There has been a lot happening around Facebook’s controversial cryptocurrency Libra. Various regulatory concerns have been raised and many government bodies have been trying to block Libra’s development.
Despite the hurdles along its way Libra is still set to launch in 2020 even though Facebook has indicated that it will not Libra without regulatory permission. Amidst all this chaos, recent reports state that Lucas Geiger co-founder of the blockchain infrastructure startup Wireline, has announced a permissionless fork of Facebook’s stablecoin. The project is dubbed OpenLibra.
Libra has been on the spotlight for so long that this will be the first time a cryptocurrency is being forked even before it sees the light. Lane Rettig, an Ethereum Developer, said via a tweet on October 8 that OpenLibra has been announced by Geiger at the Ethereum developer conference Devcon 5. He added:
“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.”
OpenLibra is already underway as the developers involved have already released the first version of a permissionless model of Libra based Virtual machine on GitHub which is known as MoveMint. The system will be running on the Tendermint blockchain software, which builds software for high-value public blockchains.
Libra, but better
As per the official project website, OpenLibra is aimed to be “an alternative to Facebook’s Libra, that places emphasis on open governance and economic decentralization.” Their plan is to develop on Libra’s strengths and improve where needed. A part of the description on the site reads:
“Despite pushback from nation-states, we believe that Facebook is likely to succeed in their goal. OECD Governments will be focused on their own outcomes, and in reality have little legislative power to leverage against a transnational force such as Facebook’s Libra. For that reason we are creating OpenLibra.”
The OpenLibra team consist of some notable names, and the list includes personalities from projects like Cosmos, Wireline, Radicle, Democracy Earth, BlockScience, Synestate, Vulcanize, MathShop, Web3, Singapore University, Ethereum Foundation, Spacemesh, George Mason University, Iclusion, Hashed, Danish Red Cross and Kyokan.
Recently, The Daily Chain reported that Brad Garlinghouse, the CEO of blockchain network Ripple, who was a believer in Libra, has lost his faith. According to him, Libra may never launch