Facebook’s Libra Forked into Permissionless OpenLibra

  • Facebook's libra has been forked into a permissionless project called OpenLibra.
  • OpenLibra will be pegged to the value of libra and be compatible with Facebook's digital currency platform.

Facebook’s yet to be released digital currency libra has been forked into a decentralized project called OpenLibra. 

First announced at the Ethereum Foundation’s DevCon 5 conference in Osaka Japan, on Oct. 9, the OpenLibra project is being billed as an “open platform for financial inclusion” with an emphasis on the currency being “Not run by Facebook.”

OpenLibra is a technical hard fork of the social media platform’s forthcoming currency that will function as a permissionless, decentralized cryptocurrency. The developers behind the project claim that OpenLibra will be compatible with its Facebook counterpart, meaning there can be an overlap in application usage between the two networks. OpenLibra’s value will also be pegged to that of libra, which is reportedly a stablecoin based upon multiple fiat currencies. 

Some members of the crypto community have already referred to the OpenLibra project as “hacking” Facebook or otherwise subverting the social media platform’s foray into digital currencies. 

However, Lucas Geiger, co-founder of crypto startup Wireline who first announced the project, says that OpenLibra will have less regulatory exposure than Facebook’s project and is being built with an emphasis on decentralization. 

Featured Image Credit: Photo via Pixabay.com

Coinbase Cuts Interest users Earn on USDC Stablecoin by 88%

San Francisco-based cryptocurrency exchange Coinbase has cut the interest users can earn on the USDC stablecoin with the platform by 88%, from a 1.25% APY to 0.15%, according to an email the firm shared.

As CryptoGlobe reported, Coinbase started letting its eligible U.S. users earn 1.25% per year on the stablecoin in October 2019. At the time the firm said the move was in line with its mission “to make crypto accessible to everyone.”

The 88% drop in rewards puts Coinbase in line with major banks in the U.S. that offer similar savings rates. Large banks like the Bank of America, HSBC, Chase, and Wells Fargo offer savings accounts with no minimum balance requirements offering yields as low as 0.01%, while newer businesses, according to TheBalance, offer accounts with no minimum requirements offering up to 1.5% a year.

The average rate, according to the same source, is at 0.09% which means Coinbase’s rewards rate for USDC holders is still above the average being offered. The USDC stablecoin itself was launched in September 2018 as a product of CENTRE, a collaborative open-source technology project built by Coinbase and Circle.

Since then the stablecoin has become the second-largest in the cryptocurrency space, behind only Tether’s USDt token. In March of this year, during the crypto market crash, Tether’s stablecoin saw its supply surpass the 6 billion mark, while USDC surpassed 600 million.

At press time, there are over $9.19 billion worth of Tether’s USDt in circulation, while there are now $736 million worth of USDC tokens in circulation. It’s worth noting users can earn interest on USDC and USDt tokens on other platforms, including decentralized finance protocols.

Featured image via Pixabay.