New OpenLibra Crypto Project Announced at DevCon, a Fork of Facebook’s Libra Coin


In the land of digital scarcity, blockchain can be a bit of a double-edged sword. Case in point, Facebook’s coveted Libra coin cryptocurrency project is now being ‘forked’ into a new project called ‘OpenLibra’.

This permissionless version of Facebook’s blockchain was announced at Devcon by Lucas Geiger during his presentation regarding an ‘open libra initiative’.  Geiger, who is the co-founder of Wireline, already has a website up about the project at openlibra.io and says it is “an open platform for financial inclusion, not run by Facebook.”

The project apparently already has major backers and team members from crypto-centric projects like Ethereum, Wireline, Cosmos and Radicle / Oscoin. The website also enlists nearly 30 other supporters of the OpenLibra technology platform:

  • Lucas Geiger, Wireline
  • Eleftherios Diakomichalis, Radicle / Oscoin
  • Ethan Buchman, Cosmos
  • Jae Kwon, Cosmos
  • Sergey Nazarov, Chainlink
  • Santiago Siri, Democracy Earth
  • Michael Zargham, BlockScience
  • Naol Duga Jebessa, Synestate
  • Rick Dudley, Vulcanize
  • Andrew Dickson, MathShop
  • Adrian Brink, Web3
  • Giorgos Piliouras, Singapore University
  • Althea Allen, Ethereum Foundation
  • Kelsie Nabben, Ethereum Foundation
  • Lane Rettig, Spacemesh
  • Alex Tabarrok, George Mason University / Wireline
  • Boris Mamlyuk, University of Memphis
  • Barnabe Monnot, Singapore University
  • Sunny Aggarwal, Cosmos
  • Zaki Manian, Cosmos
  • Tony Arcieri, iclusion
  • Alexis Sellier, Radicle / Oscoin
  • Tim Roughgarden, Columbia University / Wireline
  • Ankur Shah, MathShop
  • Alex Shin, Hashed
  • Adam Bornstein, Danish Red Cross
  • Sofie Blakstad, hiveonline
  • Dan Tsui, Kyokan

Some of the main features Libra has in comparison to the forked OpenLibra:

– distributed not decentralized
– requires permissions to interact
– no privacy guarantee
– run by plutocracy

The big worry many have with Libra is around ‘financial surveillance and how the value flows to the founders, not the users. According to one reporter on-sight at the conference, there will be no equity, company or token offering for the open-sourced Libra alternative. However, ironically, it appears the cryptocurrency of OpenLibra will be correlated and tied to Libra coin.

According to their official website, the reason for starting OpenLibra had to do with this:

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.

In closing, let's visit crypto twitter for some more insights and analysis. This is where we go to find there is always two sides to every story and token, as respected Ethereum developer Vlad Zamfir was floored at the notion about the crypto community lending legitimacy to Libra in putting together this initiative surrounding Facebook's crypto entrance.

As this is a new trending story, we will be sure to update new posts so be sure to follow along as more details are shared and community feedback proliferates the internet as this will surely be a hot topic in the days and weeks to come.

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