January 20, 2020

Libra: New Team to Control the Crypto Project

Libra – New Team for Facebook Cryptocurrency Project

The project management organized a group of experts from five people who will monitor the development of the payment system. 

In order to control the development of the Facebook payment system, the Libra Association has assembled a committee of 5 people, which was announced in its official blog. The expert group will be responsible for the technical roadmap of the project and will guide the development of the code base as it moves towards the launch of the main cryptocurrency network.

During the first quarter of this year, the committee will present the Libra project technical management structure. It will include a mechanism through which the developer community will be able to propose technical changes to the network.

The committee members include Anchorage co-founder Diogo Monica, Calibra core product manager George Cabrera III, Bison Trails founder and CEO Joe Lallows, Union Square Ventures partner Nick Grossman and new Mercy Corps technology director Rick Shreves.

Earlier, the Facebook project received support from many big players in the cryptocurrency industry. For instance, Spencer Bogart believes that the Facebook Libra payment system could become a serious competitor for Bitcoin. 

He added that even despite possible competition from Facebook, Bitcoin would continue to grow in price and develop as a technology. This will allow him to maintain a dominant position in the market, as startups will use the first cryptocurrency blockchain to create new platforms and applications, Bogart explained.

According to him, halving will become one of the drivers of Bitcoin value growth, but it is unlikely to increase many times over. Reducing the remuneration for cryptocurrency mining is a well-known event, and its expectations have partially already affected the price of the coin, the entrepreneur noted.

As you may know, on December 19, Libra Association Board Member Patrick Ellis confirmed that Libra’s launch is expected in 2020. He noted that the scale of the introduction of the payment system remains in doubt, and the construction of a clear project development strategy depends on negotiations with financial regulators.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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