MetaBlock founder couldn't bear it! Revealed that the Diem project was aborted due to political murder, who is the mastermind

In this cycle, the new generation of public chains are competing with each other. In addition to a large number of Layer 2 solutions that have emerged like bamboo shoots after a spring rain due to the increasingly mature development tools, the performance of the Move language-based public chain is also impressive. In addition to SUI and Aptos, the project Movement, which is preparing for TGE recently, also revolves around the narrative of the Move language. The starting point of the Move programming language was developed by Diem, a blockchain project under the Web 2 giant Meta, 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.

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

Former Facebook stablecoin project Libra (later renamed Diem) leader David Marcus recently revealed the details of the project's ultimate failure, stating that it was because a16z's Marc Andreessen mentioned the issue of the suppression of the Web 3 industry in American society on the "Joe Rogan Experience" show, which prompted him to first mention more details of the project.

Let's go back to the beginning of Meta's development of the Block chain. Libra is a high-performance Block chain network with payments at its core, 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. In building the Diem network, the Meta team used the Move language.

Compared with the programming languages of other blockchains, one of the major features of Move is its object-oriented nature. What is object-oriented? For example, traditional blockchains are account-centric. When an object transfer occurs, a record of the transfer out and transfer in is made on each respective account. The feature of the Move language is the transfer of assets on objects, which is generally considered to be more secure. After all, at that time, Meta wanted to create a global payment blockchain, and the public chain of the Move language also inherited this level of security.

Why did Diem fail? A politically motivated assassination orchestrated by Finance Minister Yellen.

David Marcus stated that before announcing the project, they spent several months briefing major regulatory agencies in the United States and internationally. In June 2019, the project was officially announced and jointly unveiled 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 crimes, Money Laundering, consumer protection, reserve management, buffer mechanisms, and more. 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, Federal Reserve Chair Jay Powell was even prepared to allow the project to move forward in a limited manner.

David Marcus said he heard in a conversation between Powell and Treasury Secretary Janet Yellen that Yellen did not support the plan and allowing the plan to continue would be "political suicide." Shortly thereafter, the Fed held a conference call with all participating banking organizations, and the Fed's legal counsel 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 terrible thing: the government or regulatory agencies have no legal or regulatory basis to terminate this project. In other words, the end of Diem is entirely a politically motivated assassination launched by exerting pressure on banking institutions.

David Marcus also said that he learned a lesson, which is: if you want to build an open financial network that serves the world, eventually processes trillions of dollars in transactions every day, and is designed to last for 100 years, then you must build it on the most neutral, Decentralization, and unshakable network and assets. And this is undoubtedly Bitcoin.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are applicable to their specific circumstances. Investing based on this is at your own risk.

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The head of MetaBlock can't bear it! Exposing that the failure of Diem is a political assassination, who is the real culprit. This article was first published in 'encryption city'