Categories: Industry News

Libra’s TSC charged to oversee stablecoin development

Libra’s TSC (or Technical Steering Committee for the Libra project) has been formed by the Libra association with five elected members to bring a unique perspective and valuable domain expertise to the project.

The primary role of the committee as stated in a statement released by Libra is to oversee and coordinate the technical design and development of the Libra network. Libra also listed the responsibilities of the committee.

Directing the technical roadmap for the Libra network, forming technical working groups to fast-track research into selected specific issues, guiding codebase development and building a healthy and engaged Libra developer community are responsibilities earmarked for the committee.

The statement explained that the creation of a separate committee is in line with the Libra project’s goal of being decentralized and self-governing. Libra’s Technical Steering Committee also will publish is technical governance framework and associated documents in Q1 2020. The document will include ways by which open source community can propose technical changes to the network and a transparent process for evaluating those proposals.

Libra’s regulators’ concern

Scheduled to launch this year, Libra’s chances of pleasing regulators are slim as many seem not to believe in it. The project has been subject to many questions as it faces regulation issues from different crypto regulators.

The project along with its Calibra wallet last year, made waves in the tech and crypto communities while globally, legislators and regulators wasted continued to question the project. Being that Facebook in the past are known to breach data and mishandle user’s information, it is a cause of worry for many regulators regarding Libra

Calibra head David Marcus assured lawmakers some more 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.

However, CEO of Ripple, Brad Garlinghouse 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.

Libra’s TSC

The five-member committee includes Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Bison Trails founder and CEO Joe Lallouz, Union Square Ventures partner Nick Grossman and Mercy Corps emerging technology director Ric Shreves.

Each member is expected to offer unique and professional expertise towards the development of Libra through the committee.

There are various tweets to this latest strategy by Facebook’s Libra Association. By allowing anyone to build on it, Libra purportedly could meet the daily financial needs of billions of people globally. A lot expressed doubts that Libra can handle 2B transactions with the suggestion that it builds on BSV (Bitcoin SV) at scale.

Hopefully, Libra’s TSC can redeem Libra in the eyes of doubters after Facebook’s latest fiasco involving privacy breach and 69,000 apps.

Featured Image by Pixabay

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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