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As the World awaits the revolutionary launch of Facebook Diem the Blockchain system that will change the Financial system globally. A system with Vision to enable universal access to financial services.
21 Businesses, 26 person on the spear head of the Facebook Diem Blockchain to bring it to it perfect fruition 2021.
Diem mission is built on blockchain technology to enable the open, instant, and low-cost movement of money. People will be able to send, receive, and spend their money, enabling universal access to financial services.
Diem, formally known as Libra, is global payments network that is expected to launch in 2021. The Diem Network will operate using the Diem Blockchain, a new blockchain designed to be highly scalable, secure and flexible. The mission of the project is to 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 to include a basket of single-currency fiat-pegged stablecoins in addition to its multicurrency coin, XDM. In December 2020, the project rebranded from Libra to Diem, representing a “new day” for the project.
The Coins Diem Blockchain will use
The Diem payment system will support single-currency stablecoins (e.g., ≋USD, ≋EUR, and ≋GBP) and a multi-currency coin (≋XDX).
The Diem Reserve
Diem Coins are fully backed by a reserve of assets made up of cash or cash equivalents and very short-term government securities. This ensures people and businesses have confidence that their Diem Coins can be converted into their local currency when they need it to be.
The Diem Blockchain
The Diem Blockchain is the technological backbone of the payment system, operated by a network of validator nodes. The software that implements the blockchain is open source — designed so that anyone can build on it — and is able to scale so that billions of people can depend on it for their financial needs.
The Diem Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world. We present a proposal for the Diem protocol, which implements the Diem Blockchain and aims to create a financial infrastructure that can foster innovation, lower barriers to entry, and improve access to financial services.
To validate the design of the Diem protocol, we have built an open-source prototype implementation — Diem Core — in anticipation of a global collaborative effort to advance this new ecosystem.
The Diem protocol allows a set of replicas — referred to as validators — from different authorities to jointly maintain a database of programmable resources. These resources are owned by different user accounts authenticated by public key cryptography and adhere to custom rules specified by the developers of these resources. Validators process transactions and interact with each other to reach consensus on the state of the database. Transactions are based on predefined and, in future versions, user-defined smart contracts in a new programming language called Move.
We use Move to define the core mechanisms of the blockchain, such as the currency and validator membership. These core mechanisms enable the creation of a unique governance mechanism that builds on the stability and reputation of existing institutions in the early days but transitions to a fully open system over time.
Where is the Diem Association located?
The Association is an independent membership organization headquartered in Geneva, Switzerland.
What is the purpose of the Diem Association?
The Association’s purpose is to coordinate and provide a framework of governance decision-making for the Diem network and Diem Reserve; oversee the operation and evolution of the Diem payment system; facilitate the provision of services on top of the Diem Blockchain in a safe and compliant manner; and establish social impact grant-making in support of financial inclusion.
Who governs the Diem Association?
The Association is governed by the Diem Association Council, which is comprised of one representative per Association Member. Each Council representative is entitled to one vote on each matter brought to the Council for approval. Together, they make policy decisions on the governance of the Diem network, the Diem payment system, and the Diem Reserve.
What is the Diem payment system?
The Diem payment system incorporates three aspects that work together to create a more inclusive financial system: 1) A secure, scalable, and reliable blockchain as the technological backbone of the payment system; 2) Diem Coins that are backed by a reserve of assets made up of cash or cash equivalents and very short-term government securities; and 3) Governance by the independent Diem Association and its subsidiary Diem Networks, tasked with developing and operating the payment system.
Who are those Building Diem
The Diem Network is a project of the Diem Association, an independent nonprofit association whose founding members included social media giant Facebook, payments processors Mastercard and PayPal, crypto and blockchain firms Coinbase and Bison Trails, and venture capital firm Andreessen Horowitz, among other financial, technology and nonprofit entities. However, several founding members have since left the association amid regulatory scrutiny, including PayPal and Mastercard.
Full list of those now building is Anchorage, Andreessen Horowitz, BisonTrails, Blockchain Capital, Breakthrough Initiative Checkout.com, Coinbase, Creative destructio Lab, Novi, Farfetech, Heifer International, Iliad, Kiva, Lya, Mercy Corps, Paradigm, PayU, Ribbit Capital, Shopify, Slow Ventures, Spotify, Temasek, Thrive Capital, Uber, Union Square ventures, Women’s World Banking and Xapo.
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 — to 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 to Facebook, Markus served as vice president of mobile for PayPal, later becoming the company’s president. He has founded a number of companies, including mobile 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 and Barack Obama as undersecretary for terrorism and financial intelligence in the Treasury Department.
