After a series of setbacks and intense international pressure against Facebook’s governing model, the Libra Association announced that a Technical Steering Committee (TSC) was founded to oversee and govern the technical development of the Libra token, as was commonly agreed by the associates on December 16, 2019.
The recent announcement which appeared on Libra’s official blog last week cited that the Libra Association has elected five independent members that altogether compile the TSC, and their job is to direct the technical roadmap for the Libra project.
Each of the five members is expected to bring unique expertise on the table from different perspectives and industries.
TSC: A third-party directory is set to ensure Libra’s ‘good intentions’
Overall, all technical aspects of the Facebook-powered fintech venture, including research, codebase development, and dev ops, will be monitored and directed by the TSC in order to secure some sort of a “decentralized” governing architecture, similar to Hyperledger and Hedera.
The way I see it, and since the Libra Association was not “decentralized” enough for the public skeptics, Facebook came up with TSC to further ensure that there are unbiased third parties involved with the technical aspect of the project and it won’t be strictly a Facebook directed monetary system, as many financiers pointed out.
As per Libra, it seems that the Association persists to polish anything touched by regulators stating:
Establishing an independent TSC that is responsible for technical development of the Libra network is an important step forward for the Libra project. It has always been the Association’s vision that the Libra project would be self-governing and independent of any one organization’s control.
We previously covered why most financial watchdogs are against Libra’s deployment, but in a glimpse, regulators fear that the centralized authoritarian party behind Libra will be eligible to manipulate market pairing prices, resulting in increased or decreased demand for national fiat and/or digital currencies.
Not only a third-party supervisory task-force but also the third attempt to convince regulators
Of course, during the numerous meetings Libra’s CEO David Marcus had with financial regulators, he explained that Libra is not planning to create a new currency that will compete with the already established ones, but instead, it should be a “better payment network and system running on top of existing currencies”.
You’re not convinced yet? Me neither, and that’s why the Libra Association, which is the Layer 2 of Facebook’s tentacles, gave birth to a Layer 3 supervisory glove called TSC, which is supposed to assure us the project is directed by random third party individuals who have the common good as a moral standard and have nothing to do with Facebook.
Finally, TSC will be consisting of Diogo Monica, Co-founder, and President at Anchorage, George Cabrera the third, Libra Core Product Lead at Calibra, which is the official Libra custodian wallet provider, Joe Lallouz, CEO and founder at Bison Trails, Nick Grossman, Partner at Union Square Ventures, and Ric Shreves, Director of Emerging Technologies at Mercy Corps.
To be honest, a quick Google search suggested that some of these names are attached to some serious industry titans, but that tells me nothing really.
Although I previously stated many times that Libra is meant to succeed, despite regulatory concerns, I also believe that the longer it takes the lower the chances are it will ever see the light of an exchange.
Obviously, that’s not a deal-breaker, especially when considering Facebook’s multi-billion user network where Libra could be deployed directly through Messanger, but the fact remains that Libra will make it only when they decide to put aside the fancy terminology and come crystal clear with what exactly they’re planning to do for almost over a year now.