Diem (digital currency)

Diem
Diem's logo
Denominations
Symbol≋
Development
White paperDiem whitepaper
Initial releaseCancelled[1]
Code repositorygithub.com/diem/diem
Development statusAnnounced
Written inRust
Developer(s)Diem Association
Source modelOpen source
LicenseApache License 2.0[2]
Website
Websitediem.com

Diem (formerly known as Libra) was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Facebook. The plan also included a private currency implemented as a cryptocurrency.

The launch was originally planned to be in 2020,[3][4] but only rudimentary experimental code was released.[5]

The project, currency and transactions would have been managed and cryptographically entrusted to the Diem Association, a membership organization of companies from payment, technology, telecommunication, online marketplace and venture capital, and nonprofits.

Before December 2020, the project was called "Libra", although this was changed to Diem following legal challenges regarding its name and logo.[6][4]

The project generated backlash from government regulators in the European Union, the USA, other countries, and among the general public over monetary sovereignty, financial stability, privacy, and antitrust concerns which ultimately helped kill the project.[7]

The Diem Association (originally the Libra Association) shut down in January 2022 and sold the project to Silvergate Bank. Silvergate wrote off their Diem investment in January 2023.[8][9][10]

  1. ^ Cite error: The named reference novi.com was invoked but never defined (see the help page).
  2. ^ "Libra Software License". Github. Archived from the original on 2020-09-17. Retrieved 2019-06-19.
  3. ^ Cite error: The named reference engadget was invoked but never defined (see the help page).
  4. ^ a b Cite error: The named reference npr20190618 was invoked but never defined (see the help page).
  5. ^ Cite error: The named reference elaineou was invoked but never defined (see the help page).
  6. ^ Kastrenakes, Jacob (2020-12-01). "Libra cryptocurrency project changes name to Diem to distance itself from Facebook". The Verge. Archived from the original on 2020-12-01. Retrieved 2020-12-05.
  7. ^ "Facebook-funded cryptocurrency Diem winds down". BBC. 2022-02-01. Archived from the original on 2022-02-15. Retrieved 2022-03-14.
  8. ^ https://www.wsj.com/articles/facebooks-cryptocurrency-venture-to-wind-down-sell-assets-11643248799 [bare URL]
  9. ^ "Silvergate stock drops 40% after withdrawals spark cost cuts (NYSE:SI) | Seeking Alpha". 5 January 2023.
  10. ^ "US bank Silvergate hit with $8bn in crypto withdrawals". BBC News. 6 January 2023.