In late 2019, Facebook introduced Libra Association, a governing body that would deal with the stablecoin and payment network. The association has recently formed a new committee whose main agenda is to guide networks during technical development. On Jan 16th the committee made an announcement that they had decided to form a Technical steering committee comprising of five experts from different firms in fintech and the blockchain industry. These committee members are: Joe Lallouz, the founder and CEO of Bison Trails, Mercy Corps who is the director of Ric Shreves, George Carbrera III who is the Calibra core product lead, the co-founder of Anchorage, Diogo Anchorage and Nick Grossman, a partner at Union Square.
Spearheaded by the above named members, the committee’s work will be to direct, guide and create a roadmap for Libra network. In addition to that, the commitee will create working groups that will prioritize specific avenues of research and manage the development of a codebase. All in all, the duty of the commitee is to oversee the general development while involving the Libra development community.
According to the announcement made on the 16th of January, the creation of a separate committee was paramount to ensuring independence from other organizational control. Moreover, it was well within the lines of Libra project control goals which are to be decentralized and self-governing. In fact, the committee recently announced that it will publish the association’s technical governance framework and other important documents by the first quarter of 2020.
The introduction of Libra Association brought waves in the cryptocurrency community that came with a lot of scrutiny. This is due to the poor history that Facebook has like cases of data breach as well as mismanagement of their user’s information. The CEO of Ripple, Brad Garlignhouse stated that Libra Association will most likely not get approvals anytime soon, at least not before 2023. According to him, if the association was not spearhead by Facebook, getting approvals would have been easier.
In regards to the security matter, David Marcus, the head of Calibra assured the lawmakers that despite the social media giant past record, Facebook would not have any access to the financial records of Libra users information since it will be separated from the social platform data.
To curb the security concerns, Libra Association decided to update the coin’s whitepaper. With this change there was removal of dividends payable to early investors. This move was meant to combat potential conflict of interest between members of Libra Association and the currency end users as well as to ease the security concerns.