Libra Association Forms A New Committee To Guide The Network’s Technical Development
Libra Association Forms A New Committee To Guide The Network’s Technical Development
January 18, 2020
Libra Association Forms A New Committee To Guide The Network’s Technical Development
Libra Association Forms A New Committee To Guide The Network’s Technical Development
January 18, 2020

The Libra Association, the stablecoin introduced by Facebook in late 2019, has formed a new committee to guide the network’s technical development. 

On January 16, it has been reported that the Libra Association has voted to establish the five-member Technical Steering Committee which comprises leading experts from various firms in the fintech and blockchain industries.    

The members are:

  • George Cabrera III, the Core Product Lead of Calibra,
  • Diogo Monica, the Co-founder and President of Anchorage,
  • Nick Grossman, the Partner of Union Square Ventures,
  • Joe Lallouz, the CEO and Founder of Bison Trails, and
  • Ric Shreves, the Director of Mercy Corps.

Diogo Monica said:

“For the Libra Blockchain to serve billions of users worldwide, security must be its foundation. We are using the best of modern security engineering to prepare the Libra network to operate on a global scale.”

George Cabrera III said:

“The Libra Association’s mission is to be a financial infrastructure that empowers billions of people, and having a group to guide the design, building, and ongoing maintenance of that infrastructure is vital to its success. The creation of this committee represents a notable milestone for Libra’s openness and sustainability as we forge ahead towards our mainnet launch.”

Joe Lallouz commented:

“Our goal is to ensure the Libra network is decentralized, secure, and well-orchestrated, with the infrastructure in place to support billions of transactions. This aligns well with our vision of democratizing access to the decentralized future.”

Nick Grossman said:

“Libra has the potential to be a breakthrough project in the digital asset and payments space. To achieve this potential, the project must demonstrate credible independence and be welcoming to potential partners and contributors.”

Likewise, Ric Shreves said:

“Designed from the outset to be transparent by default, and governed with the philosophy of open source participation, the Libra network represents a unique opportunity to build a financially inclusive world.”

In overseeing the technical aspects of the Libra network’s development, the committee will direct the technical roadmap for the Libra network, form working groups to prioritize selected avenues of research, guide the development of a codebase, and generally develop and engage the Libra development community.  

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However, the statement claims that the creation of a separate committee is in line with the Libra project’s goal of being decentralized and self-governing “independent of any one organization’s control.”

The committee says that it will publish its technical governance framework and other relevant documents by the end of the first fiscal quarter of 2020. 

Facebook’s announcement of the Libra stablecoin, along with its corresponding Calibra wallet last year, made waves in the tech and cryptocurrency communities while globally, legislators and regulators wasted no time in scrutinizing the project. 

Likewise, the social media giant’s previous history with data breaches and mishandling of user information has been at the forefront of some regulators’ concerns.

At a hearing before the United States Congress last summer, David Marcus, the Head of Calibra, assured lawmakers, some more convincingly than others that Facebook would not have access to Libra users’ financial records and information and that such data would be kept separate from social platform’s user data.

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On the other hand, Brad Garlinghouse, the CEO of Ripple, said that Libra will likely not receive regulatory approval before 2023, stating that the stablecoin’s debut may have gone over better if Facebook had not been at the head of the project. 

Indeed, regulators have been grappling with how to classify the new asset.

In November 2019, lawmakers in the United States introduced legislation that would regulate the coin under securities laws. 

Thus, after the bill’s introduction, the Libra Association quietly updated the coin’s whitepaper, with the biggest change being the removal of dividends payable to those early investors. Not only does the change remove a potential conflict of interest between the Libra Association members, and end-users of the currency, but could address concerns that Libra should be classified as a security.

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.