Diem diem
What is Diem?
Diem was a proposed global payments network and low-volatility cryptocurrency, originally announced as Libra by Facebook. It was renamed Diem in December 2020 but never launched publicly.
What problem does Diem solve?
Diem targeted cross-border payment costs and limited reach for underserved populations. It proposed reserve backing and compliance controls.
How does Diem work?
Diem Blockchain used validator replicas with DiemBFT consensus. Move was the smart contract language. Coins were to be backed by cash and short-term government securities. Project wound down in January 2022 after regulatory issues.
Key facts
- Originally Libra
- Renamed December 2020
- Never launched publicly
- DiemBFT consensus
- Move language
- Sold to Silvergate January 2022
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Frequently asked questions
Is Diem still active?
No. It never launched and was wound down in 2022.
What was Diem formerly called?
Libra.
External trackers
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