Libra designer: Stripe's Tempo Blockchain is destined to fail

Odaily News Stripe, a giant in financial technology in the United States, is promoting its new blockchain Tempo as a revolution in the global payments sector. However, Christian Catalini, one of the designers behind Meta's failed stablecoin project Libra, stated that the Tempo blockchain is “doomed to fail.” He believes that the problem with chains like Tempo lies not in the code, but in the incentive mechanisms. Once they occupy a monopolistic market, the temptation to distort the competitive environment becomes irresistible. If Stripe and other fintech companies successfully build walled garden blockchains, the outcome will not be financial innovation, but a reshuffling of corporate monopolies. An open, permissionless network is the only way forward; any other approach is destined to fail. (DL News)