Bitcoin Forum

New Libra Fork Will Create Permissionless Stablecoin Free of Corporate Control

Thirty different blockchain companies and nonprofit organizations plan to fork the Facebook-led Libra crypto project to build their own permissionless version, dubbed OpenLibra.

i read it on CoinDesk

what do you guys think about it??

i think that libra is an important project cuz it will bring a lot of new users into the space
and open libra is a good alternative for those (like me) who dont trust facebook at all
and i think that OpenLibra will face less problems with the LAW and SEC, since it has completely different business model..

Source if anyone is interested: https://www.coindesk.com/new-libra-fork-will-create-permissionless-stablecoin-free-of-corporate-control

Even if this project will launch, it will be just another boring ETH/EOS/TRON -like coin, and we have a lot of these already. There's nothing revolutionary in Libra itself, so it won't shake the market too much, this open Libra will probably take place somewhere in top 10 or top 20 coins.

yea, thanks for posting the source
i just didnt want to post a link :X


libra and openlibra should be some kind of stable coin i think
isn't it?

I conclude that Open Libra is like a new project and outside Facebook libra, although the two are still related,
because the article says what is in libra can be dragged and dropped into open libra,
and the difference between the two can be seen, because open libra will run atop Tendermint blockchain software, and of course this is very different from libra in my opinion.
but anyway, we just wait for libra and open libra, is it able to be the best as a newcomer.

So if i summary the OpenLibra is decentralized Libra.
That is great! But i see in crytocurrency is already much coin. If that is stablecoin, it will likely USDT.
Official site https://www.openlibra.io have not valid certificate ssl. I see use free ssl. Hope this is not joke coin  :D

I still don't have idea, what benefit to buy it in the future.

Good alternative for Libra, yes, but if Libra itself is nothing special, i don't see how the new coin would stand out from most other altcoins. The only advantage that Libra has over any crypto is a massive user base that Facebook can offer it to. Libra can increase awaareness, but other than that, it doesn't seem like anything special.

This is smart move but  Open-Libra  sounds interesting but i will not be surprise if  we wake up one  day to  see announcement that Libra will no longer  continue so  open-Libra has over  it.  But question what is the usecase  of this persmission-less stable coin because  Libra  stated their  use-case for the Libra.  I believe  Facebook And It Libra Partners want to  use this strategy for people to see how Libra blockchain may  work.       

Libra is going to be a stable coin while this openlibra is going to be another shit coin because they are aiming to create a coin pegged by real libra.
simply said, it is like Litecoin when Bitcoin launched its first genesis block. This kind of coin is created as a supplementary of the real coin and empowering it,
and their website is terribly ugly, it's like they are doing it for fun.

The original Libra has not yet been out of the regulatory woods and therefore could not guarantee that it will eventually be able to open its doors come 2020 and yet here we are offered a fork of Libra called as OpenLibra. How creative! How magnificent! I always value innovations and I admire people who are always looking towards introducing good changes but I am making an exemption with this one. Do we really need this OpenLibra and how will regulators will be reacting into this project? Personally, this is already bordering on a big joke. Please forgive me but I don't like this one...okay I know they don't need my approval for OpenLibra so I am just expressing my opinion here. Will there also be a second fork called as ClosedLibra?

Do we not have permissionless stablecoins already? I honestly do not understand how this will be permissionless and still be accepted by government/SEC? If for example they make using the permissionless stablecoin with kyc compulsory, is it still going to be considered a permissionless stablecoin?

It's literally pegged to Libra coin. Even if it wouldn't face those legal problems directly, the problems of Libra will be the problems of OpenLibra if Libra fails.
But yeah, i like this idea anyway. Hopefully the learning curve on how to use this isn't going to be bigger then in Libra itself.

Libra will trigger a lot of people's interest in crypto, believe me when he releases crypto users will increase drastically.
because social media facebook has been known all over the world, they only need to explain about crypto to new people, and also the libra coin will be in the form of stable coin so there will not be a big risk when someone buys it.

They use the same name Libra just to rely on the popularity of Libra and Facebook, Such projects if born will lose creativity. There are currently too many similar projects with similar names, They are just imitators and nothing breakthrough.

This is actually out of this world. Libra was never launched because of how it is being stopped by the governments all over the world. And now since it is most likely not to be launched at all, there is already a fork coming. Such aggression and determination to enter the crypto market. Well, they deserve credit for this. But even without Facebook in their team, I doubt the governments will change its stand on this. They will pass through the same eye of the needle. 

This is not going to be successful, Libra was not launch yet and it's not normal to see some fork.
usually developers made a fork on a popular project but in this case, this should not be possible with people experience using Libra coin.

In addition, the team behind the project is also very important and we know why there's a lot of hype of Libra is because it's back by facebook.
To make it short, any good idea would not prosper in this market without a reliable team behind the project.

