David Marcus, head of Calibra, has provided clarification regarding certain concerns that were raised against the Libra project in a recent post. The major point highlighted by Marcus in this post was the fact that Facebook is not the only member of the Libra network and the company will also not have any special privileges or rights on the network, which the nearly hundred other members will otherwise not have. Neither, the currency nor the network will be under the control of Facebook Inc.
The post further goes on to explain that the platform lacks openness in the initial stage, however, it is a totally open platform where no membership is necessary for carrying on the relevant activities like developing wallets.
Moreover, in terms of decentralization, the post states the association’s intent to transition to a permission-less state is very deep founded. The association, however, wanted to start with a system where only trusted modes were stated for regulatory convenience, according to the post.
The Charter and Regulatory Constraints
David Marcus has justified the absence of a charter on the grounds of ethical consideration. According to him, the formulation of a charter should require a democratic process, and a unilateral move by Facebook will be against the spirit of the Libra association.
On the issue of regulation, Marcus mentioned the advantages of moving more transaction on a digital network for the regulatory authorities. In this sense, the network can actually be a supplement to the work of the regulators, and the association will try to engage with them on these issues.
Facebook’s Business Interest in the Network
This is another issue addressed by Marcus where he stated that with large scale adoption of the currency, the commerce over the various apps of Facebook will increase. Moreover, the Calibra wallet will allow the company to generate many sources of income, through various financial services.