Tất tần tật blockchain Diem: Cú vỡ mộng về tiền tệ toàn cầu của Facebook | IamSuSu

Key Concepts

Libra/Diem, Stablecoin, CBDC (Central Bank Digital Currency), Blockchain Layer One, Move (programming language), Aptos, Sui, Decentralization, Regulatory Scrutiny, Political Interference, Sovereign Currency, Digital Assets, Web3, DeFi (Decentralized Finance).

1. Nguồn gốc ban đầu (Initial Origins)

• David Marcus's Idea: The Libra project originated from an idea by David Marcus, then head of Messenger at Facebook, during a vacation in 2017. He proposed the creation of a global digital currency to Mark Zuckerberg.
• Secret Development: The project was developed in secrecy within Facebook, in a separate building with restricted access.
• Morgan Beller's Influence: Morgan Beller, a blockchain expert, played a crucial role in convincing Facebook to integrate blockchain technology.
• Swiss Headquarters: To avoid being perceived as a US-centric project, the technical headquarters were established in Switzerland, although most of the work was done in California.

2. Thiết kế đồng Libra, một stable coin toàn cầu (Libra's Design: A Global Stablecoin)

• Led by David Marcus: The Libra initiative was led by David Marcus, a former president of PayPal and VP at Facebook.
• Stablecoin Concept: Libra was designed as a stablecoin, not an investment asset like Bitcoin, but a payment tool with low volatility and inflation.
• Asset-Backed: To ensure stability, Libra was intended to be backed 1:1 by low-risk assets, including bank deposits and fiat currencies like the US dollar, British pound, Euro, and Japanese yen.
• Challenging Monetary Sovereignty: By creating a new unit of value not issued by any state, Libra directly challenged the monetary sovereignty of nations.

3. Cấu trúc quản trị (Governance Structure)

• Libra Association: To counter claims of being solely a Facebook project, Libra was structured to be managed by the Libra Association, a non-profit organization based in Geneva, Switzerland.
• Facebook's Role: Facebook, through its subsidiary Calibra (later Novi), was intended to be just one member among many, without greater control than any other member.
• Founding Members: The association launched with 28 founding members, including giants from payments (Mastercard, PayPal, Visa), technology (Uber, Spotify), and telecommunications.
• Investment and Validation Nodes: Each member committed to investing a minimum of $10 million and operating a validation node on the network.
• Political Pressure: The decentralized model ultimately faced political pressure, becoming a weakness.
• Suspicion of Swiss Headquarters: The choice of Switzerland as the headquarters raised suspicion of regulatory avoidance.
• Facebook's Influence: Despite the decentralized structure, Facebook's initial funding and technology development gave it significant influence.

4. Sự sụp đổ (The Downfall)

• Clash with National Sovereignty: Libra's downfall was due to the clash between Silicon Valley's ambitions and the power of nation-states.
• EU's Opposition: France's Finance Minister Bruno Le Maire stated that Libra could not be allowed to become a sovereign currency. Germany also opposed Libra, fearing it could threaten the Eurozone's stability.
• US Government's Reaction: US Congressional hearings in July 2019 were highly critical, with lawmakers questioning Facebook's trustworthiness.
• Maxine Waters's Scrutiny: Representative Maxine Waters, Chair of the House Financial Services Committee, repeatedly demanded a halt to the project.
• Past Scandals Cited: Lawmakers cited Facebook's past scandals as evidence that the company could not manage a global currency.
• Global Concerns: The G7 raised serious concerns about regulation and systemic risks.
• Data Privacy: Concerns about how financial data from the Calibra wallet would be used and whether it would be combined with social media data.
• Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF): Fears that the network could become a haven for illegal financial activities.
• Financial Stability: Concerns that Libra could grow to a systemically important financial institution, and a mass withdrawal could cause shocks.
• Monetary Sovereignty: The most significant concern was that Libra could undermine central banks' ability to conduct monetary policy.
• Partner Exodus: PayPal was the first member to withdraw, followed by Visa, Mastercard, Stripe, eBay, and Mercado Pago.
• Risk-Benefit Imbalance: Partners faced significant risks without commensurate benefits, leading to their withdrawal.

