Meta Block chain project leader: Diem said that it is a political issue rather than regulation, revealing the involvement of huge political and banking interests behind it

In this cycle, the new generation of public chains are competing with each other. In addition to the large number of Layer 2 solutions that have emerged like mushrooms due to the increasingly mature development tools, the performance of the Move language-based public chain is also remarkable. In addition to SUI and Aptos, the recent project Movement, which is preparing for TGE, also revolves around the narrative of the Move language. The starting point of the Move programming language can be traced back to the blockchain project Diem developed by Meta, a Web 2 giant, but the project leader recently revealed that the project's failure is not due to regulatory issues rumored by the outside world, but rather complex political issues.

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Facebook's boldest global payment network project, Diem, has given birth to the Move language

David Marcus, the former head of Facebook's stablecoin project Libra (later renamed Diem), recently revealed the details of the project's ultimate failure. He said it was because Marc Andreessen from a16z mentioned the issue of the Web 3 industry being suppressed in American society on the Joe Rogan Experience podcast, which prompted him to disclose more details about the project for the first time.

Let's go back to the beginning when Meta started developing the Block chain. Libra is a high-performance, payment-centric Block chain network, paired with stable coins, developed by the Web 2 giant Meta team. The project aims to solve the problem of large-scale global payments and was later renamed Diem. When building the Diem network, the Meta team used the Move language.

Compared with the programming languages of other blockchains, one of the key features of Move is its object-oriented nature. What is object-oriented? For example, in traditional blockchains, the main focus is on accounts. When a transfer of assets occurs, a record is made in each respective account for the outgoing and incoming transactions. However, the unique feature of Move language is the transfer of assets on objects, which is generally considered more secure. After all, at that time Meta was aiming to create a global payment blockchain, and the public chain of Move language has inherited this level of security.

Why did Diem give up? A politically motivated murder led by Minister of Finance Yellen.

David Marcus said that before announcing this project, they spent several months briefing major regulatory agencies in the United States and internationally. In June 2019, the project was officially announced and made a joint appearance with 28 partner companies. Two weeks later, David Marcus was summoned to testify before the Senate Banking Committee and the House Financial Services Committee.

By spring 2021, David Marcus and the Meta team had resolved all potential regulatory issues, including financial crime, Money Laundering, consumer protection, reserve management, buffer mechanisms, etc. We are ready to launch the plan. Diem has designed a slow-moving pilot program and has gained support from some members of the Federal Reserve Board. According to him, then Federal Reserve Chairman Jay Powell was even prepared to move the project forward in a limited manner.

David Marcus said he heard that in a conversation between Powell and Treasury Secretary Janet Yellen, Yellen expressed her opposition to the plan and that continuing with it would be "political suicide". Shortly thereafter, the Fed held a conference call with all participating banks, during which the Fed's legal adviser read a statement to each bank: "We cannot stop you from continuing with the plan, but we are not satisfied with it."

From David Marcus's version, one can find a terrifying thing, the government or regulatory agencies do not have any legal or regulatory basis to terminate this project. In other words, the end of Diem is entirely a politically motivated assassination initiated through pressure on banking institutions.

And David Marcus also said he learned a lesson from it, that is: if you want to build an open financial network that serves the world, ultimately processing tens of billions of dollars in transactions every day, and design a system that can last for 100 years, then you must build it on the most neutral, Decentralization, unshakable network and assets. And there is no doubt that this is Bitcoin.

The head of the Meta Block project responsible person: Diem announced that it was a political issue rather than regulation, revealing the involvement of huge political and banking interests behind it first appeared on Chain News ABMedia.