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Libra coin news

New Libra Fork Could Build A Stablecoin Free Of Corporate Control

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The Libra coin news recently are surrounded by a lot of scrutiny, mainly coming from regulators but also from backers such as Mastercard, Visa and as of recently PayPal, which decided to exit the project before its 2020 launch. However, in the meantime, around 30 different blockchain companies and nonprofits plan to initiate a new Libra fork which could lead the Facebook-led crypto project to building its own permissionless version dubbed OpenLibra.

All of this was announced in the ETH news first – and at the Ethereum developer conference Devcon organized by Lucas Geiger (co-founder of the blockchain infrastructure startup Wireline). As he said, OpenLibra will function as a stablecoin pegged to the actual Libra cryptocurrency.

The new Libra fork will apparently come in time as the stablecoin is already scheduled to go live late next year, Geiger said, adding:

“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 sale. No equity and no company behind this initiative.”

If you are following the Libra latest news, it is wise to know that OpenLibra’s core team includes representatives from major blockchain projects such as Cosmos, Chainlink, Web3, Democracy Earth and others – as well as non-profit organizations such as the Danish Red Cross.

Geiger also explained that there is a “generous grant” from the Interchain Foundation that will support OpenLibra and the research around it – as well as the personal funds. The Interchain Foundation is a non-profit organization dedicated to supporting the cosmos network development.

“This covers our funding for several months but there are other grants coming in,” Geiger said.

Facebook first unveiled Libra in June and detailed that it is a stablecoin which will be pegged to a basket of fiat currencies as well as government bonds. The new Libra fork and OpenLibra project expects to improve many things, after publishing a permissionless version of the Libra virtual machine on GitHub called “MoveMint” and running atop of the Tendermint blockchain software designed for use on public blockchain platforms such as Cosmos.

“Anything running on Facebook’s Libra, you can just drag and drop to OpenLibra. Finances will work the same. The code will work the same,” Geiger concluded.

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Bitcoin News

Libra And Telegram Clampdown Could Negatively Impact Bitcoin

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Libra and Telegram clampdown from authorities could negatively impact Bitcoin since in the past month alone we saw a couple of very serious actions taken against the projects in the crypto industry. Facebook’s Libra and Telegram saw challenges in the face of the lawmakers and regulators across the world as we reported in the latest crypto news.A lot of the people and especially those who felt like Libra was a threat and a centralized bitcoin and Telegram a scam, embraced the news with a huge dose of positivity. Amid the legislative chaos, it is very important to take some time and think what all this means for Bitcoin being the benchmark cryptocurrency and the one that has so far managed to stand the test of the markets. Facebook’s libra was among the most heavily discussed and anticipated events in the crypto field on the merits that ‘’no private entity can claim monetary power which is inherent to the sovereignty of nations.’’ The head of the Libra project David Marcus stated that Libra is not actually planning to create new money but things went south since PayPal left the Libra Association followed by Stripe, Visa, eBay, and MasterCard.Going forward, the US Securities and ExchangeCommission and the publisher of EOS which managed to raise upwards of $4 billion in its ICO were fined with $24 million for conducting an unregistered public offering. The SEC then stated the token sale of Telegram’s TON cryptocurrency and the reason behind it is that it is unregistered and does not comply with existing regulations. All of this happened in less than a month and the autorities across the globe have been inactive and it seems like the lawmakers are starting to wake up. It also appears that the news above was embraced positively by quite a lot of people. It is important to notice that regarding Bitcoin, the authorities cannot shut down Bitcoin since the network’s distributed nature will make this a challenging activity at best.The Libra and Telegram clampdown is definitely a huge signal that shows Bitcoin could start a massive spike in the downturn. As we mentioned in the previous blockchain news, the US SEC openly stated that there is ‘’no privately entity that can claim monetary power.’’
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Libra coin news

