The point of this post isn’t so much to give an overview of Diem as it is to discuss some of its implications, but given the size and scale of its mission, today’s commentary really only scratches the surface. For those interested, we’ve included a quick refresher on Diem below:
- Libra rebranded to Diem.
- Facebook’s original Libra wallet, Calibra, has been rebranded to Novi. Novi Financial is a regulated financial company and a subsidiary of Facebook, Inc.; it is also a member of the Diem Association.
- The Diem network goes well beyond just Facebook; the Association is made up of a diverse group of participants, each with a vote in the network’s governance.
- The Diem Association consists of 27 members, including Coinbase, Andreessen Horowitz, Shopify, and Uber. Members run validator nodes to maintain and secure the Diem blockchain.
- The Association is governed by the Diem Association Council, which consists of one representative per Association Member.
And here are some of the notable changes since the original Libra whitepaper:
- Diem is no longer targeting a transition to a permissionless system as regulators expressed concern that its