Facebook’s plan to enter the world of crypto has been around for several years. In 2019, the company already brought out the world of finance want to revolutionize with their Libra token. However, this project would never get off the ground due to opposition from financial regulators and the loss of corporate support.
The project drastically changed course and ‘Libra’ was transformed into ‘diem’. Diem is currently in an advanced stage of development and the launch should not be long in coming if everything goes according to plan.
Diem not popular
Facebook’s reputation as a social media company is not exactly positive. As a result, there is a lot of criticism of any cryptocurrency that is set up by the company.
The head of the Diem project, David Marcus, recently spoke in an interview with Yahoo Finance however, tried to assuage the negative sentiments towards the new project somewhat.
According to him, users do not have to worry about privacy and security issues at all. Diem and the novice wallet would be completely safe to use. No user data will be used for, for example, ‘ad targeting’, which parent company Facebook is notorious for.
According to Marcus, Diem is designed in such a way that conflicts of interest are impossible. Financial and social data are completely separated from each other. In this way, a single entity within Diem’s organization does not have access to all user data.
“[…] The way we designed this, and this has taken us a lot of effort, is that your financial data will not be mixed with your social data.”
According to Marcus, Diem has the potential to revolutionize the global payment system. For that reason Marcus also hopes that people will give Diem a chance. Marcus also knows that this will take time, as he does not deny the countless scandals Facebook was involved in.
It will be quite a job to persuade the crypto community to trust Diem. For many crypto investors, Facebook is part of the great evil they want to oppose. It is therefore questionable whether this attempt to gain confidence by Marcus is not in vain.