The testnet of Facebook’s Libra cryptocurrency has reportedly surpassed over 50,000 transactions since its reset in September.
In a blog post titled “Five Months and Growing Strong: The Libra Project”, Libra Association developer Michael Engle said that the testnet registered more than 51,000 transactions since its reset last September 17. Additionally, developers have created 34 projects, which include 10 wallets, 11 clients, and 11 blockchain explorers.
Engle further stated that the organization is on the works of developing Libra by encouraging community participation, simplifying how developers can work on Libra, and launching a Bug Bounty program that’s helping it fix bugs faster.
Until its mainnet is launched, the Libra Association added that the “best and fastest way” to demonstrate the cryptocurrency’s functionality is through a pre-mainnet. This 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.
Over the past few months, the Libra Association has been facing regulatory scrutiny. Some of its founding members have already left the organization. Among these members include PayPal, Visa, Mastercard, eBay, Stripe, Booking Holdings, and Mercado Pago. However, giants such as Uber and Vodafone remain.
Despite the backlashes received, the organization is nevertheless moving forward. Among the association’s progress include the official signing of the Libra Association charter last month and the establishment of 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.”