February 20, 2024

New Libra fork will be stable coin without corporate control

New Libra fork will be stable coin without corporate control

Thirty different blockchain companies and non-profit organizations are planning to create a fork of the cryptocurrencyLibra project to build their own version of the coin called OpenLibra.

This news was reported by Lucas Geiger,Wireline startup co-founder, Ethereum Devcon Developer Conference. OpenLibra will function as a stable coin provided by Libra cryptocurrency. He said:

We are going to create a fork of code, a fork of the community and a new cryptocurrency called OpenLibra. We will not sell tokens. The project will not have a single leader or owner.

The core OpenLibra team will consist ofrepresentatives of blockchain projects, including Cosmos, Chainlink, Web3, Democracy Earth and others, as well as non-profit organizations such as the Danish Red Cross.

According to the developers, “you can simply drag and drop all programs that run in Libra into OpenLibra. Finance will work the same way. The code will work the same way.” 

Geiger added:

Governments may attack Visa, Mastercard andFacebook from different angles, but we have less influence on us, since the members of our team are decentralized not only geographically, but also politically and economically.

Based on materialswww.coindesk.com