Facebook Leader David Marcus Discussed Trust Problems Regarding Libra Project

By Brian Nguyen | July 4, 2019
Facebook Leader David Marcus Discussed Trust Problems Regarding Libra Project

David Marcus – one of Facebook leaders and is in charge of its project Calibra – has strongly noted that Libra users need not entirely confide their trust in Facebook.

In a post on July 3rd, Marcus emphasized that the Libra network consists of numerous members, apart from Facebook, and that the social media giant is looking to renounce its control of Libra. 

“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.” Marcus explained.

Carlson-Wee – Polychain CEO – also believed that seeking relinquishment for Libra would be the best strategic move for Facebook, at present.

“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.” Carlson-Wee specified his perspective during a speech at the Consensus 2019 blockchain conference, took place in May this year.

Marcus further stated that, although the crypto wallet firm Calibra is one of Facebook’ subsidiary companies, it can’t provide any financial insights for Facebook. Additionally, a wide variety of custodial and non-custodial wallets, offered by different manufacturers, are available for customers to store and conduct transactional activities.

ZenGo – one recent non-custodial wallet – has a proof-of-concept demonstration for Libra support. This wallet will reportedly free clients from private key storing systems, by using a key-like measure kept many parties, compared to the traditional string of characters.

“Bottom line: You won’t have to trust Facebook to get the benefit of Libra. And Facebook won’t have any special responsibility over the Libra Network…. 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.”

Tags: , , , ,

Related Articles