Linux Launches Foundation to Bolster Open-Source, Multi-Purpose Crypto Wallets

The Linux Foundation, a non-profit technology consortium announced Tuesday the launch of the Openwallet Foundation to support the development of open-source crypto wallets. The goal of the OWF is to improve "interoperability across a wide range wallet use cases" as well as to create a secure, multi-purpose open source engine that anyone can use for building a wallet.

Linux launches Openwallet Foundation in Support of Open-Source Crypto Wallet Development

Since its inception 22 years back, the Linux Foundation (LF), has supported open-source software. Software developers from around the globe are members of the foundation, as well as corporate giants such as AT&T, Cisco and Fujitsu. According to the announcement, published September 13, the LF's mission was to strengthen universal digital wallet infrastructure.

"We are confident that digital wallets can play a crucial role in digital societies." Jim Zemlin, the LF executive Director, stated in a statement that open software was the key to security and interoperability.

OWF will host a keynote presentation at the Open-Source Summit Europe. Foundation is in the middle of Constructing Group Governance and Structure

OWF will present a keynote speech at the Open Source Summit Europe on Tuesday. The new group does not intend to publish a wallet nor create new standards. The LF announcement details that the community will be focusing on creating an open-source software engine that can be used by other companies and organizations to create their own digital wallets. The wallets will be able to support a variety of uses, including identity and payments. They also aim to have feature parity with other wallets.

Accenture's Global Metaverse Continuum Business Group leader and Blockchain lead David Treat stated that there will be a major shift in the business model, and digital businesses will gain trust. Treat stated that universal digital wallet infrastructure would allow for the transfer of tokenized money, identity, and other objects from one place to another in the digital world. OWF currently has not established a governance system, but is "working on its structure and governance with the goal to launch later in 2022."

What do you think of the Linux Foundation's Openwallet Foundation initiative? Please comment below to let us know your thoughts on this topic.

By: Jamie Redman
Title: Linux Launches Foundation to Bolster Open-Source, Multi-Purpose Crypto Wallets
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Published Date: Tue, 13 Sep 2022 17:30:35 +0000

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