The Linux Foundation, a non-profit technology organization, launched the Openwallet Foundation on Tuesday to support the creation of open-source cryptocurrency wallets. OWF’s goal is to increase “interoperability for a wide range of wallet use cases” and to develop a “secure, multi-purpose open source engine” that anyone can use to build a wallet.
Linux Establishes Openwallet Foundation for Supporting Development of Open-Source Crypto Wallets
The Linux Foundation (LF) has supported open-source software since the foundation’s inception 22 years ago. The foundation is made up of software developers from all around the world, and corporate giants like AT&T, Cisco, Fujitsu, Google, Hitachi, Tencent, Vmware, Huawei, IBM, Intel, Meta, Microsoft, NEC, Oracle, Orange S.A., Qualcomm, and Samsung are also LF members. The announcement published on September 13 notes that the LF’s mission is to bolster universal digital wallet infrastructure.
“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security,” Jim Zemllin, the LF executive director, said in a statement.
OWF to Host a Keynote Presentation at the Open-Source Summit Europe, Foundation Is in the Midst of Constructing Group’s Governance and Structure
OWF is hosting a keynote presentation on Tuesday at Open Source Summit Europe. The new group is not planning to create new standards or publish a wallet. “The community will focus on building an open source software engine that other organizations and companies can leverage to develop their own digital wallets,” the LF announcement details. “The wallets will support a wide variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the best available wallets.”
Accenture Global Metaverse Continuum Business Group lead and David Treat, Global Metaverse Continuum Business Group Lead said that trust in digital businesses is being earned and that there are major changes coming to traditional business models. “Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world,” Treat said. Presently, the OWF has not formulated a governance system but it is in the midst of “working on its governance and structure with the goal of launching later in 2022.”
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