OpenWallet Foundation Launched by Linux Foundation to Promote Open Source Wallets
It is reported that the Linux Foundation (Europe), a non-profit entity committed to promoting innovation through open source code, announced the launch of the …
It is reported that the Linux Foundation (Europe), a non-profit entity committed to promoting innovation through open source code, announced the launch of the OpenWallet Foundation to support the development of open source wallets. The main task of OpenWallet is to develop a secure open source engine that anyone can use to build an interoperable digital wallet. The OWF and Linux Foundation also released a new report, stressing the importance of a more open digital wallet ecosystem, and pointing out that the total value of all digital wallet transactions in 2021 will be $15.9 trillion.
The European Linux Foundation launched the OpenWallet Foundation to support interoperable digital wallets
Interpretation of the news:
The Linux Foundation, a non-profit organization dedicated to promoting innovation through open source technology, has announced the launch of the OpenWallet Foundation. The main objective of this new initiative is to facilitate the development of open source wallets that provide security and privacy to users. The foundation aims to create a secure open source engine that any individual or organization can use to build an interoperable digital wallet. This move is seen as an important step towards establishing a more open digital wallet ecosystem.
OpenWallet Foundation (OWF) is set to become a leading source of support for the development of open source wallets, helping developers create alternative solutions that support a greater degree of privacy and security for users. Open source wallets are known for their transparent and collaborative approach, which can increase the level of trust for users. This is in contrast to proprietary solutions, which may have undisclosed features and lack transparency.
The launch of OWF is heavily based on the assumption that the world is moving towards a more digital economy, with digital wallet transactions playing a vital role. In fact, the Linux Foundation and OWF released a report stressing the importance of creating a more open digital wallet ecosystem. The report indicates that the total value of digital wallet transactions in 2021 will amount to $15.9 trillion. This figure is expected to increase in the coming years, making digital wallets a significant part of the financial landscape.
Furthermore, OWF will address the increasing demand for wallets that allow users to transact using multiple cryptocurrencies. Many wallets currently support only a few cryptocurrencies, limiting users’ options significantly. With OWF, developers can build interoperable digital wallets that support multiple cryptocurrencies simultaneously, offering users more flexibility and choice.
Overall, the launch of OWF by the Linux Foundation provides a critical opportunity to promote open source wallets that offer greater security, transparency, and interoperability. The initiative will not only help developers build better digital wallets but also create a more open and innovative digital economy.
Title: Open Finance, Open Society: The Case for Open Digital Wallets
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