5. Tái định vị với triệm (Repositioning with Diem)

• Rebranding: In December 2020, the Libra Association rebranded as the Diem Association, signaling a fresh start.
• Strategic Shift: The association released a second version of its white paper, outlining a significant strategic shift.
• Single-Currency Stablecoins: Abandoned the concept of a single stablecoin backed by a basket of global currencies. Instead, it would offer multiple single-currency stablecoins, such as DM USD and DM Euro, each backed 1:1 by the corresponding fiat currency.
• Enhanced Compliance: Committed to enhanced AML and CTF compliance and abandoned plans to transition to a permissionless system.
• Government Intervention: Even with these concessions, the core issue of distrust in Facebook/Meta remained.
• Partnership with Silvergate Bank: Diem partnered with Silvergate Bank to issue the DM USD stablecoin.
• Regulatory Pressure: Officials at the Federal Reserve and the Treasury Department reportedly pressured and denied approval for the deal.
• Political Interference: David Marcus described this as a "political hit" executed through threats to banking institutions.
• Project Termination: On the eve of the planned launch, the Diem team received a call from the Treasury Department advising against the launch due to the lack of a clear regulatory framework.
• Lack of Communication: Attempts by Diem's leadership to meet with Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell were ignored.
• Marcus's Confirmation: David Marcus confirmed that the project was killed not due to regulatory shortcomings but due to political will.
• Silvergate's Fate: Silvergate Bank, which acquired Diem's assets, later collapsed in the cryptocurrency market crisis of 2022-2023.

6. Di sản nhân tài và công nghệ (Legacy of Talent and Technology)

• Accelerated Global Dialogue: Diem accelerated the global dialogue on digital assets and forced governments to act.
• Open-Source Tools: Provided the open-source ecosystem with tools to build decentralized alternatives.
• Move Programming Language: The creation of Move, a new programming language designed for secure digital asset management.
• Resource-Oriented Model: Inspired by Rust, Move uses a resource-oriented model where digital assets are represented as resources that cannot be copied or accidentally destroyed.
• Move Spiders: A Vietnamese educational project, Move Spiders, provides a comprehensive and free learning path for the Move language.
• PayPal Mafia Analogy: Similar to the "PayPal Mafia," a group of former PayPal employees who founded influential tech companies, the Diem diaspora has emerged in the Web3 world.
• Aptos and Sui: Two prominent projects that emerged from Diem's remnants are Aptos and Sui.
• Mysten Labs (Sui): Founded by Evan Cheng, former head of R&D at Novi, and other leading Diem architects. Sui uses a version of Move and an object-oriented model.
• Aptos Labs: Co-founded by Mo Shaikh, head of strategic partnerships at Novi, and Avery Ching, a lead engineer at Meta. Aptos retains a version of Move closer to the original core and maintains an account-based model.
• Aptos's Growth: By the end of 2024, Aptos had over 10 million monthly active users and a total value locked exceeding $1 billion.
• Velociraptor Upgrade: Aptos announced the Velociraptor consensus upgrade in September 2025, promising a 40% reduction in block creation time.
• Integration with Traditional Finance: Aptos is integrating with traditional finance through partnerships with Microsoft, Franklin Templeton, Mastercard, and PayPal.
• Aptos vs. Sui: Aptos and Sui represent different philosophies on scaling Diem's technology, with Aptos focusing on DeFi and enterprise applications, and Sui focusing on high-throughput, low-latency applications like gaming and social media.

7. Phần kết (Conclusion)

• Rules of Power: The political attack on Diem revealed the unwritten rules of power, showing that regulatory compliance is necessary but not sufficient.
• Systemic Threat: A project can meet all legal requirements but still be destroyed if it is seen as a systemic threat to monetary sovereignty or financial stability.
• Catalyst for CBDCs: Libra became a catalyst for the development of central bank digital currencies (CBDCs).
• Regulatory Frameworks: The backlash against the project directly spurred the creation of comprehensive regulatory frameworks, such as the EU's Markets in Crypto-Assets (MiCA) regulation.
• Decentralization Imperative: Any future project with global ambitions must face the question of whether it is decentralized enough to avoid becoming the target of a political attack.
• Innovation Catalyst: Diem's failure has become one of the most important catalysts for innovation and reshaping the game in the next cycle.