The Linux Foundation has an announcement to make for the crypto-blockchain industry. The nonprofit organization operating on a global scale wants to bring innovation to the blockchain ecosystem.
Open Source Technology
The organization has been working tirelessly to offer people access to open-source technology through the blockchain ecosystem.
Now, the company is determined to provide its innovative services in the digital wallet sector. The Linux Foundation has announced that it has plans of launching the OpenWallet Foundation (OWF).
What is OWF?
The OWF has a role to play in the public and the technology sector and it is achievable with collaboration among multiple companies. It also welcomes the blockchain ecosystem’s stakeholders to give their input to make the collaboration a success.
With the combined efforts of the stakeholders and companies, it is possible to develop software that is open source. The particular software would have the ability to support digital wallets’ interoperability.
The wallet their combined efforts can achieve would work flawlessly in sending, receiving, storing, and even carrying out monitoring of cryptocurrencies and digital assets.
The announcement by the Linux Foundation
On September 13, the executives at the Linux Foundation announced what the OWF’s primary goal would be.
The OWF would aim to build an open-source engine that would be multi-purpose. Using the particular OWF, anyone would be able to build interoperable wallets offering high safety, security, and privacy.
However, the Linux Foundation expects that the developers using the OWF would have the technical knowledge and the vision to build a wallet.
In near future, Linux Foundation is determined to establish practices that would be best for the advancement of digital wallet technology.
An Open Source Software
The main goal of the Linux Foundation is to offer developers the ability to put their skills to use and come up with their own builds.
The nonprofit organization will not focus on building a digital wallet itself for the users or the developers. Instead, it would allow the developers to access their open-source software engine.
Using the software engine, developers, companies, and organizations will be able to build wallets that would feature services of their liking and preferences.
They can either build a crypto-focused wallet or a multi-use digital wallet. The choice is completely theirs and it would definitely fulfill their goal.
Other Companies Collaborating with Linux Foundation
Ever since the Linux Foundation started working on the project, it had support from multiple companies.
These companies include Trust Over IP Foundation, Transmute, Procivis AG, Polypoly, Ping Identity, OpenID Foundation, Okta, The Open Identity Exchange, and CVS Health.
Now, the developers and organizations will have the ability to launch safer and more protected digital wallets for their customers and add on-demand features to the wallets.