New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control

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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.

Facebook first unveiled Libra in June, detailing a stablecoin that will be pegged to a basket of fiat currencies and government bonds.

The OpenLibra project has published a permissionless version of the Libra virtual machine on GitHub.

"Anything running on Facebook's Libra, you can just drag and drop to OpenLibra. Finances will work the same. The code will work the same," said Geiger to CoinDesk.

Still, Geiger said the idea for Libra and its technology was not only brilliant but "Likely to become the currency of the Internet."

"In Libra we trust, in Facebook we don't."

Looking ahead, Geiger and the rest of the OpenLibra team plan to work on building a robust scheme to oversee the OpenLibra platform.

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