Its funny that this coin is planning a hardfork even the coin is not operating yet. Although this project will bring awareness and attention to new adopters, however they are not yet sure how will this project benefit the masses. It seems that its a big gamble for Facebook.

meh... just another stable coin that claimed to be more revolutioner than others. CEO of openlibra is making a false claim about libra, libra will be used in all of the platforms under facebook and it has no purpose to disrupt the traditional economic system. CEO of forkcoin openlibra has no idea about what is the main purpose of libra and he keeps claiming if libra will change the world.
that's a non sense opinion from him.

CEO of openlibra called it something will change the world but that's created from forking the existed code. what's the difference with another fork coin like bitcoingold, superbitcoin and many more?
it sounds like CEO of openlibra is overclaiming about that.

that has a purpose to create hype around the market to buy his forkcoin. lol

How is it really a fork if the Libra code isn't open sourced to begin with? Maybe I'm wrong.

This seems to be an attempt at cashing in on the frenzy. Just like bitcoin forks, or that rush a few years ago when a shit ton of e"tokenname" tokens popped up out of nowhere that just copied existing projects and were based on poorly written smart contracts.

I think we have enough stable coins at this point. How about focusing on making what's already here better.

You are absolutely right! Libra or this Open Libra seems another random coin like the UNUS SEED LEO! They will launch and may take place in the top ten coins. That's it. Every new project comes with a revolutionary idea, but when they launch they fall down highly. Where the crypto market has several stable coins already, Libra or this fork Libra shouldn't go for the stability again! Actually, I believe these Libra coins will be the same as JPM coins, only to be used in the Facebook internal transactions or to take Facebook services.

Yes, it is an absolutely wonderful idea. and i think it should be a small scale before reaching out to facebook users. Meanwhile, SEC will be easier to accept this type of business.
OpenLibra will be a great business but will not be as world-class as Libra, after all, it will also be a success if it is launched smoothly.

Libra in general is very important for the whole industry. It will bring a lot of new audience to the crypto world, but I hardly believe that Libra will be a very popular payment system, because it is still centralised and controlled by Facebook.

I find it hard to imagine how this is going to work.

There is going to be a joint project involving 30 odd companies and somehow they have to keep the peg of this stablecoin perfectly to USD - all without a central party? It doesn't make any sense. There has to be some sort of central point here or there that is not mentioned.

It doesn't sound that intriguing, tbh. It might even be that they're just using Libra's name to create another reincarnation of the same old stablecoin.

What will be the difference of it, on other project? I like to emphasize that what Facebook Libra building could not be trusted by many since it involves accounts and vital security which we know Facebook is not good on keeping secret. I doubt there could be another incident like before, and now in crypto? Very risky.

I would however think the partners of Libra might just also join this fork if they get benefits through this fork. Making it popular will be difficult for them though, its facebook userbase is just too important factor for the partners.

The team behind Openlibra got funds from their investors to which this isn't the first project they propose. The issue that SEC could initiate for this project to be stopped will be another Gram situation because they got their fundings thru the Wireline proposal.

Paypal has gone, so has VISA and Mastercard.   I considered Libra a dead project, no use forking out of a dead project which cannot even start at all.  There are so many other projects more worthy and more active to be implemented than Libra.

And I think that all these are rumors. Too much hype around a project that is not even known whether it will be launched (Libra). And the launch of some fork of an unreleased project (Open Libra). All this looks like ordinary fake news.

to be honest i have not been tretter with libra because i saw libra some time ago get a strong rejection of various platforms which in my opinion can influence the price of libra at the exchange place, i just see first how the development of libra, if it's good then i will go in and participate in trading on coin libra.

Libra itself is still looking forward to be lunched and the whitepaper is out. If it eventually launches and it is able, despite all odds, to gain the support it desires, then the fork by others might fail. Those who are trying to create the fork are only doing everything possible to use the popularity of Libra coin from Facebook, to rise up and gain the audience needed. Although, I might be wrong, I want this to be disproved.

I don't like LIBRA and therefore i have no interest in having this FORK or OPENLIBRA.
They might be worse than the other project they are competiting in now. they are just riding the hype and popularity of another project.
Worthless and not good!

It is insane to be planning a fork for a project that we are yet unsure if it will be successfully launched or not with all these issues that they are having with different government of the world, and even if there is going to be Libra coin, at least they should wait and see the performance of it first because to me, I don’t listen to all these hype again.

Most of these hype we are carrying about Libra coin might eventually come now and will amount to nothing, so it is better we do not even talk about the fork of Libra coin yet because Libra itself will be a shit coin, and you can now imagine the type of coin that will come from a shit coin like Facebook. I call it a misplaced priority. Better things to attend to than all these Libra shit project that will not make wave.