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Facebook’s head of blockchain says centralization is not a focus for Libra

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After enduring weeks of criticism from some of the most prominent authorities around the world, Facebook has finally come out with a statement through its head of Marketing and Blockchain, Christina Smedley.

Smedley mentioned that centralization is not a focus for the Libra project and the crypto enthusiasts need not worry about the concentration of control when it comes to Facebook’s new project.

Many authorities, as well as prominent crypto traders, have accused Facebook of dominating Libra’s governance and spinning it towards more centralization.

Smedley says that can’t be further from the truth as Facebook is simply going to be part of the association of more than a dozen companies involved in Libra.

Smedley also had to address the issue with the Calibra Wallet as traders were concerned that it would connect their social data with their financial data, ultimately removing privacy from the network.

Smedley mentioned that the company is going to keep this information separate, but the project isn’t finished therefore things may change.

Further statements were about the issue of regulations. Smedley said that much like any other financial company, Libra will provide information about an individual customer if the local authorities were to ask for it.

Right now, the biggest issue that Smedley has is that people aren’t going to give the product a chance, and it is indeed gearing up to be the case as thousands of crypto traders have already mentioned that they would never touch Facebook’s blockchain project.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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