Christian Catalini, co-creator of Meta’s now-defunct Libra project, took to X to explain how Stripe’s Tempo blockchain fails one of the basic tenets of the crypto movement: decentralization.

In fact, Catalini believes that if Stripe’s Tempo succeeds commercially, it would mean that early crypto idealists will have to embrace a future where the original ethos of decentralization is lost. Catalini used the example of Libra’s failure to demonstrate his point.

The failure of Libra—what really killed it

Catalini noted that in the tech and finance industry, being too early to the market is almost the same as being wrong. In his post, Catalini wrote:

“Looking back on Libra, the stablecoin project I helped design inside Meta, I can confirm we weren’t just early; we were also comically, spectacularly wrong.”

Besides the unfortunate timing, several other factors contributed to Libra’s ultimate failure. This included the “Silicon Valley hubris—the belief that elegant code can simply wish away centuries of financial regulation,” Catalini wrote.

Additionally, Facebook’s aggressive marketing of Libra not only drew more attention, but also provided ammunition to its opponents.

According to Catalini, there is a prevalent misconception that Libra failed because it could not meet regulatory guidelines. However, the opposite is true, Catalini wrote, adding:

“The reality is that we were on the verge of becoming the most buttoned-up, regulator-friendly crypto project on the planet.”

Problems with corporate blockchains like Tempo

Catalini wrote:

“The problem with corporate chains like Tempo isn’t a matter of code—it’s a matter of incentives. We already know the script.”

This is how corporate blockchains usually work: a tech firm creates a blockchain and promises fairness. But after capturing a substantial chunk of the market, the temptation to tilt the playi

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Author: Monika Ghosh