Geiger announced in an emphatic fashion that OpenLibra is the better version of Facebook’s Libra, saying that the project will fork the code and the community. According to his statement, OpenLibra will act as a stablecoin pegged to Libra and any applications built on Libra’s software will be functional on OpenLibra as well.
Basically, Geiger decided to copy and paste what Libra is doing but eliminate the consortium behind the project led by Facebook. An ambitious task, considering the interest of big corporations and the fact that Libra’s success heavily relies on Facebook’s network effects rather than the tech behind the currency.
Nonetheless, the issue is less with OpenLibra and has more to do with the person behind it. Serial entrepreneur and software engineer, as claimed on his online profiles, Geiger already has an ICO project that is currently in no man’s land.
The ICO That Never Delivered
Lucas Geiger is the co-founder of the Wireline project which promises to be a decentralized peer-to-peer network for developers and businesses. With ambitions to deliver open-source protocols for identity, decentralized credentials, distributed data consistency, and the management of complex peer-to-peer networks, the ICO managed to raise $20 million in March of 2018.
However, until now there is no Wireline decentralized network and the WRL ERC-20 token which was promised to participating investors wasn’t distributed. Investors that put their money into Wireline have been left with nothing but a promise.
The cryptocurrency market is rife with scammers because it’s relatively new, backed by tons of hype, and no single entity is truly responsible. It was fairly easy to dupe someone into investing in your ICO in 2018. A cryptocurrency startup only needs a website and an official-looking…