Facebook’s cryptocurrency project diem is likely coming to an end

     
Cryptos: 20,810Exchanges: 523Market Cap: $988,286,003,395.59924h Vol: $69,403,242,352.92Dominance: BTC: 39.2% ETH: 19.5%ETH Gas: 30 Gwei
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Cryptos: 20,810Exchanges: 523Market Cap: $988,286,003,395.59924h Vol: $69,403,242,352.92Dominance: BTC: 39.2% ETH: 19.5%ETH Gas: 30 Gwei
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This project is featured as an 'Untracked Listing'

For more details on the listing tiers, please refer khổng lồ Listings reviews Criteria Section B - (3)


What Is Facebook Diem?

Diem, formally known as Libra, is an upcoming global payments network that is expected to lớn launch in 2021. The Diem Network will operate using the Diem Blockchain, a new blockchain designed khổng lồ be highly scalable, secure & flexible. According lớn its whitepaper, the mission of the project is lớn develop a financial infrastructure that "empowers billions of people."

The project was first announced in June 2019 as a single global currency backed by a reserve of assets. However, after much international regulatory scrutiny, Diem was revised lớn include a basket of single-currency fiat-pegged stablecoins in addition lớn its multicurrency coin, XDM. In December 2020, the project rebranded from Libra to Diem, representing a "new day" for the project.

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Who Are the Founders of Facebook Diem?

The Diem Network is a project of the Diem Association, an independent nonprofit association whose founding members included social truyền thông giant Facebook, payments processors Mastercard & PayPal, crypto & blockchain firms Coinbase & Bison Trails, & venture capital firm Andreessen Horowitz, among other financial, technology & nonprofit entities. However, several founding members have since left the association amid regulatory scrutiny, including PayPal & Mastercard.

Facebook, although it now shares governance with the other association members, has been highly involved in the development of the project. In June 2019, Facebook announced that it had formed a new subsidiary, Calibra — which has since changed its name to Novi — khổng lồ develop the front-end infrastructure for accessing Diem, starting with a digital wallet that will be integrated into Facebook-owned apps.

Novi is led by David Markus, who also oversees all of Facebook's payments and financial services products. He led the development of the project at Facebook before its launch as an independent association. Prior lớn Facebook, Markus served as vice president of thiết bị di động for PayPal, later becoming the company's president. He has founded a number of companies, including di động payments company Zong.

In May 2020, the Diem Association appointed Stuart Levey its first CEO. Levey was previously chief legal officer of global banking company HSBC, where he also sat on the executive committee. Prior to this, Levey worked for the administrations of both George W. Bush và Barack Obama as undersecretary for terrorism & financial intelligence in the Treasury Department.

What Makes Facebook Diem Unique?

According to lớn its whitepaper, Diem seeks lớn create an open, distributed, global payments network in order khổng lồ bring forward a more inclusive, innovative payments system that can be easily accessed from điện thoại devices. It intends lớn launch a series of stablecoins that form the backbone of "the internet of money," including tokens pegged to lớn the U.S. Dollar, the euro, the British pound và the Singapore dollar. The project also plans khổng lồ issue a multicurrency token, XDM, that is a composite of its single-currency coins.

In order to accomplish this goal, Diem is building a new blockchain called Diem Blockchain that relies on Move, a newly created smart contract language that is designed khổng lồ prevent digital assets from being cloned. Diem anticipates that its blockchain will be able to serve billions of users.

The Diem Association receives funding in the size of contributions from its members, with each founding member required khổng lồ pay a $10 million membership fee. As such, much of its business plan is centered around bringing new members on board và ensuring that existing members renew their involvement. The Diem Association hopes khổng lồ encourage an mở cửa application process in which potential members compete among each other for a limited number of membership slots.

Related Pages:

Learn about Tether, the largest stablecoin by market capitalization.

Learn about USD Coin, a stablecoin backed by Coinbase, a founding thành viên of the Diem Association.

Xem thêm: Soạn Bài Cách Làm Bài Nghị Luận Về Tư Tưởng Đạo Lí Ngữ Văn 9, 12

Want khổng lồ know more about stablecoins? Read an in-depth guide on Alexandria, webchiase.vn's online educational resource.

Stay up lớn date on Diem và other stablecoin initiatives with the webchiase.vn blog.

How Many Facebook Diem Coins Are There in Circulation?

Diem will have no fixed token supply. Rather, its single-currency stablecoins will be minted và burned by Diem as needed in response khổng lồ market demand, and each token will be backed by a reserve of liquid assets. According khổng lồ the association, at least 80% of the reserve will consist of "very short-term" government securities, while the remaining 20% will consist of cash.

XDM, Diem's multicurrency token, will be managed by a smart contract that combines each single-currency stablecoin based on predetermined fixed nominal weights. Diem has stated that this may result in the value of XDM fluctuating in relation lớn local fiat currencies.

How Is the Facebook Diem Network Secured?

The Diem Network will be secured with a Byzantine fault tolerance consensus called "LibraBTF," under which two-thirds of all validators must agree that a transaction is accurate for it khổng lồ be added to the blockchain. Validator nodes will be operated by Diem Association members, which are required to lớn demonstrate their technological capacity lớn operate a validator node when applying for membership. The network will also have a second layer made up of publicly operated full nodes that trả lời and revalidate transactions when synchronizing with the blockchain's current state.

The protocol of the Diem Blockchain, Diem Core, is open source, meaning that anyone will be able to lớn independently phân tích và đo lường its safety and security.

As a centralized entity, the Diem Association will operate a financial intelligence unit khổng lồ monitor the network for any illegal or nefarious activities, & it has committed khổng lồ working with both law enforcement và internet service providers khổng lồ combat any misuse of the platform.

Where Can You Buy Facebook Diem?

Neither Diem's single-currency nor multicurrency stablecoins are yet available for purchase, but upon launch, its tokens are expected lớn be listed on major cryptocurrency exchanges.

Xem thêm: Cách Đăng Ký Internet Banking Vietinbank, Đăng Ký Sử Dụng Vietinbank Ipay

While Diem has not yet launched, there are many other cryptocurrencies with which you can currently transact & trade, such as Bitcoin (BTC). webchiase.vn has a simple, step-by-step guide khổng lồ teach you all about crypto & how to buy your first coins.


Chuyên mục: Tài chính