David Marcus, co-founder of the Diem project, announced today that the Novi digital wallet, which provides the ability to store cryptocurrencies, is ready to be launched on the market.
This statement came at the end of a lengthy post written by Marcus.
Instead of the hype that accompanied Facebook’s initial announcement in June 2019 that it was creating a digital currency backed by a basket of fiat currencies and managed by some of the biggest names in finance and technology.
The digital wallet “Novi” (originally called “Calibra”) finds itself zigzagging in a completely different cryptocurrency market than the one that existed two years ago.
The Facebook project started with the name “Libra”, a digital currency that can be sent via the “Calibra” wallet.
The goal of the project was not to create a stable digital currency that simulates the price of the dollar, but the goal was to create a new global digital currency.
Although the assets were initially planned to be managed by members of the Libra Association, over time it planned to achieve decentralization, just as other crypto projects did.
But all these trends and ambitions remained in the cards.
In April 2020, Libra shifted its goal to becoming a traditional stable digital currency.
Instead of being the new Bitcoin, “Diem” will become a more regulated version of USDC or Tether.
Calibra will become a stable cryptocurrency wallet.
The biggest advantage of this wallet is its integration with the largest social network in the world.
“Calibra” changed its name to “Novi”.
In December, the Libra Association gave up its title and became known as Dim.
Throughout that time, the project overcame a number of obstacles and the start was with dozens of departures from the project, including the co-founder, Kevin Weil.
On one day in October 2019, eBay, Mastercard, Stripe and Visa pulled out of the association en masse after Facebook faced tough questions from regulators.
However, major names, including venture capital firm Andreessen Horowitz, Coinbase, ride-sharing apps Uber and Lyft, remain in the association.
When Facebook introduced the Libra currency for the first time in June 2019, a lot of things have changed so far.
Tether has become the dominant stablecoin with a market capitalization of $64 billion, up from $3.5 billion in June 2019.
Facebook has beaten its most famous rivals before, beating “MySpace” and “Friendster” to become the most popular social network on the planet.
This also gives it an added advantage when confronting creators because it can only buy them, as it has done with Instagram and WhatsApp, or integrate similar features on its own network, as it does with cryptocurrencies.
Currently, there is still room for “Novi” and “Diem” to be a good fit.
Marcus laid out the game plan, writing:
We compete in the payments industry and will offer free person-to-person payments both locally and internationally for people who use Novi Wallet.
We are confident that people will prefer a service that is free and more convenient to one that is significantly more expensive and not consumer focused.
Will Facebook succeed in its endeavor and its digital currency “Diem” become among the digital currencies present in the crypto market, and to what extent will this affect the crypto market in general?