In this round of cycles, a new generation of public chains is vying for attention. In addition to the emergence of numerous Layer 2 solutions due to increasingly mature development tools, Move language public chains have performed even more remarkably. In addition to Sui and Aptos, a recent project preparing for TGE, Movement, is also centered around the narrative of the Move language. Returning to the origin of the Move programming language, it was developed by the blockchain project Diem under Meta, a Web 2 giant. However, the project leader recently revealed that the plan's failure was not due to regulatory issues as rumored but rather complicated political issues.

Facebook's boldest global payment network project, Diem, gave birth to the Move language.

David Marcus, the head of the former Facebook stablecoin project Libra (later renamed Diem), recently revealed details about the ultimate failure of the project. He stated that this was due to Marc Andreessen from a16z mentioning the issue of the Web 3 industry being suppressed in American society on the (Joe Rogan Experience) show, which prompted him to disclose more details about the project for the first time.

Let us turn back time to when Meta began developing blockchain; Libra was a high-performance blockchain network centered on payments, paired with stablecoins, developed by the Web 2 giant Meta team. The project's goal was to solve large-scale global payment problems and was later renamed Diem. While building the Diem network, the Meta team utilized the Move language.

Compared with other blockchain programming languages, a major feature of Move is its object-oriented nature. What is object-oriented? For example, traditional blockchains are account-based. When an object transfer occurs, a transfer out and transfer in are recorded in each respective account. In contrast, the Move language features asset transfers at the object level, which is often seen as more secure. After all, Meta aimed to create a global payment blockchain, and the Move language public chains inherited this security.

Why did Diem fail? A political assassination orchestrated by Treasury Secretary Yellen.

David Marcus stated that before announcing this project, they spent several months briefing major regulatory bodies in the United States and internationally. In June 2019, the project was officially unveiled in collaboration 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 the spring of 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 were ready to launch the plan. Diem designed a gradually advancing pilot program, which received support from some members of the Federal Reserve Board. According to him, then-Fed Chairman Jay Powell was even prepared to allow the project to move forward in a limited manner.

David Marcus stated that he heard during a conversation between Powell and Treasury Secretary Janet Yellen, that Yellen expressed opposition to the plan, and that allowing the plan to continue would be 'political suicide.' Shortly thereafter, the Federal Reserve organized a conference call with all participating banks, during which the Fed's legal counsel read a statement to each bank: 'We cannot stop you from continuing with this plan, but we are dissatisfied with it.'

From David Marcus's version, a terrifying fact can be discovered: the government or regulatory bodies had no legal or regulatory basis to terminate this project. In other words, the end of Diem was entirely a politically motivated assassination initiated through pressure on banking institutions.

David Marcus stated that he also learned a lesson from this: if you want to build an open financial network that serves the world, handling trillions of dollars in transactions daily, and designed to last for 100 years, you must build it on the most neutral, decentralized, and unshakeable networks and assets. And without a doubt, that is Bitcoin.

【Disclaimer】The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.

  • This article is republished with permission from: (Chain News)

'Meta blockchain leader can’t take it anymore! Reveals Diem's failure is political assassination, who is the culprit' This article was first published in 'Crypto City'