Express

Live: Congress vs. Facebook's Libra, Permission-Less Network

Sofia Cabrera

Summary: Congressman Budd states that “In its published material the Libra association commits to the Libra network transitioning from permissioned network to a permission-less one. I think that is in five years is that correct?” Marcus answers, “The stated goal congressman is to start that slow transition five years after the launch.” Then the congressman precedes ...

Congressman Budd states that “In its published material the Libra association commits to the Libra network transitioning from permissioned network to a permission-less one. I think that is in five years is that correct?” Marcus answers, “The stated goal congressman is to start that slow transition five years after the launch.” Then the congressman precedes with his question, “Given that this would require investors in the association to give up all their interest in revenue generated from this created reserve, what incentive would they have to do that?” Marcus replies, “Actually, this is not that way it will work because we believe that the current member who will run nodes on the blockchain will likely continue to be represented because in a transition to permission-less you would have delegation of voting, and the delegation will likely be done to the members that would have activity on top of the network. So we believe that it won’t be as dramatic of a shift in governance then what has been portrayed.”


Author: Sofia Cabrera

  • BitFuFu’s VP on Mining Leadership, Corporate Crypto Treasuries, the Stablecoin Act, and... 2 days ago
  • BTC Weekly Outlook: A Bullish Week, but Signs Point to a Shift to Defensive Play 3 days ago
  • Figma's IPO Triumph and Crypto Bet: How a Design Disruptor Stunned Wall Street After a ... 14 days ago
  • When Stablecoins Tear Down Banks’ Interest Margin Moats — A Third Look at the U.S. “Ge... 15 days ago
  • Twitter Space Highlight: Is Altcoin Season Coming? Unpacking BTC, Institutions & RWA 17 days ago
  • You need to login to comment.