Diem Review: Why it's WORSE Than Libra!! 🤦‍♂️
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 Published On Dec 15, 2020

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- TIMESTAMPS -
0:00 Intro
2:18 Diem History
5:40 Diem in 2020
9:26 What is Diem?
13:48 Diem Blockchain
17:14 Diem ‘Cryptocurrency’ Analysis
20:22 Diem Bullish For Chainlink!?
21:42 Final Thoughts

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⛓️ 🔗 Useful Links 🔗 ⛓️

► Diem Whitepaper: https://www.diem.com/en-us/white-paper/
► Diem Association Members: https://www.diem.com/en-us/association/#association_executive_team
► Diem Blockchain Explorer: https://indiem.info/
► Developer Documentation: https://developers.diem.com/docs/welcome-to-diem/
► Diem Github: https://github.com/diem/diem
► GreenSockMonkey ChainLink – Diem Connection Twitter Thread: https://twitter.com/greensockmonkey/status/1138434925072400385

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⏳Diem History⌛

The Diem project has its origins in Facebook’s blockchain initiative, which was launched in 2017 when the crypto markets were heating up. At the time, the sole member of Facebook’s blockchain initiative was 24-year-old statistician Morgan Beller who is a Forbes 30 under 30 and a Cornell Graduate

It is believed that Morgan is ultimately the one who pushed Facebook to dabble in crypto technologies. Morgan Beller, David Marcus, and former Instagram and Twitter heavyweight Kevin Weil are jointly considered to be the founders of Libra, which formally released its whitepaper on June 18th, 2019

📅Diem in 2020📅

In April this year Libra made amendments to its whitepaper in an attempt to appease regulators. Four key elements of the project were changed.First, the Libra blockchain will host more assets than just its own native Libra stablecoin token. It will also have stablecoins for almost every major fiat currency in the world

Second, Libra will go above and beyond to ensure that every entity using their payments network must provide detailed KYC documentation, and will be a requirement to create a Libra wallet. Third, Libra is abandoning its goal of eventually turning the entire payments network into a decentralized autonomous organization within 5 years of launch

The final change made by Libra in April is how the currency reserves for the Libra coin and its various stablecoins. Instead of a strict 1-1 ratio for every stablecoin issued, reserve assets will consist of various QUOTE ‘assets with very short-term maturity, low credit risk, and high liquidity’.

❓What is Diem❓

The technically correct term for Facebook’s Diem is the Diem Payments Network. You can think of the Diem Payments Network as being both a stablecoin provider like Circle and a banker coin blockchain like Stellar

The Diem Payments Network is managed by the Diem Association, a membership organization that owns Diem Networks, which builds the actual infrastructure for the Diem Payments Network including the actual Diem blockchain which handles all payments made on the network

⛓Diem Blockchain⛓

The Diem blockchain is a proof of stake blockchain that uses the Byzantine Fault Tolerant consensus mechanism. The Diem blockchain is also smart contract compatible and uses its own native smart contract language called Move.

The Diem blockchain is also designed to work with central bank digital currencies and is intended to handle over 1000 transactions per second when it launches. However, recent analysis of the Diem blockchain suggests it can handle just 6 transactions per second on average

💰Diem ‘Cryptocurrency’ Analysis💰

None of Diem’s tokens are going to make you rich because they are all stablecoins. Diem’s own multi-collaterlized stablecoin is modeled after the IMF’s Special Drawing Right or SDR, which is a reserve asset backed by 5 national currencies. Diem hopes its own stablecoin will be used to protect against price volatility and used in lieu of weak national currencies in select developing countries.

🤑Diem Bullish For Chainlink!?🤑

There is circumstantial evidence which suggests that Chainlink will be tapped to be the price oracle for the Diem blockchain. Chainlink has already partnered with tech giants like Google and Oracle along with just about every major player in the crypto space

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📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Diem #Libra #crypto #stablecoin #blockchain #facebook

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