With what appears a great sense of fulfillment, Facebook’s Libra team has announced that an independent committee, tagged the Technical Steering Committee (TSC), has been formed within the organization to oversee technical activities in Libra.
Speaking for the Libra Association, Micheal Engle, writes that the Libra Association is poised to reassure regulators and the genera public that the Libra cryptocurrency project is, in fact, independent of any organization.
As opposed to the general belief that Libra would be monetize and managed solely by Facebook, the recent blog post from the Association once again emphasizes that the upcoming digital coin is, indeed, independent from Facebook and it is governed by an association of notable men and women in the tech and blockchain community.
In the blog post, the Libra Association discloses that a 5-member community has been set up to handle all of the technical design and development of the Libra network.
The committee, which is made up of leading partners in both the tech and blockchain ecosystems, is expected to oversee every technical activity of the Libra network including creating & directing the technical roadmap of the network, guiding codebase development, developing individual Technical Working Groups to expedite research in specific issues, and building a healthy and engaged developer community for the Libra network.
Having an independent committee made up of members from different sectors goes to show how much the Libra Association is working to decentralized the management of the Libra virtual coin. No one has all the say, not even the all powerful Mark!
The post reads:
“It has always been the Association’s vision that the Libra project would be self-governing and independent of any one organization’s control.”
Crypto Project Not in Facebook’s Hands Alone
To commence working, the TSC is expected to submit its technical governance framework and associated documents within the first quarter of the year. This framework and document will show clearly the process by which the open source community can propose technical changes to the Libra network. Among other things, the framework should also proffer a transparent medium by which the proposals can be evaluated.
Since the announcement of the Libra cryptocurrency project, there has been major unrest in the camp of regulators and other relevant authorities. This stems from the fact that Facebook has a history of some ‘poor management’ of private data. Some believe that handing a loaded gun to such a body would spell destruction for us all.
That said, it is obvious that the Libra Association is doing all it can to prove that Libra won’t be at the sole mercy of Facebook or Mark Zuckerberg, but instead an association of devoted industry leaders cutting across tech, finance, and of course the blockchain sector.
