The co-founder of blockchain startup Wireline, Lucas Geiger, has announced OpenLibra a permissionless fork of Facebook’s Libra.
OpenLibra: an alternative to Facebook’s Libra
Reportedly Lucas announced OpenLibra at the Ethereum developer conference. Ethereum developer Lane Rettig took it to twitter to express her excitement about the project.
Seeing #openlibra publicly announced for the first time is sending shivers down my spine. I am so excited about this initiative to “lock the door open” for libra tech. @geiger_lucas on the main stage at #devcon5 https://t.co/EdLqKm75K3 pic.twitter.com/9DAH8aPl2S
— Lane Rettig (@lrettig) October 9, 2019
The developing team at OpenLibra has already launched the first version of the permissionless Libra-based virtual machine. The platform is now available on Github under the title of MoveMint. The platform would operate on the Tendermint blockchain software.
The project has already created a website for the project. According to the website, the project aims at becoming an alternative to Facebook’s Libra with a focus on financial decentralization.
The site stated that although Facebook is facing a tough time in pushing the Libra project ahead, the team believes that Libra would persevere. The website highlighted that regional governments would have little power over a “transnational force,” such as Facebook’s Libra. It added that the team took a different approach by developing OpenLibra.
Facebook’s Libra has been the center of attention since the announcement of its launch and almost never in a good way. The initial response was highly negative, while things continued to go downhill from there. Regulators across Europe, the Americas, and Asia are terrified of the power such a “private economy” would have. Now nations such as Japan and Germany are pushing for a cooperative framework to minimize the risks posed by Libra
OpenLibra’s core developing team is composed of experienced personnel from various well-known projects such as Chainlink, Singapore University, Ethereum Foundation, and Spacemesh, among numerous others.