13 September 2022
On Tuesday, the non-profit technology consortium, the Linux Foundation, announced the launch of the Openwallet Foundation (OWF) in order to bolster the development of open-source crypto wallets. OWF’s goal is to increase “interoperability for a wide range of wallet use cases” and to develop a “secure, multi-purpose open source engine” that anyone can use to build a wallet.
The Linux Foundation (LF) has supported open-source software since the foundation’s inception 22 years ago. The foundation is made up of software developers from all around the world, and corporate giants like 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. The announcement published on September 13 notes that the LF’s mission is to bolster universal digital wallet infrastructure.
“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security,” Jim Zemllin, the LF executive director, said in a statement.
On Tuesday, OWF will host a keynote presentation at the Open Source Summit Europe. The newly formed group has no intentions of publishing a wallet or creating new standards. “The community will focus on building an open source software engine that other organizations and companies can leverage to develop their own digital wallets,” the LF announcement details. “The wallets will support a wide variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the best available wallets.”
David Treat, the Global Metaverse Continuum Business Group and Blockchain lead at Accenture said that a massive change is coming to the traditional business model and digital businesses will earn trust. “Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world,” Treat said. Presently, the OWF has not formulated a governance system but it is in the midst of “working on its governance and structure with the goal of launching later in 2022.”
What do you think about the Linux Foundation’s Openwallet Foundation? Let us know what you think about this subject in the comments section below.
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