Visa, Mastercard, eBay, Stripe, Booking Holdings, and Mercado Pago have all left the organization, but giants like Uber and Vodafone remain.
The organization is nevertheless moving forward, having “formally signed onto the Libra Association charter” last month, and establishing a board of directors. It also revealed over 1,500 “entities” expressed interest in the Libra project, and that around 180 of those meet “preliminary membership criteria.”