We ca n’t fault you if you forgot about Facebook ’s Libra project . The blockchain - based ZuckBuck scheme is the basis for a next payment / scamgateway , but not much has come out of the platform in the past few years … until now . In fact , the fintech giant is proud to announce that the platform has taken the bold and exciting step of change its name .
That ’s proper , friends : the Libra Association is now the Diem Association . Diem as in Latin for “ day . ” Wild .
From therelease :
Photo: Chip Somodevilla / Staff (Getty Images)
The Libra Association harbinger the acceptance of a new name and the enlisting of central administrator , reward its organisational independency as it move on toward regulative approval for launch . Now transition to the name “ Diem ” , which denotes a fresh twenty-four hour period for the project , the Diem Association will keep on to pursue a mission of building a safe , unassailable and compliant payment system that endue people and business organisation around the world .
The Diem / Libra cryptocurrency consists of small more than a flock of estimation and , asBloomberg notes , some rudimentary code , but that is n’t stopping the association from boldly renaming itself in the middle of the enceinte crypto bruiser run in late remembering .
To be vindicated , the Diem Association is the organization task with figuring out how to convince federal governments to accept the cryptocurrency . Interestingly , the planned cryptocurrency associated with the association has changed over the past yr and has collapsed from being peg to a hoop of fiat currencies . Diem will instead nail down the currency to the U.S. dollar , a move that show that the team isdrastically shrink the merchandise ’s orbit .
We ’ve reach out to the Diem press authority but they did not reply at military press time .
What does this signify for you and me ? Not much , really . If Diem is ever launched — and there are rumour that it will begin trading it next year — then you ’ll credibly never in reality see it in action . The honorable use slip for this cryptocurrency is cross - border settlement , which would let user to send off and lay in the cryptocurrency internationally , thereby allowing them to become their own banks and / orget robbed . That said , you ’ll probably still get dinged on transfer costs , and while Diem will definitely economize Facebook and other corporate partners money on transfers and invoicing , there is little anticipation it will do anything for the mean user .
So there you have it : bold lateral moves from one of the biggest names in crypto . appropriate the diem , HODLers .
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