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Meta (formerly Facebook) started the development of its own stablecoin Libra in 2019. Facing public backlash, it tried rebranding it to Libra. Now, Zuckerbergâs company finally gave up, selling Diemâs intellectual property to an investment bank.
The former Twitter CEO, Jack Dorsey, shared his views on the failed project with Michael Saylor, the man in charge of MicroStrategy.
Metaâs mistake was working on a currency it owned â instead of using an open protocol like Bitcoin, the CEO of Block noted.
âHopefully, they learned a lot, but I think there was a lot of wasted effort and time,â Dorsey said. He added that they could have spent those two or three years of development making BTC more accessible.
âThis would also benefit their Messenger product, Instagram, and WhatsApp, he added. We have these open network right now, and itâs usable.â
âYou Donât Have to Own The Thingâ
Bitcoin adoption benefits everyone, Dorsey continued. However, it challenges some conventional thinking in Silicone Valley.
âI think it changes a lot, but we just have to be open to not having to own the thing. You donât have to own it to get value from it,â Dorsey said about Bitcoin.
Meta would not be the first platform to create its own cryptocurrency. All major digital asset exchanges, from Binance, to CryptoCom, have their native assets.
However, Dorsey is leading a push towards open protocols and open standards in the industry.
âAll of our products, going forward, TBD, the Bitcoin miner, the Bitcoin wallet, theyâre all open-source,â he said.
It looks that at least some companies are listening. This week, Meta joined Blockâs Crypto Open Patent Alliance. They pledged not to enforce their âcore crypto patentsâ against other companies. However, this was after Meta sold its Diem IP for $200 million.
Dorsey on Bitcoin
To those that follow Dorsey, this take is not surprising. He is a well-known âBitcoin maximalist,â meaning he favors BTC over all other cryptocurrencies.
Dorseyâs company Block (formerly Square) has focused primarily on Bitcoin and BTC infrastructure. Recently, Blockâs CashApp integrated Bitcoinâs Lightning Network, letting users send BTC for free.
Earlier, Dorsey poked fun at Metaâs failed stablecoin project. He tweeted âcarpe diem,â which means seize the day in Latin.
carpe diem https://t.co/QTN2JzehUZ
â jack (@jack) January 26, 2022
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