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.
Open Source Crypto WalletsSince 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.
The LF announcement states 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.
David Treat says the digital business will gain trust
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.”