Huyen Tran

Introduction

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Diem is founded on open-source blockchain technology.

Diem is a stablecoin fully backed by a reserve of assets.

Diem Coins will support single-currency stablecoins (USD, EUR and GBP).

An independent organization, the Diem Association, is responsible for governance, implementation and long-term strategy for the project.

Libra Association

History�

• 2017: Facebook started a blockchain initiative.
• 2018: Facebook planning a cryptocurrency, with Facebook vice president Marcus in charge.
• 2019: Facebook first cryptocurrency emerged in May 2019. It was known as "GlobalCoin" or "Facebook Coin" and after that under name Libra. Senators grill Facebook on its plans for Libra cryptocurrency
• 2020: Libra was rebranded as Diem, and Libra Association renamed Diem Association.

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From Libra to Diem

Diem Association

• Payments: PayU Checkout.com
• Technology and marketplaces: Facebook's subsidiary Novi Financial, Farfetch, Lyft, Spotify, Uber, Shopify
• Telecommunications: Iliad SA
• Blockchain: Anchorage, Bison Trails, Coinbase, Xapo
• Venture capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Slow Ventures, Temasek Holdings
• Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking, Heifer International

About Technology

•  A permissioned blockchain-based payment system
• Validators are members of the Libra Association, using Byzantine Fault Tolerance as consensus protocol
• Transition to a  to A Proof of Stake (PoS) system after the first five years.
• Gas and transaction fees similar to Ethereum’s system
• Move is the Diem blockchain's proposed smart contract and custom transactions language
• Stored in an upcoming wallet called Novi

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Lifecycle of a transaction

Node network�

Conclusion