David Marcus, the head of Calibra at Facebook, stressed that Libra users won't ought to put their trust in Facebook, in an exceedingly post on July 3.

Marcus reiterated that Facebook isn't the sole member of the Libra Network, which they're relinquishing control of the network. within the post, he says:

“Facebook won't control the network, the currency, or the reserve backing it. Facebook can solely be one amongst over 100 members of the Libra Association by launch. we'll not have any special rights or privileges.”

Relinquishing control over the infrastructure behind Libra is exactly what Polychain chief executive officer Carlson-Wee said would be the most effective strategy for Facebook. At the accord 2019 blockchain conference in May, Carlson-Wee said:

“I suppose that the strategic move for Facebook would really be to build public infrastructure. and that public infrastructure can be incorporated onto all the Facebook platforms, that after all are proprietary. however, that public infrastructure, if they don’t try to own it, i believe that’s where they're going to have the foremost success.”

Marcus conjointly said that, while Facebook does own the crypto wallet company Calibra as a subsidiary, no monetary information is going to be offered to Facebook. Moreover, he says that users are liberated to use a variety of custodial and non-custodial wallets from different firms to store and make transactions with Libra.

One non-custodial wallet recently declared is ZenGo, that has provided a proof-of-concept demonstration for Libra support. This wallet reportedly eliminates the requirement for storing private keys by employing a key-like answer that's distributed among multiple parties, instead of existing mutually string of characters.

Marcus says that ultimately, users don't ought to put their trust in Facebook simply to use Libra:

“Bottom line: You won’t ought to trust Facebook to urge the advantage of Libra. And Facebook won’t have any special responsibility for the Libra Network…. We’ve been clear concerning our approach to monetary data separation and that we can live up to our commitments and work hard to deliver real utility.”

The announcement comes only 1 day after members of the U.S. Congress requested that Facebook impose a moratorium on Libra’s development till it will be any examined.

Hearings within the Senate and House of Representatives — at that Marcus can apparently seem — are scheduled for July 16 and July 17, respectively.

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