David Marcus, who was one of the first people at Facebook to use cryptocurrency, talked about differences in income, problems with regulations, and the stablecoin solution that Novi suggested.
Marcus spent the better part of two years developing the crypto wallet Novi for the Diem payment system. Novi is an interoperable digital wallet that is made to work in tandem with the Diem protocol. Its intended use is to simplify international money transfers for people and businesses everywhere, finally ushering in a new era in financial settlements.
Marcus writes that there are 1.7 billion people around the globe who don’t have bank accounts, and that 62 million Americans aren’t getting the most out of their current banking relationship.
The executive chairman of Ripple, who believes the United States is losing the “tech cold war” with China over control of the “next-gen financial system,” published these same thoughts in a blog post a year ago.
In 2019, Diem (who used to be called Libra) pushed for the creation of a cryptocurrency owned by Facebook that could be used on Instagram, WhatsApp, and Messenger and challenge the dominance of fiat currencies like the US dollar.
This risky move made a lot of people angry, so the team quickly turned around and started to rethink its business plan. Following a number of public disagreements over the past few years, 2021 will see the launch of just two products: Diem and Novi.
As Marcus sees it, now is the time to combine an efficient crypto stablecoin with an “underlying payments network that is cheaper, faster, safer, interoperable, and programmable.” Novi is committed to continuing to develop the stablecoin approach.
He also said that traditional contracts and titles would be replaced by smart contracts and that Novi wallets would need to support non-fungible tokens (NFTs).
Novi is said to have had “constructive conversations” with authorities and lawmakers around the world in order to get permits or permissions from almost every state in the United States.
Marcus has said twice that Novi should be given a “fair chance” to reach its financial goals and that innovation should not be stifled but rather encouraged, even though Facebook’s data records are known to have trust issues. his “benefit of the doubt” appeal late last year.
Lastly, Marcus said that he was sure that putting off the release of the Novi wallet would be “unreasonable,” but he didn’t give any specific dates.