Facebook Libra Supervisor: Users don't have to trust us, they will attend the hearing this month.

In an article, David Marcus, head of the blockchain chain and encryption project at Facebook, social media giant Facebook, responded to questions and concerns from Libra over the past two weeks. Indicates that Libra users do not have to trust Facebook. He confirmed that he will testify on this project in the hearings of the Senate Banking Committee and the House Financial Services Committee.

According to a report yesterday, more than 30 privacy and consumer watchdog agencies in Washington, DC, asked Congress to stop the project to solve its "serious problems." Five members of Congress also wrote to Facebook founder Mark Zuckerberg to suspend the development of the Libra encryption project.

Marcus tried to address some of the issues raised by legislators and industry insiders, including whether Libra is actually decentralized, why the Libra Association has no charter, and whether Libra can actually address financial inclusion issues.

Marcus responded specifically to the recent concerns about Facebook's trust with many regulators and groups. He said that

"In a word, you want to use Libra, you don't have to trust Facebook. Facebook has no special responsibility for the Libra network. But we hope that people can trust the Calibra wallet. We are very clear about the way financial data is separated, we will fulfill our commitment and strive to provide real Practicality."

Calibra is a Facebook subsidiary and is the encryption wallet for its cryptocurrency Libra. Marcus also repeated Calibra's statement in the public document that Facebook could not access any financial data for the wallet.

“People will have a lot of ways to use Libra and access the web. Users will be able to use a range of interoperable managed or unmanaged wallets, which means they can pay or collect money from different company wallets, or even use their own development. Software wallet."

In addition, there are industry insiders worried that Libra is unable to provide banking services to individuals who do not currently have a bank account, and is concerned about Facebook's poor record in consumer data protection. Marcus responded,

“The key reason why many people don’t have a bank account is that they don’t have enough money to deposit in the bank. Some people claim that Libra won’t solve the problem. In fact, Libra can provide secure storage for anyone with a $40 smartphone and network. Assets, connecting the world economy, low-cost transactions, and access to financial services."

He said Libra's profit model will come from advertising in its app. When the ad is most effective, the advertiser will be more motivated to purchase the service on the Facebook platform.

Regarding Libra's decentralization, Marcus said that although Libra will initially be controlled by a small number of entities, it will gradually decentralize over time. Facebook is just one of the 28 founding members of the Libra Association responsible for project management, and will eventually have the same powers as other members. He added,

“It’s easy to think that Libra is only related to Facebook from the headlines, but it’s not. The most important thing now is to start with trusted entities that can operate in a regulated environment and have the security needed to ensure network integrity. Expertise. I believe that 100 geographically dispersed and industry-diversified organizations are very decentralized."

At the end of the article, Marcus expressed his thoughts on working with the community and confirmed that he would attend the Senate Banking Committee and the House Financial Services Committee hearing.

“We look forward to continuing to engage with the community and stakeholders. We want to hear feedback and we promise to take the time to do this. That’s why we share our early plans and open the Libra codebase to the world. It will be a collaborative and open process before the release. In this spirit, I look forward to attending the hearings of the Senate Banking Committee and the House Financial Services Committee and testifying for this project."

Image source: pixabay

By Xiu MU

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