What is Diem cryptocurrency and how does it work?

3 answers

• May 02, 2022 · 3 years ago
  Diem cryptocurrency, formerly known as Libra, is a digital currency developed by Facebook. It aims to provide a global financial infrastructure that allows people to easily and securely send, receive, and store money. Diem is built on a blockchain technology called the Diem Blockchain, which is designed to be scalable, secure, and flexible. It uses a consensus mechanism called the DiemBFT, which stands for Diem Byzantine Fault Tolerant consensus. This consensus mechanism ensures that transactions are validated and recorded accurately on the blockchain.
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• May 02, 2022 · 3 years ago
  Diem cryptocurrency works by leveraging blockchain technology to enable secure and transparent transactions. When a user wants to send Diem to another user, they initiate a transaction on the Diem network. This transaction is then validated by a network of computers known as validators. Once the transaction is validated, it is added to a block and added to the blockchain. The transaction is then considered complete, and the recipient's account balance is updated accordingly. The decentralized nature of the blockchain ensures that transactions are not controlled by any single entity, making it resistant to censorship and fraud.
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• May 02, 2022 · 3 years ago
  Diem cryptocurrency, previously known as Libra, was initially proposed by Facebook but is now managed by the Diem Association. The Diem Association is an independent organization that consists of various companies and organizations from different industries. Its mission is to oversee the development and governance of the Diem network. The Diem Association aims to work with regulators and comply with applicable laws to ensure the stability and security of the Diem cryptocurrency ecosystem. It is important to note that Diem is not controlled by Facebook or any single entity, and its governance is distributed among the members of the Diem Association.
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