Facebook’s Diem on offer with pre-sale discount
Facebook’s own stable coin is started to move forward as Diem announced offering a pre-sale discount for early investors:
“You can participate in the birth of diem and be one of the first buyers. Buy diem Coins now with cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash.”
Initially kicked off by Facebook as Libra in June 2019, the platform’s initial plans for a worldwide cryptocurrency have since been set back drastically.
Diem’s ‘failure to launch’ was for multiple reason. Partnerships were ended and serious objections were raised based on Facebook’s abominable data privacy track record.
With Diem’s pre-sale happening, the project seems to be taking off anytime now. Will Facebook’s newest attempt at their own coin be a success this time? And what is Diem all about?
Just a highly scalable payment system?
It does not happen often that both authorities and the crypto community are negative about a new project in crypto space. Usually it is one of the two in the natural divide between centralized and decentralized proponents. Nonetheless Diem has achieved that unenviable feat its inception few years ago.
The Diem whitepaper sheds light on the project which is presented as a highly scalable payment system that will complement sovereign financial infrastructures to empower billions:
“Our objective is for the Libra payment system to integrate smoothly with local monetary and macroprudential policies and complement existing currencies by enabling new functionality, drastically reducing costs, and fostering financial inclusion.”
While the project originates with Facebook, Diem tries not to be associated with Facebook. The whitepaper only references Facebook once only as being a founder of the Diem Association Council.
While Facebook has no specific authority on the project, other notable members include Anchorage, Andreessen Horowitz, Coinbase, Lyft, Shopify, Spotify, and Uber.
Having these vested interests in the project, it is bound for success, one would think.
U.S. first in line
Diem Association announced last month that it will initially focus on the United States. Following the announcement, a new company, Diem Networks US, was formed. In addition, a new partnership deal with Silvergate Capital Corp was signed. Silvergate Bank will be the sole issuer of the Diem USD stablecoin token.
As part of its early plans, Diem would be pegged to a basket of multiple different currencies. This is somewhat revised along with the shift in focus towards the U.S and the Diem will be pegged solely to the US dollar.
Diem vs. Bitcoin
Considering that Facebook users are no crypto enthusiasts and most have a lack of understanding of it, Diem could see a large adoption. With crypto becoming more mainstream, Diem’s distribution and usage will be taking place on Facebook’s own outlets. Diem will run on Facebook’s wallet Novi and will likely soon make its way to WhatsApp, Facebook Messenger, and Facebook Marketplace.
The masses of Facebook users will be expected to take their first steps in crypto without the need to put any efforts in studying crypto.
While this can be good for Diem for sure, it remains to be seen what this will mean for other cryptocurrencies and in particular the dominance of Bitcoin and Ethereum.
The post Facebook’s Diem on offer with pre-sale discount appeared first on iGaming.
Source: igaming
