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Diem: Facebook's stablecoin reached 50 million transactions during testing

Diem’s ​​testnet, the stablecoin project owned by Facebook that replaced Libra, has surpassed 50 million transactions in the test period that began last December 16.

According to the explorer of this blockchain, inDiem, the network processes 4 transactions per second, on average. Compared to other blockchains, Bitcoin’s (BTC) processed 3.81 transactions per second in the last month and Ethereum reached the maximum of 15 transactions per second on January 7. It is possible that, being a test, Diem is not operating at full capacity.

Regarding the number of users and performance of the new digital asset, 247,000 individual addresses have been tested. Of these, only one address has 100 million LBRs or tokens running on Diem.

On average, Diem processes 4 transactions per second. source: https://indiem.info/#about

Diem, a stablecoin backed one-to-one by the US dollar, undergoes testing to allow developers to spot potential flaws ahead of its limited release, scheduled for this year , although no specific date.

Diem goes hand in hand with Spotify, Coinbase and Uber

As noted Last December CriptoNoticias, Diem is an independent organization made up of 27 members that include Facebook and other companies such as Andreessen Horowitz, Coinbase, Spotify, Lyft and Uber.

Stuart Levey, Diem’s ​​CEO, stated at the end of 2020 that the The association aims to “empower billions of people.”

The payment platform also seeks “that innovation f intech prosper and allow consumers and companies to carry out instant, low-cost and highly secure transactions. ”

The company is still awaiting approval to operate as a payment service by the Authority of Swiss Financial Market Supervision.

Cryptocurrency users are still unaware of stablecoins

Recently this medium published a study carried out by the Wirex payment gateway and the Stellar foundation , in which it stands out that 7 out of 10 people are unaware of the term stablecoin or stable currency.

The survey was conducted among nearly 4,000 clients of both companies, in a total of 89 countries. Most are unaware of stablecoins and 83% of those consulted said they own bitcoin and have more confidence in the popular cryptocurrency to make transactions. The future launch of Diem could promote the spread of the stablecoin concept to a wider audience.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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