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Libra coin is a stablecoin announced by Facebook in 2019 and slated for release in 2020. Rumours had been forming for months before the announcement, with multiple media outlets reporting that Facebook was carefully examining how to design a cryptocurrency solution in the remittances space. 

The announcement resulted in the cryptocommunity criticizing the project, of which only some code has been released. A majority of the criticism was related to the fact that it would give Facebook, which has drawn a lot of flak for data collection and privacy related issues, more influence. Facebook has tried to alleviate this issue by forming a Libra Association, which is composed of 28 members who will act as validators on the network.

The Libra network is a permissioned one and utilizes a stablecoin pegged to fiat currencies. Facebook has said that the tokens are backed by a basket of assets like currencies and US Treasury securities in order to resist volatility. 

The criticism levied against Libra is that it is not decentralized, with the Libra Association essentially acting as a central bank. Regulators in the United States too have shown extreme reservation about the effort, usually citing privacy, financial implications, consumer protection and an increase in Facebook’s influence as reasons. Other nations have had similar reactions to the announcement.

Development still appears to be in the early stages, despite the imminent launch in 2020. Facebook has released a whitepaper for Libra, though very little code has been released. No mining will take place and the plan is to move to a Proof-of-Stake system in 5 years.

Rebranding?!! Does this have anything to do with the Diem project?

27 Oct 2021 3 minute read 0 comments qsyal

I'm sure that I'm not the only one who has been surprised at the news that Facebook is about to rebrand to a new name in the coming few days...Looking at the current success and dominance in the social media space, it might be the weirdest thing for...

What has become LIBRA ? The Facebook coin

14 Feb 2021 1 minute read 0 comments Clemnms51

Remember : 2019, a bomb explodes on the crypto sphere : Facebook announces the creation of its own cryptocurrency. How has the project evolved since ? First, Facebook has always been very unclear about what the Libra will really be. While I was rathe...

DIEM (LIBRA) is going to launch in January2021. How it will work and will it be beneficial to us?

1 Jan 2021 1 minute read 2 comments extremist11

Diem  is launching soon!!! Diem is the name of the facebook coin, previously it was named as Libra. It was suppose to launch around 2019 -20  but US regulators and politicians expressed concerns and stopped that .Facebook established  Diem Associatio...

Shall we trust Facebook with DIEM (Libra)?

26 Dec 2020 2 minute read 1 comment TradingBull

Introduction Libra (DIEM) is the centralized cryptocurrency of the social network Facebook. Initially dumbed Libra, it has recently been renamed DIEM to free itself from past polemics entailing Libra’s image. DIEM is a stablecoin pegged (and backed)...

From Libra to Diem ...Four kay things have changed...

22 Dec 2020 3 minute read 0 comments qsyal

Unless you've been living under a rock for the last year or so, you have already heard that Facebook is going to launch its own cryptocurrency called Diem (formerly known as Libra).   source   After over a year of opposition and hard negotiations, i...

Facebook Could Face Lawsuit over ‘Diem’ Brand

8 Dec 2020 1 minute read 2 comments Abhimanyu Krishnan

Facebook could face a lawsuit from London-based startup Diem over the use of the name 'Diem', according to a report from business outlet Sifted published on Dec. 7.  Diem, also a fintech company, told the outlet that it was prepared to sue Facebook...

Why I became bullish on the launch of Facebook's Libra coin

5 Dec 2020 2 minute read 1 comment qsyal

Last year has witnessed one of the most interesting announcements in crypto history, and that is that Facebook is going to launch its own cryptocurrency called Libra.The initial plan was to launch at some point during 2020, but it seems that some leg...

Facebook's LIBRA rebranding as DIEM and importance for the crypto community

3 Dec 2020 1 minute read 0 comments kodi0014

According to its official announcement on the 1st of December, the once called Libra coin is changing its name to Diem. The domain of their original name now redirects to  The Libra coin, which came out last year, was intended to...

Will Libra rebranding help it to gain traction with regulators?

3 Dec 2020 3 minute read 2 comments fklivestolearn

The Libra Association put together by Facebook last year is changing its name to Diem in anticipation of early 2021 launch   It has been a great year for Cryptos and the legacy big tech. The social media giant, Facebook, envisioning a bright future f...

Project Libra rebrands as Diem and will soon launch single coin backed by US Dollar

3 Dec 2020 2 minute read 1 comment ircrp

  Back in the summer of 2019, Facebook the company behind project Libra with advanced plans of launching its own cryptocurrency with many partnerships such as Mastercard, Visa, eBay & Stripe have suddenly fallen through the cracks due to the global r...