According to Lucas Geiger, the co-founder of Wireline – a blockchain infrastructure startup, plans are already underway to fork Facebook’s Libra into a permissionless version called OpenLibra. Speaking at the Ethereum developer conference Devcon 5, Geiger plans that the OpenLibra will be a new digital currency, without all of the limiting features of the original.
“We’re going to fork the code, fork the community and create a new cryptocurrency called OpenLibra. There is no token sale. No equity and no company behind this initiative.”
Reportedly, the team behind OpenLibra include the Web3 Foundation, Democracy Earth, Cosmos, the Danish Red Cross, Vulcanize, Spacemesh, Ethereum Foundation, Radicle as well as about 22 others. Part of the financial support for the endeavour, as explained by Geiger, would come from the Interchain Foundation, a non-profit focused on backing Cosmos, which has indicated it will be giving “a generous grant.”
The official website for the OpenLibra project describes what they call the “problems with Facebook’s approach.” According to the page, the Libra is supposed to cater to a large number of people, all of whom will have no say in its control, which is entirely in the hands of the Libra Association.
“The Libra coin would be governed by a closed group of corporations. People around the world, even if not FB users, will be constituents of the Libra network, [but] however will have no direct recourse to the policies of the association. If Libra becomes the internet’s central bank, the need for a more inclusive form of governance becomes urgent.”
The team is obviously optimistic that Facebook will scale its current regulatory hurdles and successfully launch the platform.
Image Credits: Pixabay
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