The Linux Foundation, a non-profit technology consortium, announced the formation of the Openwallet Foundation (OWF) to support the creation of open-source cryptocurrency wallets.
Increased “interoperability for a wide range of wallet use cases” is one of OWF’s objectives, as is the creation of a “secure, multi-purpose open source engine” that anybody may use to create a wallet.
The Linux Foundation (LF) has backed open-source software since its formation 22 years ago. Along with corporate behemoths like Microsoft, Google, Intel, AT&T, IBM, Cisco, Meta, Hitachi, Fujitsu, Huawei, Tencent, VMware, NEC, Oracle, Orange S.A., Samsung, and Qualcomm, the foundation is made up of software engineers from all around the world. According to the statement released on September 13, the LF aims to strengthen the infrastructure for universal digital wallets.
“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security,” said Jim Zemllin, the LF executive director.
On Tuesday, the Open-Source Summit Europe will feature a keynote speech from OWF. The newly established association has no plans to release a wallet or set new norms. According to the LF announcement, the community will concentrate on creating an open-source software engine that other businesses and organizations may use to create their digital wallets. The wallets seek to reach feature parity with the finest wallets currently on the market and will enable a wide range of use cases, including identities, payments, and digital keys.
David Treat, the Global Metaverse Continuum Business Group and Blockchain head at Accenture, said that the old business model would undergo a significant transition, and digital enterprises would gain credibility. In the digital world, carrying tokenized identities, money, and items from place to place will be possible thanks to the development of a universal digital wallet infrastructure. The OWF is currently working on its governance and structure, intending to debut later in 2022, although it does not yet have a formalized governance system in place.
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