Connect with us


Facebook’s Libra copied Hedera’s governance model?




Source: Pixabay

Another day, another controversy as Facebook ostensibly gets embroiled in controversies every passing day post its contentious announcement of the Libra project. The recent one involves a full page advertisement on the Wall Street Journal and a tongue-in-cheek short note directed towards the social media giant,

Source: Crypto Bobby|Twitter

The advert read,

“Thank you facebook Libra. Imitation is the sincerest form of flattery.”

A decentralized public network called Hedera Hashgraph’s CEO and Co-founder Mance Harmon, which published the ad, revealed in a blog post,

“And some clearly listened and learned from it. I sat down with David Marcus of Facebook in February 2018, and shared our vision for Hedera, including the technology roadmap, the importance of a governing council, and more. Much of what we shared was echoed in Facebook’s Libra announcement this week, and that is a good thing for the market.”

According to Mance, Facebook copied the Hedera Governing Council. The Hedera Network will be governed by up to 39 council members where no single member would dominate the decision-making process and will follow a distributed governance model.

Drawing parallels to the upcoming Libra digital asset and blockchain, the blog detailed that their network is “open and accessible” and ensures that no signal entity would dominate the decision making, an aspect still vague in terms of Libra.

The blockchain firm hoped to “surpass” the “high stakes” set by the social media giant in its latest crypto project with the right approach and necessary technology.

Libra’s whitepaper stated that,

“The assets in the Libra Reserve will be held by a geographically distributed network of custodians with investment-grade credit rating to provide both security and decentralization of the assets.”

Subscribe to AMBCrypto’s Newsletter