{"id":11482,"date":"2022-07-14T06:20:44","date_gmt":"2022-07-14T06:20:44","guid":{"rendered":"https:\/\/zeru.com\/blog\/?p=11482"},"modified":"2022-07-14T06:20:45","modified_gmt":"2022-07-14T06:20:45","slug":"diem-how-facebook-is-involved","status":"publish","type":"post","link":"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved","title":{"rendered":"Diem &#8211; How Facebook is Involved"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_43 counter-flat ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a70b3908ecb8\" class=\"cssicon\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><label for=\"ez-toc-cssicon-toggle-item-6a70b3908ecb8\"  class=\"cssiconcheckbox\">1<\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a70b3908ecb8\" ><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved\/#Diem_-_How_Facebook_is_Involved\" title=\"Diem &#8211; How Facebook is Involved\">Diem &#8211; How Facebook is Involved<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved\/#Diem_is_a_permissionless_payment_system_based_on_blockchain_technology\" title=\"Diem is a permissionless payment system based on blockchain technology\">Diem is a permissionless payment system based on blockchain technology<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved\/#It_was_designed_to_make_it_easier_and_cheaper_to_send_money_abroad\" title=\"It was designed to make it easier and cheaper to send money abroad\">It was designed to make it easier and cheaper to send money abroad<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved\/#It_is_a_stablecoin_pegged_to_the_US_dollar\" title=\"It is a stablecoin pegged to the US dollar\">It is a stablecoin pegged to the US dollar<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved\/#It_is_expected_to_launch_a_pilot_with_a_single_stablecoin_in_2021\" title=\"It is expected to launch a pilot with a single stablecoin in 2021\">It is expected to launch a pilot with a single stablecoin in 2021<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Diem_-_How_Facebook_is_Involved\"><\/span>Diem &#8211; How Facebook is Involved<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" alt=\"how facebook diem novikuhncoindesk\" src=\"https:\/\/i.imgur.com\/4b82CWE.png\">  <\/p>\n<p>In this piece, I&#8217;ll cover Diem, a permissionless payment system based on blockchain technology. Diem aims to make sending money overseas simpler and cheaper. It will launch as a pilot with one stablecoin in 2021. Here&#8217;s how Facebook is involved:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Diem_is_a_permissionless_payment_system_based_on_blockchain_technology\"><\/span>Diem is a permissionless payment system based on blockchain technology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the early stages of development, Diem appears to be an interesting project. The blockchain technology used to power the digital currency aims to make access to financial services easier for everyone. The currency will be backed by the USD, Euro, and British pound. Furthermore, the project is not censorship resistant, unlike other cryptocurrencies. It is possible for governments to censor or ban the digital currency by simply changing board members or a majority vote.<\/p>\n<p>The initial vision behind Diem stated that the project was driven by the desire to improve the lives of people in developing and emerging countries. The company hoped that the new currency would reduce the cost of financial services and facilitate transactions between users worldwide. While the goal of Diem is noble, it is hampered by a number of problems. First of all, Diem requires identity and security verification, which are time consuming and expensive. Furthermore, only those with internet access can use Diem.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"It_was_designed_to_make_it_easier_and_cheaper_to_send_money_abroad\"><\/span>It was designed to make it easier and cheaper to send money abroad<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, after the company announced plans to introduce digital payments in 2019, it backed off because of concerns over the potential of replacing the U.S. Dollar. Consequently, it rebranded its cryptocurrency as Diem and found new partners to join the independent Diem Association, which will guide the future development of the currency. The regulators cited the fact that Facebook acted in an arrogant manner when it first announced the project.<\/p>\n<p>The new name of the company comes as a surprise; it had been known as Libra. The Latin word diem means &#8220;day&#8221; and signifies a new beginning. It also hired a former undersecretary of the U.S. Treasury, Kevin Weil. It also moved its headquarters from Switzerland to the U.S. This move has prompted concerns among investors.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"It_is_a_stablecoin_pegged_to_the_US_dollar\"><\/span>It is a stablecoin pegged to the US dollar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Diem project, formerly known as Libra, has recently been launched by Facebook Inc. as a global digital currency. The aim is to revolutionize the global payment system and empower billions of people around the world. The Diem project was first conceived as a stablecoin backed by a basket of major currencies. However, the project has faced intense regulatory scrutiny and has lost a number of partners.<\/p>\n<p>The Diem Association, a Facebook-linked group, will launch a USD stablecoin in partnership with Silvergate Bank. The Diem Association will register as a money-services business with FinCEN to issue the token. Silvergate will be the formally issued currency for the Diem stablecoin and will manage the reserve that backs it. The Diem Payments Network will be a permissioned network, backed by the Silvergate Exchange Network, which supports stablecoin transactions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"It_is_expected_to_launch_a_pilot_with_a_single_stablecoin_in_2021\"><\/span>It is expected to launch a pilot with a single stablecoin in 2021<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Facebook&#8217;s ambitious cryptocurrency project is limping along. The Novi pilot program, which used its own cryptocurrency wallet by the same name, served parts of the US and Guatemala. But a few months ago, the company announced plans to roll out the stablecoin. As the news broke, the company was forced to abandon those plans. Instead, it opted to focus on a single stablecoin pilot.<\/p>\n<p>The Diem Association, which oversees the development of the digital currency Diem, plans to introduce a single stablecoin pegged to the U.S. dollar in this year. However, it plans to pilot the technology on a smaller scale, targeting individual consumer transactions. The company faced significant backlash after its initial rollout, when the idea of a single stablecoin was criticized by politicians and central banks. Moreover, the digital assets could be used for money laundering. Additionally, the Diem Association&#8217;s security measures raised privacy concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Diem &#8211; How Facebook is Involved In this piece, I&#8217;ll cover Diem, a permissionless payment system based on blockchain technology. Diem aims to make sending money overseas simpler and cheaper. It will launch as a pilot with one stablecoin in 2021. Here&#8217;s how Facebook is involved: Diem is a permissionless payment system based on blockchain [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":12976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.7 (Yoast SEO v21.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Diem - How Facebook is Involved - Zeru<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zeru.com\/blog\/diem-how-facebook-is-involved\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diem - How Facebook is Involved\" \/>\n<meta property=\"og:description\" content=\"Diem &#8211; How Facebook is Involved In this piece, I&#8217;ll cover Diem, a permissionless payment system based on blockchain technology. 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