How Does Facebook’s Libra Association Work? A Founding Member Explains

Hi, everyone, I’m Giovanni, and today with
us Joseph Lallouz, CEO at Bison Trails. Bison Trails is among the members of the Libra
Association, the governing body that will be managing Libra – the new cryptocurrency
developed by Facebook. Joseph, first of all, can you
tell us about your company? We’re an infrastructure company to help companies,
custodians, exchanges, app developers, decentralized web developers deploy infrastructure into
new protocols and blockchains. And so, we’re essentially building the infrastructure
layer in between the application itself and the blockchain itself. So we make it really easy for teams to be
able to build on top of blockchains. What we do is we help people deploy and orchestrate
nodes that are decentralized, globally distributed, highly available, highly secure. So, why did you decide
to participate in the Libra project? There was a very noble and very ambitious
cause that the Libra Association was trying to do which was truly trying to bank the unbanked
and create seamless payment systems, global payment process and seamless remittances globally. And for us that was a
very mission aligned initiative. That is for sure an inspiring mission, but
values aside, what is the financial reward which Bison Trails hope to gain out of Libra? There’s maybe an interest rate on the global
reserve that Libra Association is creating. I don’t think that is a primary driver or
incentive for us. So we’re an infrastructure company looking
to power the next 20 years of decentralized application building and decentralized participation. So for us it’s really about how do we help
companies, entrepreneurs, funds, exchanges, custodians build on top of these blockchains. And if Libra is going to be a very successful
blockchain it needs to have infrastructure to support these kinds of services. And so that’s where, you know, when we think
about like from a business perspective, why we think it’s valuable, we think that it has
the potential to be as successful as any of the other protocols that we work on. Interesting. And what Bison Trails has to offer to the
Libra Association. Why do you think you were
chosen to join the initiative? They approached us, mostly because we’re a
protocol agnostic, blockchain agnostic. Technical team that had experience working
with a whole bunch of different protocols, with different consensus algorithms, with
different network topology, different types. One of the things that was attractive about
us is that 1) we were specifically focused on the infrastructure side which is a key
component to the success of a network. And 2) we were a crypto
native infrastructure company. And quite frankly there’s just not a tremendous
amount of teams that are focused on this problem. And so one of the things that we bring to
the table is a wealth of expertise in particular. In infrastructure and running and deploying
nodes and helping people do that easily and working really closely with protocol teams
and technical teams to support the network as it goes from zero to testnet to the mainnet. So many are concerned that Facebook will use
Libra as an instrument to increase further its influence. As part of the Libra Association, you’re supposed
to keep Libra Democratic Network. How do you plan to do it? The idea is that each representative of the
Libra Association, so each member of the Libra Association will have one vote, equal vote. So everyone that’s involved
has one equal vote. And so, all the decisions that are going to
be made on a governance from a governance perspective are going to be made democratically. So the Association will have a form of, what
I would call, management or administration to take care of everyday things and also make
sure that the Association is running smoothly, like operationally. But there’s no governing element to it. The Association as a whole
operates as a true democracy. And the idea is that over time
you can open up access. So right now it’s like a federated network
with all of the Association members. And over time you can move
towards a permission list system. As the network grows and scales, becomes more
stable, you can start to open that up and allow more access to it. Thank you, Joseph, that was very informative. Here with us today was Joseph Lallouz,
CEO at the Bison Trails. One of the members of the Libra Association,
a cryptocurrency project backed by Facebook. And, as always, don’t forget to subscribe
to our channel for more cool stuff.

  1. Is it Libra itself by Libra foundation or the Libra by Facebook
    Because if Facebook word comes with any tech then your privacy is a myth and no one would want someone spying on their money.

  2. Nice logo Libra.. Steem's logo rotated 90 degrees and mirrored. Nice proof of stake algorithm.. like.. steem's.. Oh.. Nice cryptocurrency advertising ban and censoring of comments that mention Steem.. Hmm. I guess the class action lawsuit against Facebook for anti monopoly violations as a result of their crypto ad ban just got a whole lot more interesting.

  3. one question my friend…. Libra will use smart contract…. will be the end for Ethereum, cardano ,EOS ,tron etc ??? and others?

  4. You DON’T need to have any experience in bitcoin mining investment/forex trading to make this industry work incredibly for you as an INCOME stream!
    I’ll tell you what you need to learn
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  5. Yeah, bank the unbanked, hahaha FB,wants to prowl into your finances. This would allow FB, to suckle more $$$ from the idiot's that are addicted to FB.

  6. Biggest fomo ever on shiddiest of all shitcoins … But best surveillance coin! Sugarborg just sells mor privacy! Criminal business modell.

  7. 💚Ether classic is, scarce, decentralized, immutable, open source💚
    just like 💛Bitcoin💛 programmable just like 💙Ethereum💙

  8. I don't even have a Facebook account … Never will. Stay safe & stack your Satoshies💛

  9. WOW, those LIbra guys mastered their Bullshit Bingo skills to disguise this nonsense as a decentralized coin. basically, this coin is like any fiat currency (it is governed by a limited by the governed body board, every member of which is majorly dependent on a governed subject's success – oligarchy 1-0-1).

  10. 1:45 sheep jumping into the big facebook, google, government, One World Order, World Elite, trap XD – And he loves it, he already got a lot of FREE promotion in medias. And much more to come. This alone is enough future profit to make it worth being a part of it. No Interests Needed.

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