What is Libra?
Let`s define Libra cryptocurrency. This currency have interesting launching story. Nowadays Libra is used as Diem. In order to understand why, we need to look back a bit when Libra project maintained by Facebook just started.
In June 2019, Facebook announced preparations for the release of the Libra digital currency. The developers described Libra as a “global currency and financial infrastructure” that will allow billions of social network users to make financial transactions on the Internet using the company’s new version of the blockchain. the cryptocurrency network will process 1000 transactions per second, which is significantly faster than Bitcoin (7 transactions per second).
However, later, the American authorities expressed concern about the reliability of the cryptocurrency, as well as the fact that it could have a negative impact on the operation of the international monetary system. Against the background of the problems that arose in the project due to the fears of the authorities, some major participants, such as Visa, Mastercard, PayPal, etc., weny from it.
The Libra cryptocurrency is today renamed Diem Dollar to show that the project has “organizational independence.” This should assist in obtaining regulatory approval required for the launch. In addition, the Libra Association consortium, which was organized by Facebook to manage cryptocurrency projects, is now called the Diem Association.
The introduction of Facebook Libra opens up opportunities for mass adoption and the start of a new era in the economy.
Creation of the Libra Association
In the Libra presentation, the developers noted that the project will be managed by several organizations united in the Association. They will own the nodes on which the functioning of the network depends.
Such a centralized system, by design, should provide the stability necessary for the mass distribution of cryptocurrency.
Almost immediately after the presentation of the Facebook crypto project, a wave of criticism from regulators fell upon it.
Unfortunately, the social network’s dark past has cast a shadow over Libra. In particular, regulators reminded the Facebook team of the scandal associated with the sale of user data to the Cambridge Analytica consulting company, which is suspected of interfering in the 2016 US presidential election.
To change the attitude of regulators to their crypto project, the Facebook team took a number of actions.
- The company representatives decided to strengthen the project staff.
- On December 1, 2020, information appeared on the network that Libra was no longer there. Instead of the usual name of the crypto project Facebook, another one appeared on the organization’s website – Diem
- In mid-April 2020, representatives of the Facebook crypto initiative decided to expand the project’s work area. Instead of Libracoin token, issuing DiemUSD,Diem EURO etc.
- At the end of May 2020, changes affected the way Facebook stores cryptocurrencies. The network has information that users of digital assets will be offered a new wallet for work – Novi.
“The Diem project will provide a simple platform for fintech innovation to flourish, enabling consumers and businesses to conduct instant, low-cost and reliable transactions,” said Diem Association CEO Stuart Levey.
Thanks to its centralized approach and potentially low volatility, Diem (Libra) could become more popular than Bitcoin and its altcoins. The support of many reputable organizations for the cryptocurrency of the social network also opens up a chance for the project to enter the mainstream.
Facebook will be able to popularize Diem thanks to its social networking audience.
By obtaining these tokens you can easily transact them and make profit. As value grows, in long run you will be impressed with efficiency and value.
Where to buy Diem Libra crypto?
Currently it is certain with the time , where you can obtain Diem crypto. But today it is known that FB tokens can be used in apps, Messenger and Whatsapp. Also company thinking about physical terminals ATMs.
Most of sources have written that FB will present its digital currency in 2020, but due to accelerated work it takes time to be ready for debut.
We can expect that capability to buy a Diem Coin yourself very quickly at once of your regular cryptocurrency trading places.
As mentioned above, regulators afraid of financial instability. But this is expected to be solved by pegging Diem to existion fiat currencies (EUR or USD), by making Diem “stablecoin”.
Diem crypto will be launched in coming months, and if you are interested in it you can check Diem Association website.
Or follow the updates of our website actseason.com in order to stay informed with world trend topics.