Facebook Libra Association Is Crumbling As Key Players Exit

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In the latest Libra coin news, we can see that Visa, Mastercard, eBay, Stripe and Mercado Pago have all withdrawn from the Facebook Libra Association, leaving it crumbling and leaving the founders in shock.The major blow to Facebook's plans for a new global and widely distributed cryptocurrency initially came from PayPal but mainly the SEC which reviewed Libra and started the negative scrutiny around it.The withdrawals were initially reported by the Financial Times and Bloomberg, as well as other outlets such as The Verge. A Visa spokesperson talked to the latter and said:
“Visa has decided not to join the Libra Association at this time. We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”
Silly or not, the exits from the Facebook Libra Associations leave the upcoming stablecoin with no major US payment processor which is a serious issue for the fledgling project. This also tops up the news that PayPal officially withdrew from Libra a week ago.The first official meeting of the Libra Council is in just two days from now - scheduled for October 14th in Geneva. On this meeting, it is expected for Libra to review all the members involved and ditch the recent departures, focusing on the bright side of the upcoming project.
“We highly respect the vision of the Facebook Libra Association,” eBay said in a statement when withdrawing from the Association. “However, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers.”
Stripe also gave a similar explanation for its withdrawal from Libra, stating that while they are "supportive of projects that aim to make online commerce more accessible for people," the company will "remain open to working with Libra at a later stage."All of these diplomatic answers made Libra also get out in the open. The policy chief at the company named Dante Disparte thanked the companies for their ongoing support and said:
“We are focused on moving forward and continuing to build a strong association of some of the world’s leading enterprises, social impact organizations and other stakeholders. We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association.”
Facebook Libra is expected to launch in 2020.
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Libra coin news

Libra Suffers Heavy Blows: Visa, eBay And Mastercard Quit

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Libra suffers heavy blows after in less than two hours Visa, eBay, Mastercard, and Stripe have all left the project as we are about to read more in the Libra coin news today.In a span of an hour or two, the reports show that Facebook’s crypto project Libra suffers heavy blows and it first started on Friday morning when the Financial Times revealed that the e-commerce/online giant eBay and Stripe which is also a fintech giant have both dropped out of the Libra Association. An eBay spokesperson talked with the media outlet and explained that while the company ‘’respects the vision of Libra’’, the American company will not be joining into the participation in the Association noting a focus on ‘’rolling out eBay’s managed payments experience for our customers.’’Stripe made a similar comment saying that they are ‘’supportive of projects that aim to make online commerce more accessible for people’’ but they will also not participate in the Association and support Facebook’s backed crypto project at this time. in less than an hour after both of the giants made their statements, Visa and Mastercard which are seen in the community as the most important partners of Libra, also revealed that they will step down from their membership. In their own comment, Visa stated that Libra failed to fully satisfy the regulatory expectations.For now, the further development of Libra has stopped. It still remains to be seen if this is the end of the crypto project. The entire project has created controversy with lawmakers all over the world ever since its inception. The common narrative around the project is that it apparently takes power over money away from governments. As seen in the previous blockchain news, PayPal was also among the companies that left the project.  PayPal did not attend the meetings of the backers of the project and there were rumors that they left the association. The company stated a while after:
 “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”
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Libra coin news

Defend Libra: Mark Zuckerberg To Testify Before Congress

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The CEO of Facebook Mark Zuckerberg will defend libra before the U.S lawmakers later this month. The House Financial Services Committee announced back on Wednesday as we read in the Libra coin news that he will testify on October 23rd.The hearing is titled ‘’an examination of Facebook and its impact on the Financial Services and Housing Sectors’’ and Zuckerberg will be the only witness. While the details are really vague, the press releases show that the Committee Chairwoman Maxine Waters has already drafted the ‘’Keep Big Tech Out Of Finance Act’’ and she also previously called for FAcebook to stop all further developments of Libra until the lawmakers’ concerns were addressed:
 “The draft legislation prohibits large platform utilities, like Facebook, from becoming chartered, licensed or registered as a U.S. financial institution. The bill also prohibits large platform utilities from establishing, maintaining, or operating a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function as defined by the Federal Reserve.”
This month’s hearing will be the third one held by the Congress where Zuckerberg has to defend Libra since both the House Financial Services Committee and the Senate Banking Committee both discussed the future of the crypto project this summer. Facebook blockchain lead David Marcus already testified on the benefits that the project can bring in the future. During his hearing, the lawmakers were noticeable skeptical about the efforts that Facebook is making and they even pointed out to the company’s past track record with data privacy and other issues as major concerns.The regulatory backlash that surrounds Libra constantly also concerned FAcebook’s launch partners and some even started going away from the project. PayPal for example, pulled out of the 28-member association last week. Mastercard and Visa are also reportedly concerned about the massive impact that the project can have on financial stability worldwide. According to the reports that we have in our blockchain news, the senators Brian Schatz and Sherrod Brown, both of which are members of the Banking Committee, warned the visa CEO saying that they are participating in an association that could open them to further regulatory scrutiny.
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