on the crypto
It is not yet born, and according to some, it will not even see the light due to political resistance, but it already risks having a fearsome rival. We are talking about Pound, the announced Facebook cryptocurrency that is triggering a barrage fire never seen before.
While waiting for his story to propose new chapters, after those that have been agitating the past few months since his publication Whitepaper, the virtual currency of Mark Zuckerberg is already having to deal with OpenLibra. What is it?
The announcement to Ethereum Devcon 5
Has been Lucas Geiger, Co-founder of Wireline to announce it in Inaugural day of Ethereum Devcon 5: a was launched fork of Libra's open source code aimed at creating one open version, without Facebook, or OpenLibra.
The news has obviously had a wide echo, and could not be otherwise, considering what is happening around Libra. Many, therefore, have wondered what OpenLibra actually is and why it could be extremely important in the future.
What is OpenLibra
Behind the name OpenLibra in practice hides the combination of one decentralized open source platform and the token intended to circulate there. The development group that moves behind the project has already taken steps to declare the intent to give life to a project destined to trace the best features of Libra but going to eliminate those considered negative. As such all those which do not aim at favoring the well-being of the community are understood in practice, but rather those of some restricted groups.
How will this democratization goal be achieved? The keystone in this regard will be the fact that the platform will be permissionless, or decentralized and entrusted to the management of the set of developers and validators who will join the future network. A very clear difference compared to the virtual Facebook uniform, which will instead be controlled by Libra Association, a non-profit association destined to bring together the corporations adhering to the project, at least those that in the meantime will not have been shown, as is happening these days.
The importance of OpenLibra
To understand the importance of OpenLibra and its actual potential, it must be remembered that the existence of barriers to free access for the creation of tokens is generating many controversies among fans of cryptocurrencies. It would be enough to remember how the very person in charge of a democratization of finance has constituted one of the most fascinating cornerstones on which cryptocurrencies have leveraged to establish themselves. If Libra would still allow the financial inclusion of a myriad of subjects today excluded and unable to use simple tools such as a bank account or a credit card to manage their money, these barriers would simply create a replacement of Libra to the dollar. All this without giving guarantees on the privacy front, considering the recent vicissitudes of Facebook and al Cambridge Analytica scandal.
In the case of OpenLibra, on the other hand, the profits that in the other case would be reserved for Libra Foundation members could be transferred to a wider audience of beneficiaries. Given the trend towards monopoly that characterizes contemporary finance, just this could represent the strength of the planned fork.
