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Diem, previously known as Libra, is a global payment network that is scheduled to go live in 2021. It will run on its own Diem Blockchain, which is designed to be scalable, secure, and flexible. The project's whitepaper states its goal is to create financial infrastructure that serves billions of people. Initially announced in June 2019 as a single global currency backed by reserves, the project was later revised to include multiple fiat-pegged stablecoins and a multicurrency coin, XDM, after facing regulatory challenges. In December 2020, it was rebranded from Libra to Diem, symbolizing a fresh start.

The Diem Network is managed by the Diem Association, an independent nonprofit. Its founding members included Facebook, payment companies like Mastercard and PayPal, crypto firms such as Coinbase and Bison Trails, and venture capital firm Andreessen Horowitz. Some initial members, including PayPal and Mastercard, left due to regulatory issues. Facebook remains highly involved, having created a subsidiary originally named Calibra, now called Novi, to develop a digital wallet for accessing Diem. Novi is led by David Markus, who also heads Facebook's payments and financial services. Markus previously held senior roles at PayPal.

Diem aims to build an open, distributed, global payment network that is inclusive and innovative, accessible via mobile devices. It plans to issue several stablecoins pegged to major currencies like the U.S. dollar, euro, British pound, and Singapore dollar, along with a multicurrency token, XDM, composed of these stablecoins. To support this, Diem is creating a new blockchain and a custom smart contract language called Move, designed to prevent asset duplication. The network is funded through member contributions, with each founding member paying a $10 million fee, and the association plans to recruit new members to sustain its operations.

Diem does not have a fixed supply of tokens. Its single-currency stablecoins will be minted or burned based on market demand, each backed by a reserve of liquid assets. At least 80% of this reserve will be in short-term government securities, with the rest in cash. The multicurrency token, XDM, is managed by a smart contract that combines the stablecoins in fixed nominal weights, which could cause its value to vary relative to individual fiat currencies.

The Diem Network uses a Byzantine fault tolerance consensus called LibraBFT, requiring two-thirds of validators to agree on transactions. Validator nodes are run by Diem Association members, who must prove their technical capability. A second layer of public full nodes also replays and validates transactions. The Diem Core protocol is open source for independent audits. The association, as a central entity, has a financial intelligence unit to monitor for illegal activities and collaborates with law enforcement and ISPs to prevent misuse.

Diem's stablecoins, both single-currency and multicurrency, are not yet available for purchase. When launched, they are expected to be listed on major exchanges. Until then, you can trade other cryptocurrencies like Bitcoin (BTC).