Stuart Levey-CEO
Stuart serves as CEO providing overall strategic and executive leadership for the project. He brings vast experience from the banking, regulatory, compliance and national security domains to the Diem project.
Kiran Raj- Executive Vice President
As an Executive Vice President, Kiran leads overall ecosystem development, growth strategy, business design and execution for the project. As a key leader on the executive team, Kiran brings years of legal, regulatory, and technology experience to the project.
Steve Bunnell – Chief Legal Officer
As Chief Legal Officer, Steve leads overall legal and regulatory strategy and is the Chief Counsel to the Board of Directors and executives. Steve brings a wealth of legal experience at the highest levels of government and private practice.
Christy Clark -Chief of Staff
Christy serves as the Chief of Staff and drives integrating overall strategy as well as external relations for the group. Christy brings two decades of financial services and national security experience across the public and private sectors.
Dante Disparte – Executive Vice President
Dante leads public policy, communications, social impact, and member relations for the Association. He brings two decades of experience as an entrepreneur and leader in risk, resilience, and digital transformation to the project. He chairs the Social Impact Advisory Board.
Christian Catalini – Chief Economist
Christian is the Chief Economist, co-creator of Diem, and a professor at MIT (on leave). He is focused on the economic, market design, growth incentives, and business model aspects of the project. He brings experience in cryptoeconomics, strategy, and entrepreneurship to the leadership team.
Dahlia Malkhi – Chief Technology Officer
Dahlia serves as the overall technology lead for the project and drives the technical development roadmap, open source policy and product development. She also serves as the lead maintainer in consultation with the Technical Steering Committee (TSC)…… Including host of other building the project. You can find more here.
What Makes Facebook Diem Unique?
Diem seeks to create an open, distributed, global payments network in order to bring forward a more inclusive, innovative payments system that can be easily accessed from mobile devices. It intends to launch a series of stablecoins that form the backbone of “the internet of money,” including tokens pegged to the U.S. dollar, the euro, the British pound and the Singapore dollar. The project also plans to 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 to 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 form of contributions from its members, with each founding member required to pay a $10 million membership fee. As such, much of its business plan is centered around bringing new members on board and ensuring that existing members renew their involvement. The Diem Association hopes to encourage an open application process in which potential members compete among each other for a limited number of membership slots.
Is the Diem payment system safe?
Safety and security are the Diem Association’s highest priorities. Our goal is to develop a system designed to ensure compliance with applicable laws and regulations while supporting our objectives of openness and financial inclusion. Integrated safeguards enable people and businesses to trust the security and integrity of the Diem payment system.
Why is the Diem payment system built on an open-source blockchain?
Because it is intended to address a global audience, the software that implements the Diem Blockchain is open source — designed so that anyone can build on it and billions of people can depend on it for their financial needs. We believe this is an important way to help lower barriers to entry and encourage interoperability and competition to facilitate frictionless payments for more people.
What are Diem Coins?
Diem Coins are single-currency stablecoins (e.g., ≋USD, ≋EUR, and ≋GBP) and a multi-currency coin (≋XDX) supported on the Diem payment system
What is a Diem single-currency stablecoin?
A Diem single-currency stablecoin is a digital asset that has a specific face value in one fiat currency. Diem single-currency stablecoins will be fully backed by the Diem Reserve, which will consist of cash or cash equivalents and very short-term government securities denominated in the same currency as the stablecoins.
What is a Diem multi-currency coin (≋XDX)?
≋XDX is a digital composite of some of the single-currency stablecoins available on the Diem network and can be used as an efficient cross-border settlement coin as well as a neutral, low-volatility option for people and businesses in countries that do not have a single-currency stablecoin on the network yet.
How can I get Diem Coins?
We expect most users will be able to buy Diem Coins through exchanges that list Diem Coins or through the applications that will be built on the Diem Blockchain, including digital wallets and other financial products and services.
How can I use Diem Coins?
Diem Coin holders can use Diem Coins for everyday use to purchase goods and services, transfer Diem Coins to other users, or convert the Diem Coins into local currency.
How can I use Diem Coins?
Diem Coin holders can use Diem Coins for everyday use to purchase goods and services, transfer Diem Coins to other users, or convert the Diem Coins into local currency.
What is the Diem Reserve?
The Diem Reserve is administered to preserve the value of Diem Coins over time. The Reserve will hold, in cash or cash equivalents and very short-term government securities, an amount at least equal to the face value of each Diem Coin in circulation.
