Facebook’s controversial cryptocurrency Libra has encountered a lot of challenges in the past. In the midst of those hurdles, Wireline blockchain infrastructure startup co-founder Lucas Geiger on Oct. 8 made an announcement concerning Facebook’s planned stablecoin permissionless fork OpenLibra.
Geiger made these revelations at the Ethereum developer conference Devcon 5 according to a tweet from Lane Rettig — an Ethereum developer. The tweet also read as follows:
“Seeing #openlibra publicly announced for the first time is sending shivers down my spine. I am so excited about this initiative to ‘lock the door open’ for libra tech.”
Conducive environment for running Libra apps
On GitHub, OpenLibra’s developers released the first permissionless Libra-based virtual machine version according to the project’s official website. The version – dubbed MoveMint — will virtually run on top of blockchain software Tendermint.
Owing to its emphasis on economic decentralization and open governance, OpenLibra is poised to become Facebook’s Libra alternative.
“Despite pushback from nation-states, we believe that Facebook is likely to succeed in their goal. OECD Governments will be focused on their own outcomes, and in reality, have little legislative power to leverage against a transnational force such as Facebook’s Libra.
For that reason, we are creating OpenLibra,” the site explains.
Contributors list and the core team of OpenLibra consisted of personalities from projects like Democracy Earth, Cosmos, Wireline, MathShop, Web3, Radicle, Vulcanize, Hashed, Kyokan, Synestate, Iclusion, Spacemesh, Democracy Earth, Danish Red Cross, George Mason University, Singapore University, and Ethereum Foundation.
Geiger also revealed to CoinDesk that a non-profit dedicated which supports Cosmos network development Interchain Foundation gave “a generous grant” to OpenLibra research.
“This covers our funding for several months, but there are other grants coming in.”