Alternative to Facebook’s Libra: open Libra released

A number of Blockchain-companies and non-profit organizations work together on an “Alternative to Facebook’s Libra”.

The new project with the name open Libra sees itself as a “technology platform and currency for financial Integration” and was forked from the Code of a Facebook cryptocurrency Libra. Lucas Geiger, co-founder of the Start-ups Wireline presented the project officially on the Ethereum developers conference, Devcon. He said that the open Libra will act as a Stablecoin:

We will give the Code more, the Community forward, and a new crypto-currency called open Libra develop. There is no Token sales. No equity, and no company behind this Initiative.

According to reports, the project is already supported by 30 of the Blockchain-business and non-profit organizations. The core team and the list of contributors comprise personalities from the world of projects, such as Cosmos, Wireline, Radicle, Democracy, Earth, block, science, Vulcanize, MathShop, Web3, Singapore University, the Ethereum Foundation, and the George Mason University. Geiger told CoinDesk that the Initiative “has received a generous grant” from the Interchain Foundation, a non-profit organization to support the development of the Cosmos network. With the grant, the open Libra research is supported.

That covers our financing for several months, but more grants will be added.

According to the official Website believes the Team is behind the open Libra, that there are a number of problems with the approach of Facebook, including the centralization that it requires permissions to interact, that there are no privacy guarantees, and that it is operated by a “plutocracy”. Open Libra was designed to solve these problems. Geiger assumes that the Initiative will have less regulatory impact than Facebook:

Governments have less of an impact on us. […] We gain strength, we have more members that are not only decentralised geographically, but also politically and economically.

The first criticism of the open Libra

The introduction of the open Libra was overshadowed by allegations of fraud against one of the core members of the team. The reason for this is Wireline and specially Lucas Geiger, because earlier investors referred to the company as a fraud. Andrew Lee, the founder of Web3Journal, filed a complaint with the U. S. Securities and Exchange Commission (SEC) and said that Wireline and the founder of Lucas Geiger had committed fraud. Geiger, who is one of the core team members of the open Libra, will no longer have to Lee responds, which has invested during his ICO 2018 $ 1 Million in the company.

According to Lee Wirelines consultant Sizhao Yang and violinist not to have complied with almost all of the important promises that were made during the first coin offer. The two are also said to have claimed that Jun Hasegawa, the founder and CEO of payment platform Omise, the Marketing of Wireline would direct, while the Ethereum Community Fund Network would Finance the project.

In a Twitter Thread, Lee said the talks that he had with Geiger and Yang. The Screenshots according to Geiger has not responded since the beginning of March on Lee, while Yang’s answers were short and unhelpful. Apart from the fact that a team of experts would lead the project, said Geiger and Yang according to Reports, the native Token of the Wireline should be released in the second quarter of 2018. Lee said that neither he nor any other Investor from the company have received Updates on the delays in the Token-publication.

.@geiger_lucas is somehow presenting Open Libra on stage at devcon 5 with a smile, when there are tons of victims who invested nearly $20M in his project https://t.co/Zx2QySIk2j

The ethereum community is rightly concerned as to why the Open Libra should be at devcon pic.twitter.com/7hBkLPftam

— Andrew Lee (@alee) October 11, 2019

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