Libra Association Sets Up Five Member Oversight Committee

The Libra Association, the non-profit organization overseeing Libra, has established a five-member Technical Steering Committee (TSC) to oversee and coordinate the technical design and development of the Libra network.

The responsibilities of the TSC are to direct the technical roadmap of the Libra network, form working groups to fast track research into specific issues, guide codebase development, and build a healthy and engaged community of developers. The association has said that the establishment of the oversight committee is an important step forward in realizing its vision of a self-governing and independent network.

A statement from The Libra Association yesterday said, “As a project rooted in technological innovation, technical stewardship is a significant component of self-governance for the Libra project. In Q1 2020, the TSC will publish its technical governance framework and associated documents. This will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

The five members making up the TSC include Joe Lallouz, CEO and founder of industry-leading blockchain infrastructure Bison Trails; Nick Grossman, a partner at venture capital firm Union Square Ventures; and Diogo Monica, co-founder and President of digital asset custodian Anchorage. They will be joined by the Libra core product lead at Calibra, George Cabrera, who oversaw the technical integration of both Instagram and WhatsApp into Facebook (NASDAQ:FB). Ric Shreeves is the final member, who currently serves as Director of Emerging Technology at Mercy Corps.

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Libra was first announced last June as an effort to bank the unbanked and provide low-fee money transfers across the globe. However, the project was met with heavy resistance from regulators on both sides of the Atlantic, most of whom opposed Facebook’s leading of the project, given the social media giant’s poor record of data breaches and mishandling of user information. Many also viewed Libra as a potential threat to the economic sovereignty of nations. That resistance has led to Libra’s launch date being delayed indefinitely.

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