Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,154,757 members, 7,824,172 topics. Date: Saturday, 11 May 2024 at 02:34 AM

David Marcus Of Facebook Addresses Libra Trust Issues - Science/Technology - Nairaland

Nairaland Forum / Science/Technology / David Marcus Of Facebook Addresses Libra Trust Issues (235 Views)

Damilare King-David Akano Is Youngest Microsoft Expert At 6 Years Old / Facebook Libra Cryptocurrency; What It’s All About And What It’ll Do For You / David Oluwatobiloba Adeyemi Invents eco-E, Multi-Purpose Cleaner (2) (3) (4)

(1) (Reply)

David Marcus Of Facebook Addresses Libra Trust Issues by Wolfmansion: 9:40am On Jul 04, 2019
TestBoo.COM



The head of Calibra at Facebook, David Marcus, said that Libra users will not have to put their trust in Facebook. He said this in a post on July 3.

Marcus again said that Facebook is not the only member of the Libra Network, and that they are relinquishing control of the network. He said:
“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.”

Polychain CEO Carlson-Wee said relinquishing control over the infrastructure behind Libra is the best strategy for Facebook. At the Consensus 2019 blockchainconference in May, Carlson-Wee said:

“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.”

Marcus said while the crypto wallet company Calibra is not owned by Facebook as a subsidiary, no financial data will be available to Facebook. Marcus said users are free to use many custodial and non-custodial wallets from different companies to store and make transactions with Libra.
Non-custodial wallet ZenGo has provided a proof-of-concept demonstration for Libra support. Marcus said users do not have to put their trust in
Facebook in other to use Libra:

“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.”

From TestBoo - https://testboo.com/david-marcus-of-facebook-addresses-libra-trust-issues/

(1) (Reply)

Google Chrome To Automatically Block Heavy Ads / Digital Delegate Conference System / The Most Secured Berlinlasers 808nm Infrared Laser Line Generator

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 8
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.