OpenLibra
OpenLibra To Create Permissionless Stablecoin Free of Corporate Control
October 9, 2019
OpenLibra
OpenLibra To Create Permissionless Stablecoin Free of Corporate Control
October 9, 2019

Thirty different blockchain companies and nonprofit organizations plan to fork the Facebook-led Libra crypto project to build OpenLibra, their own permissionless version.

Announced by Lucas Geiger, the co-founder of Wireline, a blockchain infrastructure startup, at the Ethereum Developer Conference Devcon, that OpenLibra will function as a stablecoin pegged to the actual Libra cryptocurrency. Libra is currently scheduled to go live late next year.

Lucas Geiger said during his presentation at Devcon:

“We’re going to fork the code, fork the community and create a new cryptocurrency called OpenLibra. There is no token sale. No equity and no company behind this initiative.”

Lucas Geiger

However, OpenLibra’s core team includes representatives from blockchain projects including Cosmos, Chainlink, Web3, Democracy Earth, among others, as well as non-profit organizations such as the Danish Red Cross.

Geiger explained that “a generous grant” from the Interchain Foundation would support OpenLibra research, alongside personal funds. The Interchain Foundation is a non-profit dedicated to supporting Cosmos network development.

ALSO READ :  Oxfam in Sri Lanka Insures Farmers With Blockchain-Based Agricultural Insurance

Geiger said:

“This covers our funding for several months but there are other grants coming in.”

Lucas Geiger

At first, Facebook displayed Libra in June, detailing a stablecoin that will be pegged to a basket of fiat currencies and government bonds.

So far, the OpenLibra project has published a permissionless version of the Libra virtual machine on GitHub. Unlike Facebook’s Libra, the code computations on OpenLibra called “MoveMint” will run atop Tendermint blockchain software specifically designed for use on public blockchain platforms such as Cosmos.

 Geiger stated:

“Anything running on Facebook’s Libra, you can just drag and drop to OpenLibra. Finances will work the same. The code will work the same.”

Lucas Geiger

Geiger also explained that he and others did not want “a cartel company with the ethics of Uber and censorship of Visa” to be the sole proprietor of the Libra coin. Still, he said that the idea for Libra and its technology was not only brilliant but “likely to become the currency of the Internet.”

ALSO READ :  European Central Bank Pushes For Clear Regulatory Parameters For Stablecoins

Geiger summed up the sentiment by saying:

“In Libra, we trust, on Facebook we don’t.”

Lucas Geiger

Looking ahead, Geiger and the rest of the OpenLibra team plan to work on building a robust scheme to oversee the OpenLibra platform.

Geiger added:

“This is a governance problem. Governments can attack Visa and Mastercard and Facebook from different angles and that makes for a fragile reserve currency. We have less regulatory exposure than Facebook. Governments have less leverage on us. … We gain strength by having more members that are decentralized not just geographically but politically and economically.”

Lucas Geiger

Source: tendermint.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!