As Token Sale Accepts 3 Cryptos, Strict KYC, and Hefty Data Collection Here Is A Look At Facebook's Diem Wallet

Diem is on a winning note. How is Facebook leveraging it? Here are the details.

As Token Sale Accepts 3 Cryptos, Strict KYC, and Hefty Data Collection Here Is A Look At Facebook's Diem Wallet

Knowing Diem 

There’s been a lot of interest in Facebook’s cryptocurrency Diem formally libra and rumours of a nearing launch date went viral last November during the last two years. As people can now purchase Diem with US dollars and three different cryptocurrencies, now the social media giant is advertising the crypto asset’s pre-sale heavily on the platform. 

For Bitcoin, Ethereum, And Bitcoin Cash, Facebook Is Selling Diem Coins 

Where individuals can invest funds in order to purchase the social media firm’s upcoming cryptocurrency, Facebook is in the midst of the company’s token sale. Facebook rebranded Libra and called the project Diem as last November it was reported on the launch date rumours and following the discussions. 

It seems the company is now planning to sell tokens for the next 18 days into February as now the crypto asset was expected to launch in January. In order to entice users to get in on the sale, Facebook has also been advertising the token sale on the social media platform regularly. 

The Diem project web portal details that for early investors they are offering a pre-sale discount. Be one of the first buyers as you can participate in the birth of Diem. With cryptocurrencies like bitcoin, Ethereum, and bitcoin cash buy Diem coins now. 

18 days until the sale ends a single DIEM is selling on the platform for 0.62 USD at the time of publication. In order to gradually build the network, it seems they are using this pre-sale period. The three cryptocurrencies Facebook is willing to accept for the new coin is one very interesting fact about the Diem pre-sale. 

Identity Verification As Well As Data Collection

They can also pay with US dollars, in order to purchase the token a user needs to leverage either bitcoin, bitcoin cash, or Ethereum. Costing a touch over $600 or roughly 0.019 BTC is an order of 1000 DIEM today.

Although the option doesn’t seem to be available at the time of writing as the front page of the also reveals that the company is planning to accept Litecoin too. 

Also, Facebook or the tells the buyer that they may collect information on various things the user does as the deal sounds ok but people who want to purchase Diem must not only accept the fact that KYC is required. 

Stating the following is the Diem terms of service: 

Such as your Internet protocol (IP) address, the mobile device identifier, the browser type, also operating system, as also Internet service provider, the pages that you visit before and after using the website, finally the date and time of your visit, along with information about the links you click and together with the pages you view within the Website, added to it, other standard server log information, we may collect certain information automatically when you use our website. 

Tokens appear in the wallet and the Diem project administrators stress that people shouldn’t abuse the system after payment is successful. The wallet ToS notes your account will be suspended if we suspect you are abusing this system. That will end on February 15, 2021, currently, there is a 5% bonus. Early Diem participants can pass the information about Diem on to family, friends, and colleagues of course as the company also wants users to join a referral program. 

‘Backed By A Basket Of Currencies And Assets’ Is An ERC20-Compliant ‘Permissioned’ Network 

That people who invite friends and such will get a bonus of 15% of the value of the contribution as the Facebook Diem team details. That the wallet address is ERC20-compliant and users are given an Ethereum-based address as another interesting thing to note about the Diem wallet. The wallet description highlights that they can receive DIEM tokens to this address. The token hard cap will be 100 million as also reveals there will be a softcap for 103 days for 30 million. 

As transactions are handled and cryptographically entrusted to the Diem Association, the Diem network is a permissioned network. Made up of 27 different entities in the tech industry, telecommunications, non-profits, and other types of organisations the association is. By leveraging validator nodes like many centralised and permissioned blockchains, essentially the Diem chain works. Over time the team hopes the network will build-out in a permission-less manner as each member of the Diem Association runs a validator node. 

The page explains, the Diem Association will work to gradually transition to a permissionless mode of operation as the network grows and becomes more self-sustaining. 

The Final Thoughts

It is important to note here that crypto asset will be doing among the 7,500+ crypto assets currently in existence, it comes to be hard to say.

Capturing a massive user base worldwide are Facebook and its subsidiaries the WhatsApp, Instagram, Messenger. Indicating that Facebook is the largest social network globally with 2.7 billion monthly active users during the second quarter of 2020 statista stats. That diem coin is a reserve backed cryptocurrency as moreover the web portal highlights. 

The website emphasises; Diem is fully backed by a reserve of real assets unlike the majority of cryptocurrencies. Building trust in its intrinsic value a basket of currencies and assets will be held in the Diem Reserve for every diem that is created.

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