RATE Group | New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control
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New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control

09 Oct New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control

Posted at 22:33h in Ethereum News by

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Thirty different blockchain companies and nonprofit organizations plan to fork the Facebook-led Libra crypto project to build their own permissionless version, dubbed OpenLibra.

Announced at the ethereum developer conference Devcon by Lucas Geiger, co-founder of blockchain infrastructure startup Wireline, OpenLibra will function as a stablecoin pegged to the actual Libra cryptocurrency. Libra is currently scheduled to go live late next year.

“We’re going to fork the code, fork the community and create a new cryptocurrency called OpenLibra,” said Geiger during his presentation at Devcon. “There is no token sale. No equity and no company behind this initiative.”

OpenLibra’s core team includes representatives from blockchain projects including Cosmos, Web3 Foundation, Democracy Earth and others, as well as non-profit organizations such as the Danish Red Cross.

Geiger explained that “a generous grant” from the Interchain Foundation would support OpenLibra…

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