Libra is gone, Diem coin has arrived! Here is Facebook’s new coin

Social media giant Facebook has now finalized its plans to issue the crypto currency Diem coin. According to this, Diem is coming out in 2021. Facebook changed the name of the stable coin, which was previously called Libra coin, to Diem. Here’s what you need to know about this cryptocurrency.

What is die coin ?

Diem coin will be used for payments. However, Diem blockchain will be programmable just like Ethereum. This will allow developers to create custom applications..

Diem coin uses a special smart contract language called Move, which uses a logical constraint called “static typing” to ensure its security.

Diem coin blockchain supports validator nodes. These nodes are run by members of the Diem Association.. These nodes verify transactions and approve blocks. The image below summarizes the process.

Verifier nodes (validator node) Source: Diem.com

When is Facebook’s Diem coin coming out?

Social media giant Facebook changed the name of its Libra coin project to Diem in December 2020. Libra Association also became Diem Association. The new cryptocurrency is scheduled to be issued in January 2021.. Currently Diem Union has 27 members.

One of the most important features of Diem blockchain can be considered as efficiency.. Diem testnet was criticized for its speed. Because it could perform between 6 and 24 transactions per second.. This is even lower than current non-blockchain networks like Visa and Mastercard.. But in practice, Diem blockchain’s goal is to process 1,000 transactions per second.

Beyond these, Diem also promises a near-zero transaction fee. Interest from reserve assets paid to validators in Diem. This means that Diem does not need to deduct 1% to 3% from each transaction as payment companies currently do.

Source

Cryptocurrency What is Diem coin?

Cryptocurrency Diem coin (formerly Libra coin), a permissioned blockchain-based payment system proposed by American social media company Facebook. This system includes issuing a stablecoin. This currency and network are not yet available.

What happened to the Libra coin?

Facebook introduced Libra coin in 2019 and gave up on this network. Changes were made to the Libra project as a result of pressure from governments and regulators.. As a result of the restructuring, the name of the project is Diem.

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