Cryptocurrency is the digital form of currency. It has some special significance because it is not governed by any bank or government authorities. It works on the principle of a private blockchain. The concept of virtual currency known as cryptocurrency. The concept works like making the centralized system of money controlling decentralized. First, it was just like giving the alternative to the centralized system. Since cryptocurrencies get generated automatically from a computer algorithm, it is not possible to hack or control their production rate. Thus, the cryptocurrency system becomes decentralized and woks on blockchain acceptance. Moreover, the group of large computer programmers and other technologies handling the cryptocurrencies for providing financial services can never become centralized.
What is Diem Cryptocurrency?
Diem previously known as Libra is the cryptocurrency design by Facebook’s diem association. Facebook has been trying to launch this new Facebook cryptocurrency since last two years. For launching this currency they establish the Libra association for the first time. But regulators all around the world make strong opposition to this crypto called “Libra”. Because no one can able to predict what Facebook can do with this currency. Because if you are buying some product by using libra then facebook can eliminate these products from your list. Moreover, they can also keep an eye on your buying patterns when you spend your diem on them. That is they can have control over what you can buy not whatnot. Thus, Facebook clarifies here that they will make independent organizations for it so that the platform becomes decentralized. But the association they established has a group of centralized entities. These entities are those who are ready to pay huge amounts of money to become part of the association. Due to this Facebook gets strong opposition from the entities which were not the member of this association. Due to this negativity lot of big-budget companies like pay pal, Mastercard, visa decided to break coalitions with libra. Also, a lot of governments from all over the world want to launch their digital currency. So, before launching this crypto known as libra Facebook knows that they have to fight with strong competitors from all over the world. Due to all these initial problems, Facebook decided to change the currency name. So while updating their white paper they change the currency name to “Diem.”
Diem association is specially organized for launching the Diem cryptocurrency. The main objective of this association is to launch Diem as a unique stable coin currency for the U.S dollar market. This association includes 26 big revenue companies all over the world with some non-profit organizations. All the transactions are initiated by the group known as “Novi”. Which will confirm and provide security to the transactions. Thus, Novi is the digital wallet for the diem which also generates Diem coins on particular transactions. The association also confirms that it will provide a private blockchain for generating the Diem unbiasedly to keep the trust of investors and customers. Moreover, diem will be the only crypto that is U.S dollar-backed. The silvergate banks of California will take charge to manage and keep track of its market value and transactions. Since diem has faced many issues right from the beginning Facebook is launching it with drastic changes in its basic bock chain. The diem association is making all the possible efforts so that they can win the hearts of the investors All diem need to rebuild their image before launching. Thus, it also going to be changing for the diem association to make the most updated blockchain for their crypto market. But diem association is looking confident about their efforts and promise to serve to unbank people more effectively and unbiasedly.