Linux launches foundation to support versatile, open source cryptographic wallets

On Tuesday, the nonprofit technology consortium, the Linux Foundation, announced the launch of the Openwallet Foundation (OWF) to support the development of open source cryptographic wallets. OWF’s goal is to increase “Interoperability for a wide range of wallet use cases.” and to develop a “secure and versatile open source engine“that anyone can use to build a portfolio.

Linux launches the Openwallet Foundation to support the development of open source crypto-currency wallets.

The Linux Foundation (LF) has supported open source software since its inception 22 years ago. The foundation is made up of software developers from around the world, and corporate giants such as AT&T, Cisco, Fujitsu, Google, Hitachi, Tencent, Vmware, Huawei, IBM, Intel, Meta, Microsoft, NEC, Oracle, Orange S.A., Qualcomm and Samsung are also members of LF. The announcement released on September 13 states that LF’s mission is to support universal digital wallet infrastructure.

“We believe that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security” said Jim Zemllin, executive director of LF, in a statement.

The OWF is organizing a keynote presentation at the European Open Source Summit, the Foundation is building the governance and structure of the group.

On Tuesday, OWF will hold a keynote presentation at the Open Source Summit Europe. The newly formed group has no plans to publish a portfolio or create 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 portfolios“, the LF announcement states. “The wallets will support a wide variety of use cases, from identity to payments to digital keys, and will aim to achieve feature parity with the best wallets available.“

David Treat, the Global Metaverse Continuum Business Group and Blockchain lead at Accenture said a massive shift is happening in the traditional business model and digital businesses will gain trust. “Universal digital wallet infrastructure will create the ability to transport identity, money and tokenized objects from one place to another in the digital world“, said Treat. Currently, OWF has not formulated a governance system, but it is in the process of “working on its governance and structure with the goal of a launch later in 2022.“