Crypto Community to Create Own Libra

Three dozen blockchain startups and non-profit organizations intend to fork Facebook digital currency project to launch OpenLibra, a restrictions-free stablecoin. This was announced by Wireline co-founder Lucas Geiger, presenting the initiative at DevCon, CoinDesk reports.

According to Geiger, OpenLibra will be tied to a real Libra, but will not fall under the control of any company.

The OpenLibra development team included representatives of various blockchain projects, including Cosmos, Chainlink, Web3, Democracy Earth, as well as non-profit organizations such as the Danish Red Cross. The project received a “generous grant” from the Interchain Foundation, which will last for several months, Geiger added.

OpenLibra developers have already published on GitHub their version of the Libra virtual machine with unlimited access. Unlike the digital currency Facebook, OpenLibra will run on Tendermint software, used, for example, in the Cosmos project.

Geiger explained that the OpenLibra project did not want the “cartel of companies with Uber morality and Visa censorship” to become the sole owner of Libra. At the same time, he called the idea and technology of Facebook stablecoin “brilliant” and said that Libra “is able to become the currency of the Internet”.

In Libra we trust, in Facebook we don’t.

Lucas Geiger

Co-founder, Wireline

The OpenLibra team also plans to develop a reliable platform management system, considering it important for the stability of a free stablecoin.

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

Co-founder, Wireline

Due to regulatory pressure, payment companies Visa, Mastercard, PayPal and Stripe have already begun to doubt the feasibility of participating in the Facebook project. So far, only PayPal has decided to withdraw from the Libra Association, although the US Senate believes that others should do it.