Life After Libra: How Facebook’s Failed Cryptocurrency Kicked off a Web3 Movement

Key Takeaways

• Move is a programming language that was initially developed for Facebook’s failed cryptocurrency, Libra.
• Although Libra was ultimately abandoned, Move lives on.
• As well as being the default smart contract language for Aptos and Sui, Move is being used across various blockchain ecosystems.

When reports first surfaced that Facebook (now Meta) was developing its own stablecoin payment system in 2018, it was hailed as a sign of rising mainstream adoption of cryptocurrency. But due to regulatory challenges, the project, initially known as Libra and then rebranded as Diem, never made it off the drawing board and was eventually wound down in 2022.

In the years since, many have dismissed the failed project as a case of Big Tech hubris and a warning to those who might try to repeat the venture.

But Libra/Diem does have one enduring legacy. Facebook developed a custom programming language, Move, to write smart contracts on the proposed blockchain. And although the original cryptocurrency it was designed for has been dead for several years, Move lives on. 

Move Developers Carry the Torch

In the post-Facebook era, a grassroots community of Move developers has emerged to keep the language alive.

Key players in the ecosystem include Movement Labs and the Move Developers DAO, two organizations committed to promoting the language’s application in Web3 development. 

Rather than coalescing around a single network as the Libra project had initially envisaged, Move is today used for various decentralized applications, with tooling, frameworks and protocols in place for multiple Layer 1 blockchains. 

Some Facebook employees involved in the Libra project went on to found Aptos, which uses Move as its primary smart contract language. Last year, Sui was launched with support from Binance as a second Move-based Layer 1 blockchain.

Because these platforms are small fish in a big blockchain pond, Move remains much less used than Solidity, which is used across the extended Ethereum ecosystem. 

However, Move’s proponents argue that it has some major advantages over Solidity.

Move vs. Solidity

Created specifically for the Ethereum blockchain, Solidity is the most popular language for smart contract development. However, it has been criticized for security flaws, a factor that originally inspired Facebook to develop an alternative. 

In a bid to prevent the reentrancy attacks that Solidity is vulnerable to, Move’s designers opted to express concepts as resources, situating it in the tradition of other resource-oriented languages like Rust, which underpins the Solana and Polkadot blockchain networks.

The Rust-style, resource-oriented programming model ensures assets cannot be duplicated or discarded unintentionally, significantly reducing common security risks. However, it also diverges from the more established object-oriented paradigm, making it harder for developers familiar with Javascript or Python to learn the syntax. 

Ethereum and Beyond

While Move was initially designed to help the Libra blockchain overcome some of the challenges faced by Ethereum, the language has now come full circle and is finding its place within the Ethereum ecosystem.

Movement Labs’ flagship product is an Ethereum Layer 2 based on the Move programming paradigm. It also recently unveiled Move Stack: a blockchain-agnostic execution environment for creating rollups on various networks. 

With potential applications spanning multiple blockchain ecosystems, Move is also well-suited for developing cross-chain applications. Examples include the DeFi lending platform Abel Finance , the multi-chain DApp launchpad Dappad and Desig , a multi-signature wallet that works on various layer 1 and 2 blockchains.

Web3 Innovation

Of course, as blockchain projects go, Aptos, Sui and Movement Labs’ L2 the Move Network are relatively immature. But all 3 have developed a reputation for innovation. 

Since its launch in 2022, Aptos’ transaction activity has been rising. Meanwhile, newcomer Sui scored its first major win in March when the Sui Foundation entered into a strategic partnership with Revolut. 

Just a few months after its launch, Move Network is already making waves and is even set to get its own crypto phone, Up Mobile. Move’s journey from a failed Facebook initiative to a thriving programming language sets itself apart from other Meta failures.

By building a robust community and driving innovation across multiple blockchain platforms, Move has carved out a significant niche in the Web3 ecosystem. As Aptos, Sui, and other projects continue to grow, Move’s impact on the decentralized future looks promising, proving that even abandoned projects can leave a lasting legacy