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Facebook-backed Diem network has processed 50M transactions

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TL;DR Breakdown:

  • Facebook-backed Diem testnet has processed 50 million transactions in total.
  • The stablecoin is expected to launch later this year, according to the Association.

Information provided by the inDiem, the blockchain explorer of the Facebook-backed Diem project (formerly Libra), showed that the testnet had successfully processed a total of 50 million transactions yesterday. The development is somewhat reassuring that the stablecoin will be launched later today, in accordance with a statement by the Diem association last year.

The stablecoin project was initially intended to launch as a global multi-currency. However, the initiative was greatly challenged by regulators around the world, as it potentially might undermine several financial systems. Fast forward to November, the now Diem Association, the organization overseeing the Facebook-backed Diem development, announced the cryptocurrency would debut in 2021, however, as a US dollar-backed stablecoin. Probably, this resulted in the change of Libra to Diem on the 1st of December.

Facebook-backed Diem testnet process 50 million transactions

In preparation for the public release, Diem testnet has processed a total of 50 million transactions, according to the blockchain explorer. As the word implies, the testnet is only aimed at allowing the network developer to detect and correct issues with the Facebook-backed Diem before the public launch. The testnet involved more than 221,000 participants, who interacted with the network using LBR, a token running on the Diem blockchain, probably for the purpose of testing the network.

From the data on the explorer, the Facebook-backed Diem can process about three transactions per second (tps) on average. However, this is relatively smaller compared to Bitcoin and Ethereum that processed about 4.6 tps and 15 tps, respectively. There may still be doubts whether Diem will go live; however, some prominent companies are still backing the project. Coinbase and Uber are two big-name firms that recently joined the Diem Association.

Some companies like Spotify are optimistic about the Facebook-backed Diem and recently opened up positions that will focus on integrating the stablecoin for payment ahead of launch.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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