Facebook’s crypto pioneer David Marcus shares his honest thoughts on the crypto market, economic disparity, regulatory issues as well as declaring that Novi is ready to launch.
Marcus has spent the last few years developing Diem’s crypto wallet Novi, which is an interoperable digital wallet that works with the Diem payment system.
Its goal is to make it simple for individuals and businesses all over the world to transfer money, putting an end to the age-old financial payments system once and for all.
Marcus cited the 1.7 billion unbanked people across the world, as well as the 62 million Americans who aren’t getting the most out of their present banking provider, as significant motivations to innovate in this field.
Marcus expressed his continuous bemusement at the regulatory authorities’ and legislators’ lack of urgency in seizing cryptocurrencies and blockchain’s seismic potential:
“Here at home in America, … our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the world’s reserve currency.”
Last year, Ripple’s executive chairman wrote that the US is losing the “tech cold war” with China over control of the “next-gen financial system.”
Diem (formerly Libra) suggested a native cryptocurrency for use throughout Facebook’s owned platforms of Instagram, WhatsApp, and Messenger in 2019, with the potential to challenge the sovereignty of established fiat currencies such as the US dollar.
This daring approach drew criticism, causing the team to rapidly backtrack and reconsider their business model. Diem and Novi are the two individual items planned to emerge in 2021, following much public back and forth over the last three years.
Novi remains committed to the stablecoin technique, believing that now is the best time to integrate an “underlying payments network that is cheaper, faster, safer, interoperable, and programmable” with an efficient crypto stablecoin, according to Marcus’ vision.
He stated, “We’re a challenger in the payments sector, and we’ll offer free domestic and international person-to-person payments for those who use the Novi wallet.”
He also addressed the necessity for Novi wallets to support nonfungible tokens or NFTs, and that smart contracts would replace traditional contracts and titles.
Novi is said to have “engaged in productive conversations” with authorities and legislators all around the world, obtaining regulatory licenses or permits from nearly every state in the United States.
Despite well-documented trust difficulties with Facebook’s data records, Marcus stated on two occasions that Novi deserves a “fair shot” in its financial aspirations and that innovation should not be repressed, but rather embraced. Late last year, he used similar words in his “benefit of the doubt” plea.
Marcus expressed his ardent view that delaying the launch of the Novi wallet would be “unreasonable,” albeit he did not provide particular timeframes.
