The crypto community aims to create a non-corporate version of Libra

Three dozen blockchain startups and non-profit organizations intend to fork Facebook digital currency project to launch OpenLibra, a restriction-free stablecoin. The announcement to that effect was made by Wireline co-founder Lucas Geiger.

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

According to Geiger, OpenLibra will be pegged to a real Libra, but it will not fall under the control of any company or joint-stock company.

The OpenLibra development team includes representatives of various blockchain projects, such as Cosmos, Chainlink, Web3, Democracy Earth, as well as non-profit organizations such as the Danish Red Cross. The project received a “generous grant” from the Interchain Foundation, which is enough to finance the project last for several months, Geiger added.

OpenLibra developers have already published their version of the Libra virtual machine with unlimited access on GitHub. Unlike Facebook digital currency, OpenLibra will run on Tendermint software, used bu some other projects, including Cosmos.

Geiger explained that the OpenLibra project did not want “a cartel company with the ethics of Uber and censorship of Visa”  to become the sole owner of Libra. At the same time, he called the idea and technology of Facebook stablecoin “brilliant” and said that Libra has the potential to become a currency of the Internet.

The OpenLibra team also plans to develop a reliable platform management system, as it is important for the stability of a free stablecoin.

Notably, Visa, Mastercard, PayPal and Stripe have already started to doubt about the feasibility of participating in the Facebook project. However, at this stage, only PayPal decided to leave the project.