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

On Tuesday, the Linux Foundation, a non-profit technology consortium, announced the launch of the Openwallet Foundation (OWF ), with the goal of increasing “interoperability for a wide range of wallet use cases” and developing a “secure and versatile open source engine” that anyone can use to build a wallet.

Linux Launches Openwallet Foundation to Support Open Source Crypto Wallet Development

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The Linux Foundation (LF) has supported open source software since its founding 22 years ago. Open Source software since the foundation’s inception 22 years ago. The Foundation is made up of software developers from around the world and includes such corporate giants as 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; according to a September 13 announcement, LF’s mission is to strengthen the universal digital wallet infrastructure.

“We believe that digital wallets will play an important role for the digital society. Open software is the key to interoperability and security,” said Jim Zemllin, LF’s executive director, in a statement.

OWF to Keynote at Open Source Summit Europe as Foundation is in the process of building group governance and structure

Tuesday,. the OWF will deliver a keynote address at Open Source Summit Europe. The newly formed group does not intend to publish a wallet or create a new standard.” The community will focus on building an open source software engine that other organizations and companies can use to develop their own digital wallets,” the LF announcement detailed.” The wallet will support a wide range of use cases from identity to payments to digital keys and will aim to achieve feature parity with the best wallets available.”

David Treat, Accenture’s Global Metaverse Continuum Business Group and Blockchain Lead, said that traditional business models are undergoing massive change and digital businesses are gaining trust.” A universal digital wallet infrastructure will create the ability to transport tokenized identities, money, and objects around the digital world,” Treat said. Currently, the OWF has not developed a governance system, but is in the process of “looking at its governance and structure with the goal of launching in late 2022.”

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