Facebook’s blockchain director, David Marcus, posted a message Wednesday on the Libra project. He addressed some of the issues raised by the public and authorities regarding the cryptomonade announced.
Centralization to ensure network functionality
More specifically, David Marcus argues that, although in the current state it seems centralized, the Libra network has the option of becoming decentralized in the future. He explained that the 28 current validators have the role of ensuring the network’s functionality at launch:
“It was important to start with trusted entities that could operate in a regulated environment and operational expertise to ensure network integrity at its launch stage.”
Blockchain helps reduce financial crime
David Marcus also pointed out that members of the Libra Association had extensive discussions with regulators in several countries.
“In essence, we believe that a network that helps transfer cash transactions to a digital network that includes KYC-based regulated and well-regulated platforms will offer law enforcement and regulatory authorities the ability to deploy own analysis of blockchain activity. This will be a great opportunity to increase the effectiveness of monitoring and enforcing the law on financial crime. “
Facebook will not control Libra
In his message, David Marcus stressed that all members of the Libra Association have equal rights and obligations, including Facebook. This means that the social network with a controversial past about managing personal data will not control the network.
“You do not have to trust Facebook to use Libra,”