Cryptocurrency Libra does not yet exist, but it already has copies. Thirty blockchain companies and NGOs want to fork Libra cryptocurrencies to create a stablecoin that is not controlled by one organization called OpenLibra.
Wireline blockchain startup co-founder Lucas Geiger announced this at the Ethereum Devcon Developer Conference. He said that OpenLibra will function as a stablecoin tied to the original Libra cryptocurrency. Facebook is currently planning
launch cryptocurrency at the end of next year.
“We are going to fork the code, community and create a new cryptocurrency called OpenLibra,” said Geiger during his presentation at Devcon. “There will be no token sale. There is no specific company behind this initiative. ”
The OpenLibra team includes representatives of the blockchain projects Cosmos, Chainlink, Web3, Democracy Earth and other startups, as well as non-profit organizations, for example, the Danish Red Cross.
Geiger explained that the “generous grant” from the Interchain Foundation will support OpenLibra research along with the personal funds of project participants. The Interchain Foundation is a non-profit organization dedicated to supporting the development of the Cosmos network.
“This covers our funding for several months, but other grants are planned,” said Geiger.
Currently, the OpenLibra project has published on GitHub a publicly available version of the Libra virtual machine. Unlike Facebook Libra, OpenLibra code calculations called MoveMint will run on top of Tendermint blockchain software, which is specifically designed for use on public blockchain platforms like Cosmos.
“Everything that works for Libra Facebook, you can easily run on OpenLibra. The code will work the same way, ”said Geiger.
Geiger explained that he and other members of the community did not want the “cartel company with Uber ethics and Visa censorship” to be the sole owner of Libra. However, Geiger noted that the idea of the Libra cryptocurrency and its technology was not only brilliant, but also “has the potential to become the currency of the Internet.” Summing up his thoughts, he noted:
“We believe in Libra, but not Facebook.”
Looking to the future, Geiger and the rest of the OpenLibra team plan to develop a robust circuit to monitor the OpenLibra platform.
“This is a management issue. Governments can attack Visa, Mastercard and Facebook from different angles, making the reserve currency fragile, ”said Geiger. “We are subject to less regulatory impact than Facebook. Governments have less leverage over us … We are gaining strength, increasing the number of project participants who are decentralized not only geographically, but also politically and economically. ”
Comment by Bits.media
Despite the optimism of Geiger and other possible founders of OpenLibra, the future of this initiative is unpredictable. Libra itself exists only on paper, and talking about the possibility of a fork is premature. Unlike Bitcoin and other open blockchains, all rights to Libra will belong to Facebook, and a new fork may face prosecution.
More importantly, the Libra idea aroused such a resonance not because of technical innovations, but precisely because a corporation with a billion-dollar user base is developing it. The very same (not yet existing) platform still does not stand out among hundreds of other cryptocurrency projects, including stablecoins. Therefore, a copy of Libra without strong financial and political support will turn out to be another “fork for the sake of fork,” similar to Bitcoin Cash or Ethereum Classic, which still retain a share of popularity mainly due to parent projects.
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