Facebook’s cryptocurrency chief, David Marcus: Libra Crypto Users Won’t Have to Trust Us
In a note published Wednesday on Facebook, Marcus addressed “a number of questions and a few misunderstandings” about the project.
Marcus reiterated that Facebook is not the only member of the Libra Network and that they are relinquishing control of the network. In the post, he says:
“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.”
Relinquishing control over the infrastructure behind Libra is precisely what Polychain CEO Carlson-Wee said would be the best strategy for Facebook. At the Consensus 2019 blockchain conference in May, Carlson-Wee said:
“I think that the strategic move for Facebook would actually be to build public infrastructure. And that public infrastructure could be incorporated onto all the Facebook platforms, which of course are proprietary. But that public infrastructure, if they don’t try to own it, I think that’s where they will have the most success.”
In Wednesday’s post, Marcus sought to address a number of issues that have been raised by lawmakers and informed observers alike, including whether Libra is actually decentralized, why there isn’t a charter in place for the Libra Association and whether Libra can actually address financial inclusion.
Perhaps most notably, he addressed the widespread distrust of Facebook in the wake of Cambridge Analytica, 2016 election interference and other high-profile mishaps.
“Bottom line: You won’t have to trust Facebook to get the benefit of Libra,” Marcus wrote, adding:
“And Facebook won’t have any special responsibility over the Libra Network. But we hope that people will respond favorably to the Calibra wallet [made by Facebook] . We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.”
The announcement comes just one day after members of the United States Congress requested that Facebook impose a moratorium on Libra’s development until it can be further examined.