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OpenLibra Announces Permissionless Fork of Libra Stablecoin
October 09  |  2 min read

Blockchain Companies and NGOs Unite to Develop a Permissionless Libra Fork

The COIN360 Editorial Team

A fork of the Libra stablecoin was announced by Lucas Geiger, co-founder of blockchain startup Wireline. According to the announcement, thirty blockchain-related companies and nonprofit organizations are involved in the creation of a permissionless version of Facebook’s Libra, which has been dubbed OpenLibra.

The team in charge of the development of OpenLibra is being funded in part thanks to a grant from the Interchain Foundation, an NGO dedicated to the development of the Cosmos blockchain network. Geiger also stated that there are additional grants that will be funding the project in the future. The OpenLibra core team includes members from blockchain projects and NGOs such as Cosmos, the Web 3 Foundation, and the Danish Red Cross.

OpenLibra will also be a stablecoin, though OpenLibra tokens will be pegged to the Libra coin instead of a basket of currencies. “We’re going to fork the code, fork the community and create a new cryptocurrency called OpenLibra” stated Geiger, who also highlighted that there are no companies behind the project and that there will be no token sale for OpenLibra tokens.

Geiger has also been quoted as saying that users can simply drag and drop anything running on Libra to OpenLibra, and it will “work the same”. The main difference, he further commented, was that they didn’t want companies with known issues related to consumer ethics and censorship, such as Visa and Uber, to be the owners of Libra. He also praised Libra’s underlying technology, claiming that it was likely for it to become the currency of the internet. He summarized by saying: “In Libra we trust, in Facebook we don’t.”

A permissionless version of the Libra virtual machine can already be found on OpenLibra’s GitHub page. All OpenLibra computations are running on Tendermint, the software used to build the Cosmos network.