A month after the Libra project was renamed Diem, more than 50 million transactions were made on the stablecoin test network.
In December, the Libra Association announced a rebranding of the Libra project to distance itself from Facebook’s original concept and gain the trust of regulators. The association was named Diem Association, and the stablecoin was renamed Diem. In addition, the developers announced that Diem will be pegged to the US dollar at a 1: 1 ratio.
The project management refused to create a “multicurrency” stablecoin, the cost of which would be calculated on the basis of other stable cryptocurrencies backed by fiat currencies. Diem aims to revolutionize the traditional payments market by enabling fast payments with low fees, the project said.
According to the developers, on January 27, the number of transactions in the Diem testnet reached 50 million. Such testing will eliminate possible problems before the launch of the main network of the project. About 221,000 individual addresses interacted with Diem, one of which stored more than 100 million LBR, and 53 addresses – exactly 820 LBR.
Transactions were carried out with a different number of coins for versatile testing. It turned out that the average throughput of Diem’s test network is 3 transactions per second. By comparison, the Bitcoin blockchain processes 4 transactions per second, while the Ethereum blockchain processes 15 transactions. Diem’s main network is slated to launch in late 2021, following successful testing.
Earlier, German Finance Minister Olaf Scholz said that the rebranding of the project and the change of the name of the stablecoin to Diem will not change the basic principles of the project and will not eliminate the risks of “undermining” the financial system.