What is Libra? All the info on Facebook's cryptocurrency

While the crypto market continues to struggle with wild fluctuations, Facebook is pushing its own currency. This has been known for a long time, but now there is official info. The cryptocurrency has been renamed Diem and is set to launch with the Novi wallet in 2021.

With Libra, cryptocurrencies should finally get a real benefit for consumers.

What is Libra? Features and specialties at a glance

The currency's name was originally Libra. However, the cryptocurrency has since been renamed Diem. It is based on a blockchain-like system and is part of the Libra Association, which initially included 28 institutions and companies. Various info is known about Diem so far.

• The goal of Diem sounds similar to that of many cryptocurrencies: Diem is to become the leading digital payment method, anonymous, decentralized, secure and easily managed via app.
• However, Diem is to be a stablecoin: This means that the price remains stable and cannot be manipulated. Only with this prerequisite, a cryptocurrency can be adapted in the real world as a means of payment.
• With these properties, Diem should also become a real option in a wide variety of societies, for example, for migrant workers and people without bank accounts.
• The participation in the Libra Association have already agreed to big names such as PayPal, Visa, MasterCard and Vodafone.

In the basics, Diem is thus a typical cryptocurrency, but in the details there are important differences. Whether Diem will ultimately work as planned is, as always, unpredictable. After all, the idea sounds promising, but the approval of important authorities is still missing for market maturity - before that, a release is considered impossible.