David Marcus – the head of Facebook’s blockchain department – says that the social media company’s new cryptocurrency wallet Novi is ready to go.
David Marcus Is Ready to Unleash Novi
Novi has been a long time in the making. The wallet is designed to accompany the firm’s new Diem cryptocurrency, which many fans and anticipators still refer to as “Libra.” That was the name the currency originally traveled under when initially announced in the summer of 2019.
As a former head of PayPal, Marcus left his position with the global digital payments platform and set his sights on Facebook, where he currently works. In a statement, Marcus announced:
Change is long overdue. It’ll happen one way or another. Novi is ready to come to market. We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments.”
So, this is potentially big news. Novi is ready to go, which means Diem must be right around the corner. However, the big question that remains is, “Does anyone really care about it at this point?” It’s been years since Facebook announced the project. They’ve encountered so many issues and regulatory hurdles that it’s rather difficult to even take the company’s crypto ambitions to heart. After two years of touting this project, does it expect everyone to simply jump out of their seats, rush to their computers or mobile devices and download what they’re told to?
In addition, Facebook has yet to fully address the privacy issues it faced three years ago. The Cambridge Analytica scandal is still dragging on the heels of the social media giant, and with Libra (or Diem) only being announced a year or so later, it’s hard to just assume that the company’s bad habits are dust under the table. Diem and Novi are arguably part of what will be a huge financial project, but the idea that Facebook has already played God with so many people’s private data is a little scary.
When you throw their financial information into the mix, things become downright horrific, so what will Novi and Diem really have to offer that will make customers feel safe enough to use them?
The Time Has Come for Change
Marcus and Facebook seem to think that Diem being marketed as a stable currency could potentially make people more comfortable. Initially designed to work as a basket of currencies, Diem will now be one token backed by USD. Marcus explains:
Let me be clear. If we only offered fiat money in Novi, it would bring people a lot of value. So, why not just do that and call it a day? Well, we might, but before we do, I strongly believe if there was ever a chance to create an open, interoperable protocol for money on the internet and truly change the game for people and businesses around the world, it is now.