Crypto community announces control-free stablecoin

Posted 10 October, 2019

The representatives of the cryptocurrency community expressed intentions to launch a fork of the Libra that would be a restriction-free stablecoin. The announcement was made by the co-founder of Wireline Lucas Geiger at the DevCon.

The new stable coin will be called OpenLibra and will be pegged to Facebook's Libra, though as Geiger noted, it will not be controlled by any company or JSC.

According to the available information, the OpenLibra project will unite about 30 blockchain startups and non-commercial organizations. The list of the participants includes such companies as Cosmos, Web3, Democracy Earth as well as the Danish Red Cross.

The project website reads:

"Our strategy is to build on Libra’s strengths but extend it where needed. OpenLibra aims to be technically (Move Language) and financially compatible (Libra coin), embracing what is powerful, but also replacing what's concerning in a non-adversarial way."

Notably, the OpenLibra has already received a huge donation from Interchain Foundation.

According to the developers, the project will be based on Tendermint software used by Cosmos. The virtual Libra machine with unlimited access was released on GitHub.

Along with the stablecoin, the members of OpenLibra want to create reliable management system.

For reference, the leading payment service providers PayPal, Mastercard and Visa have decided to revise their decision about Libra membership. In particular, PayPal has already left the Libra Association.

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10 October, 2019 11:35

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