Efforts Should’ve Been Focused on Bitcoin: Dorsey

Meta had launched Diem in the middle of 2019. The objective was to compete with the likes of Bitcoin and many other fiat currencies. It was once an ambitious project, but now it has come to an end.

Jack Dorsey, the Chief Executive Officer of Block Inc., criticized Mark Zuckerberg. He highlighted that the focus could have been laid on making Bitcoin more accessible instead of investing so much effort in creating a new cryptocurrency.

Meta Dumps Diem

It is still a long way for Meta to officially shut down Diem. While the team of engineers is no longer working on Diem, earlier known as Libra, Meta is yet to find a new opportunity for them.

The end of Diem has marked a huge failure for Meta. This has come at the time when crypto is witnessing a lot of ups and downs in its graph. There have been several failures, but Diem has left a larger mark for everyone.

Meta was developing Diem not just to compete with Bitcoin and other fiat currencies but also to enable its users to execute transactions among them.

Offering ease to move the currency across the border was another aspect that was being looked into by the team at Meta’s office.

Diem met its end before it could be launched into the digital market. It was reportedly administrative lash outs and loss of focus that crushed the entire system of Meta’s to-be-launched Cryptocurrency.

Jack Dorsey was recently addressing the MicroStrategy World Conference. He took the stage at the conference to criticize Mark Zuckerberg.

He mentioned that Diem failed because Meta did not use an open protocol or a standard one, something that has been successfully tested by Bitcoin. Jack Dorsey hinted that the motive of Meta could have been only to attract more users to the social networking site.

Meta could have also done it for noble reasons, hinted Jack Dorsey at the Conference.

Bloomberg reported that Meta was now weighing the value of its assets to make a sale and use this money to repay the investors. Reports also suggest that Meta was in talks with several investment bankers to sell its intellectual property.

A large number of engineers were hired/employed by Meta to work on the project. Now that it has been – abruptly – ended, Meta is attempting to find equal or better opportunities for them to make things work.

Meta has a large network of users who would have loved to get on board purely based on the fact that it is backed by the world’s largest social networking site.