September 26, 2020

Developers plan to fork Libra cryptocurrencies

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Employees of 30 blockchain startups and nonprofitsorganizations plan to fork Facebook's Libra cryptocurrency to create their own open source network called OpenLibra.

Speaking at the Devcon Lucas ConferenceGeiger, co-founder of Wireline, said the OpenLibra digital asset will become a stablecoin whose exchange rate will be tied to Libra's value. According to Geiger, the team of programmers is not going to sell OpenLibra tokens, in addition, the blockchain will function as a traditional decentralized network: without a governing body and based on a protocol that does not require permission to start a node.

The fork team includedemployees of the blockchain companies Cosmos, Chainlink, Web3, Democracy Earth, as well as the non-profit enterprise Danish Red Cross. Lucas noted that the Interchain Foundation will finance the project from its own savings. Experts have already published an open version of the Libra virtual machine on the GitHub website, which runs on Tendermint software designed for use on public blockchains.

Geiger claims that OpenLibra will notinferior to Libra in functionality, in addition, the same source code will be used in both networks. Lucas and other authors of the project noted the high potential of Libra technology, so that a digital asset can become the currency of the Internet. However, Geiger stated:

We believe in Libra, but not on Facebook.

Developers are concerned about the fact that blockchainThe original Libra will control a limited number of commercial enterprises within the Libra Association. This is the main vulnerability of the network. Governments of different states are able to influence Visa, Mastercard, Facebook and even force them to leave the association or make adjustments to the work of the blockchain. A decentralized network, on the other hand, consists of a large number of nodes distributed around the world, so it’s almost impossible for officials to take control of the Bitcoin or Ethereum cryptocurrency blockchain.

Facebook published platform informationLibra in June of this year. The digital asset will be secured by foreign exchange reserves and government bonds. Each member of the Libra Association will make a deposit of $ 10 million. Thus, the coin will become a classic stablecoin and will compete with the market leader - Tether. Facebook partners will process transactions, they are going to use a decentralized network only to confirm data, so third-party organizations will not be able to analyze the information recorded in the blocks. Blockchain plan to launch in 2020.