Breaking: Facebook-Backed Crypto Libra to Be Forked to “OpenLibra”

Libra But Forked

There we have it folks, Libra, the Facebook-backed crypto asset, is purportedly being forked.

Announced at Devcon 5 in Japan just minutes ago, prominent blockchain developers will be forking the blockchain to create something known as “OpenLibra”. The initiative, unveiled by Wireline co-founder Lucas Geiger, is slated to be a permissionless version of Facebook’s blockchain.

According to Christine Kim, a Coindesk reporter covering the event, there will be no token sale, equity, or company behind this project; it will all be open-sourced. The weird thing is, this will be a cryptocurrency that will be pegged to LIbra. Kim reports that Geiger Lucas said the following about OpenLibra’s virtual machine model:

“We’re taking the Move virtual machine … and placing it on top of Tendermint. You’ll be able to run state machine with the Move language and get your state replicated with permission-less consensus.”

More information about the project can be found at this link.

The project has already received some pushback. Prominent Ethereum community member Vlad Zamfir tweeted the message below after he heard about the news regarding the Libra fork. His concerns seem to stem from the fact that this tacitly lends legitimacy to Libra, which many in the cryptocurrency community have denounced due to its perceived centralization.

This is a breaking story. Ethereum World News will update it once more information is released.

Title Image Courtesy of Unsplash
Nick Chong

Nick has been enamored with cryptocurrencies since foraying into the industry in 2013. He has since gotten involved as a reporter, covering news on a number of blockchain- and crypto-related outlets.