Key facts:
-
Members include Polygon, Hedera and Brazil’s central bank.
-
These open technologies seek to avoid proprietary lock-in in finance.
The Linux Foundation, the nonprofit collaborative foundation, has announced the launch of the Linux Foundation Decentralized Trust (LFDT), a new umbrella organization dedicated to advancing the use of decentralized technologies for the digital economy.
According to the foundationThis release includes 17 projects and is supported by over 100 members.
An umbrella organisation is a union of several entities that work in the same field or sector and have common interests.
The LFDT, which promotes open source projects, wants to foster a neutral home for “collaboration and innovation in a growing ecosystem of Blockchain, accounting, identity, interoperability, cryptography and related technologies.” This according to the release from the Linux Foundation.
This organization includes participants from the Hyperledger Foundation and the Trust Over IP Foundation, as well as 13 new members; among them, the Central Bank of Brazil, Ethereum-segunda-capa-cadena-lateral-rollup” target=”_blank” rel=”noreferrer noopener”>Polygon and Hedera.
Decentralized projects for the digital economy
Daniela Barbosa, General Manager of Decentralized Technologies at the Linux Foundation and Executive Director of the LFDT, highlighted the importance of this “neutral home” for technological development:
“Decentralized technologies are modernizing critical systems and essential infrastructures around the world. LFDT is the new home for the collaborative development of the ecosystems that will make these trusted systems and applications possible.”
Daniela Barbosa, General Manager of Decentralized Technologies at the Linux Foundation
For Michael Klein, chairman of the board of directors of the Linux Foundation, the decentralized technologies that will be developed with the project are essential for the growth of the digital economy. He goes on to say:
As we look to the future of digital ownership, open standards and open source initiatives will drive cross-industry collaboration and serve as the foundation for the next generation of the Internet.
Michael Klein, Chairman of the Board of Directors of the Linux Foundation
What is the intention of the Linux Foundation Decentralized Trust?
The LFDT aims to facilitate the creation of open standards and interoperability pathways between different technologies and platforms, both existing and future. According to the organization’s statement, the projects contemplated will work in various areas, from finance to health and public administration.
To do so, LFTD says, they are leveraging the efforts of teams and projects that have been working for more than eight years and that are related to the Linux Foundation. Among them, the Hyperledger Foundationa project that focuses its efforts on developing, researching and perfecting distributed ledgers, based on the blockchain model.
The Hyperledger Foundation has created five projects for blockchain development, giving businesses access to frameworks that allow independent creation of blockchains. The names of the projects are Besu, Fabric, Indy, Iroha, and Sawtooth. Not all of these projects support the use of smart contracts, and None of them use proof of work (proof-of-work). As reported CriptoNoticias, HyperLedger has previously used its development for prosocial purposes.
Another member highlighted by the Linux foundation is Trust Over IP (ToIP)a project concerned with the development and conservation of digital identity, verifiable credential and communication technologies.
Open standards promoted by the Linux Foundation are important because they allow any organization or individual to access and use open technologies, without restrictions.
This prevents, for example, proprietary lock-in, which occurs when users are tied to a single provider or technology. When they are based on single, closed standards, the loss or extinction of these providers implies the total loss of participants’ data, among other consequences.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.