Libra Association Forms Commission to Oversee Developments

Libra Association, an independent entity governing the proposed Libra digital currency, has formed a committee to follow up on the ongoing project developments.        

The Technical Steering Committee (TSC) which includes five members will oversee the technical design of the Libra platform as well as coordination of other developments. The members were selected from 21 companies having wide experience in the blockchain technology.

This significant step reflects the association’s keenness to make the proposed digital currency project not controlled by any organization.

George Cabrera III, Libra Core Product Lead at Calibra and member of TSC, said, “The Libra Association’s mission is to be a financial infrastructure that empowers billions of people, and having a group to guide the design, building, and ongoing maintenance of that infrastructure is vital to its success. The creation of this committee represents a notable milestone for Libra’s openness and sustainability as we forge ahead towards our mainnet launch.”

The committee will publish its technical framework and relevant papers in the first quarter of 2020, the association said on its website.

Joe Lallouz, CEO of Bison Trails and member of TSC, said “Our goal is to ensure the Libra network is decentralized, secure, and well-orchestrated, with the infrastructure in place to support billions of transactions. This aligns well with our vision of democratizing access to the decentralized future.”

Switzerland’s President Ueli Maurer has earlier said Facebook’s cryptocurrency Libra has failed in its current form and should be amended in ordered to be approved by regulators.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.