On Tuesday, the non-profit technology consortium, The Linux Foundation, announced the launch of the Openwallet Foundation (OWF) to bolster the development of open source crypto wallets. OWF’s goal is to “enable interoperability for a variety of wallet use cases” and create a “secure, versatile open source engine” that anyone can use to build wallets.
Linux Launches Openwallet Foundation to Support Cryptocurrency Wallet Development
The Linux Foundation (LF) has supported open source software since the foundation was founded 22 years ago. The foundation is made up of software developers from around the world and giant companies like AT&T, Cisco, Fujitsu, Google, Hitachi, Tencent, VMware, Huawei, IBM, Intel, Meta, Microsoft, NEC, Oracle, Orange SA, Qualcomm. and Samsung are members of the LF. The announcement, published on September 13, states that LF’s mission is to strengthen the universal digital wallet infrastructure.
“We are convinced that digital wallets will play a vital role in digital communities. Open software is the key to functionality and security,” LF CEO Jim Zemlin said in a statement.
OWF to host keynote address at Open Source Summit The foundation is in the midst of building a team governance and structure.
On Tuesday, OWF will deliver a keynote address at Open Source Summit Europe. The newly formed group has no intention of publishing a wallet or creating new levels. “The community will focus on building an open source software engine that other organizations and companies can use to develop their own digital wallets,” LF’s announcement details. The wallets support a variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the best wallets available.
David Trett, Global Metaverse Continuum Business Group and Blockchain Leader at Accenture said there is a big shift in the traditional business model and digital businesses will gain trust. “A universal digital wallet infrastructure creates the ability to carry a registered identity, money and goods from place to place in the digital world,” said Treat. Currently, the OPD has not established a management system, but is “working on the management and structure, with plans to launch later in 2022.”
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