New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control | Crypto Craft

  • New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control

    From coindesk.com

    Thirty different blockchain companies and nonprofit organizations plan to fork the Facebook-led Libra crypto project to build their own permissionless version, dubbed OpenLibra. Announced at the ethereum developer conference Devcon by Lucas Geiger, co-founder of blockchain infrastructure startup Wireline, OpenLibra will function as a stablecoin pegged to the actual Libra cryptocurrency. Libra is currently scheduled to go live late next year. “We’re going to fork the code, fork the community and create a new cryptocurrency called OpenLibra,” said Geiger during his presentation at Devcon. “There is no token ... (full story)

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TMR
Oct 10, 2019 3:46am
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If it ever gets the green light.

https://libra.org/en-US/white-paper/#the-libra-currency-and-reserve

It is important to highlight that this means one Libra will not always be able to convert into the same amount of a given local currency (i.e., Libra is not a “peg” to a single currency). Rather, as the value of the underlying assets moves, the value of one Libra in any local currency may fluctuate.
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cryptocow
Oct 9, 2019 5:23pm
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So OpenLibra will be pegged to Libra, and Libra will be pegged to the USD. Makes sense...
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