Crypto startup businesses want to free Libra


About 30 crypto-focused businesses and related organizations have established to work on creating their very own Libra cryptocurrency.
The unexpected enterprise started as a way to deliver a decentralized permissionless cryptocurrency that would behave as a popular public blockchain in accepting all those looking to participate in the network’s validation process.
The interesting project has been announced at Devcon 5 crypto event from Osaka, Japan where Lucas Geiger, the Wireline blockchain business cofounder, has informed the public that OpenLibra would act as a stablecoin pegged to the value of Libra, the massive payment network project created by Facebook that should be launched in the second part of 2020.
The Wireline cofounder added that they would have to fork the code and the community in order to create the new OpenLibra cryptocurrency which won’t have to pass through a token sale offering or involve private companies in running the new public crypto enterprise.
The project is supported by a large number of blockchain and crypto startup businesses – such as Cosmos and web3Foundation and several nonprofit organizations like the Danish Red Cross – and will receive financial support from the Interchain foundation, a group that focuses on developing and growing the adoption rate of the Cosmos blockchain.
But why is there an interest to have a public decentralized Libra blockchain instead of the official project from Facebook?
For those following the crypto space for some time and are aware of Bitcoin’s cypherpunk philosophy that revolves around privacy and financial freedom, the reasons may be simple to grasp.
Facebook’s Libra project is produced by large private corporations that are interested solely to make money for their stakeholders. At the same time, Libra is a centralized permissioned blockchain that won’t allow anyone to join as developer or validator in the network.
To keep it simple, Libra is not Bitcoin.
Bitcoin is a public permissionless network that doesn’t have a centralized management structure in place. Bitcoin, at least in theory, belongs to everybody and anyone can act as a validator in the network. Bitcoin can bring financial freedom allowing users to escape the established banking system that now rules the world.
As a sign that Facebook’s Libra project is quite controversial, several Libra supporting members decided to leave the project, some of these big names including Visa, Mastercard, PayPal and others.
At the moment, Libra is under pressure from the US political reps who have already emphasized their doubts about the private cryptocurrency that aims to replace the US dollar on the world’s financial stage.

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