The Technical Management Committee of the Libra Association will consist of five members who will direct all the technical aspects of the ongoing project.
The Libra Association, the entity responsible for managing the Libra project promoted by Facebook, announced the creation of a Technical Management Committee, which will aim to direct and supervise the development of the new digital currency and its Blockchain network.
According to information published in the official blog of Libra, this new committee will be composed of five members who are part of the group of 21 companies that formalized their alliance with the Libra Association, so each will have work in specific sectors, joining all efforts to promote the development of Blockchain technology linked to the project.
Technical Management Committee of the Libra Association
Among the responsibilities of the Technical Management Committee is the direction of the technical roadmap, the formation of working groups to promote research on specific issues and to guide the development of the base code.
The members that will be part of this committee are Diego Monica, from Anchorage; Joe Lallouz of Bison Trails; Ric Shreves of Mercy Crops; Nick Grossman of Union Square Ventures; and George Cabrera III, from the Calibra developer group.
In the Libra Association Blog, the team explained that this new committee will publish a technical governance framework during the first quarter of 2020, with which they will dictate guidelines to open source developers about the contributions they can make for the operation of the Libra network.
Uncertainty regarding Libra
The announcement by the Libra Association reveals Facebook’s plans for continuing to develop its new digital currency and its Blockchain network, a project that found strong rejection from legislators and regulators in many countries around the world.
During his presentation to the US House of Representatives, Facebook CEO Mark Zuckerberg gave a speech in which he spoke about the technical benefits and objectives that Libra pursues, especially focusing on the benefits that it would bring to the large unbanked sector number of countries However, the questions asked by legislators highlighted the strong shortcomings of the project in terms of managing user privacy as opposed to measures to prevent financial unlawfulness.
Zuckerberg made it clear that they would continue to work closely with US regulators to fine-tune all the respective details, and stated that Libra would not be released until it receives full approval from the United States government.
At the moment it is not clear when the new cryptocurrency backed by the social network will be released, but his team continues to work to polish aspects related to the underlying technology of the Blockchain network.