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

Since 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,” Zemlin, the LF executive director said. Jim Zemlin, executive director of LF, stated in a statement that open software was the key to security and interoperability.

OWF will host a keynote presentation at the Open-Source Summit Europe. Foundation is in the middle of Constructing Group Governance and Structure

OWF is hosting a keynote presentation on Tuesday at the Open Source Summit Europe. The new group does not intend to publish a wallet nor create new standards.

The LF announcement details 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 use cases, from identity to payments to digital key and aim to achieve feature parity to the best wallets.

Accenture’s Global Metaverse Continuum Business Group leader and David Treat, Global Metaverse Continuum Business Group lead for Blockchain, stated that there will be a significant shift in the business model and that 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 created a governance system, but is currently ‘working on its structure and governance with the goal to launch later in 2022.