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Libra Designer: Stripe's Tempo Blockchain Doomed to Fail
Summary: American fintech giant Stripe is promoting its new blockchain Tempo as a revolution in the global payment sector, but Christian Catalini, one of the designers of the failed stablecoin project Libra, believes that Tempo blockchain is 'doomed to fail'. He argues that the problem with chain enterprises like Tempo lies not in the code, but ...
American fintech giant Stripe is promoting its new blockchain Tempo as a revolution in the global payment sector, but Christian Catalini, one of the designers of the failed stablecoin project Libra, believes that Tempo blockchain is 'doomed to fail'. He argues that the problem with chain enterprises like Tempo lies not in the code, but in the incentive mechanism. Once they dominate the market, the temptation to distort the competitive environment becomes irresistible. If Stripe and other fintech companies successfully build walled garden blockchains, the result will not be financial innovation, but a reshuffling of corporate monopolies. An open, permissionless network is the only way forward, any other way is destined to fail. (DL News)
