A Complete Guide On Diem Blockchain

A COMPLETE GUIDE ON
DIEM BLOCKCHAIN
101blockchains.com

Diem is a blockchain technology, which is secure, reliable, and
scalable. The social media company Facebook is the developer
of this project.
The platform offers high scalability, low latency, high
throughput, high storage system, and efficiency.
It’s a highly secured platform for storing financial data
and funds.
The system offers flexibility in order to help streamline
innovation for financial services.
What is Diem Blockchain?

Dime blockchain is designed using the Move programming
language. This new language is based on Rust.
It uses a Byzantine Fault Tolerant consensus algorithm that
ensures trust and security in verifying the transactions.
It iterates and adopts popular blockchain data structures, which
will make this platform more compatible with other blockchain
platforms.
What is Diem Blockchain?

Three Critical
Aspects of Diem
Blockchain
Move Programming Language
Byzantine Fault Tolerant Consensus
Commonly Used Blockchain Data
Structures

The language can help to create custom smart contracts
and transaction logic on the Diem blockchain.
The Move language takes into account all previous
smart contract security incidents and features a security
and safety standard for reducing risks.
It supports the cryptocurrency created by Facebook to
facilitate automatic verification of transactions based on
the requirements.
Move Programming Language

The use of BFT helps to develop trust within the network.
This protocol allows continuous functionality in case of
validator node failures.
The consensus protocol helps to facilitate high
throughput while offering energy efficiency. Thus, it
consumes low energy compared to other consensus
algorithms.
It also offers a defined transaction finality. Thus, users
can be assured that their transactions were fully
processed as multiple validators will confirm it.
Byzantine Fault Tolerant Consensus

Diem uses Merkle trees to safeguard transaction data, which is a
commonly used data structure in multiple blockchain
platforms.
By implementing Merkle trees, the platform simplifies the work
process of blockchain-based applications as it ensures a unified
framework.
It makes it easier for any party to conduct a proper audit of the
data available on the platform to ensure that it does offer data
integrity.
Commonly Used Blockchain Data
Structures

More people across the globe will have access to proper financial services.
People will have the right to control their legal labor’s outcome.
Global and open financial networks can offer cost efficiency and better speed,
improving commerce worldwide.
Diem will slowly help people to develop more trust in any form of distributed and
decentralized governance.
Foundations of Diem

Diem supports single and multi-currency stablecoins in their
payment systems. The multi-currency stablecoin is called
the Diem coin.
Diem will back up all types of currency stablecoin against
their Diem Reserve in a 1:1 ratio. Every Diem coin is a
combination of single currency stablecoins supported on
the platform.
The coin will be accessible across various places and
institutions to help in building trust and offer ease of access.
How Does the Diem Payment
System Work?

Most Common Diem Use Cases
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Offers Governance
Provides Private Transactions
Incentivizing Content Creators
Promotes Financial Inclusion
Easier Money Transfer
Introduces New Payment System
for Travel
Alternative Source of Money
Without Censorship
Offer Cost-friendly Decentralized
Cloud Storage

Diem does not have any authoritative entity; thus, it’s
impossible for their system to get manipulated against
the users.
The governance system of Diem is really strong and
almost impossible to compromise; thus, it can serve as
an alternative to financial companies.
Diem offers accountability and public assurance; thus,
government agencies can use the platform to establish
their credibility.
Offers Governance

A huge portion of people around the globe does not have
access to financial services. Diem can offer financial benefits to
this unbanked population.
Using Diem, the users can resolve all of their concerns over
intermediary as the platform does not have any.
Developing nations can benefit from the use of Diem
blockchain as people from anywhere around the globe can
now have access to their financial needs.
Promotes Financial Inclusion

Financial companies often time have higher service
fees and slower transaction processing. These are
some of the primary issues of this industry.
Diem offers low-cost money transfer options, which
means the services fees for money transactions are
very low.
Diem also offers high-speed transactions where the
transactions will get processed within minutes.
Easier Money Transfer

Convectional financial companies follow a system that is
outdated and can’t support the demands of the new
age economy.
Diem can remove wealth censorship. It can help users to
safeguard their money in a safe place that will not freeze
their assets.
It will also get rid of any corruption or misconduct of the
financial companies, leading to a fairer platform.
Alternative Source of Money
Without Censorship

With Diem, users can also adopt private transactions if
they have any privacy concerns regarding their
transactions.
Users can also have anonymity and will not have to be
subject to any reasons for sending money to any party.
Users can also have full freedom in storing their money
on the platform without explaining the source of the
money.
Provides Private Transactions

Currency conversion is a huge issue when it comes to
travel and tourism, as every country has its own
currency.
Diem can offer a better solution to this issue by offering
its cryptocurrency for booking hotels, flights, and even
car rentals.
It can also introduce the ATM market for people to
exchange their Diem coin for local currency around the
globe.
Introduces New Payment System
for Travel

With the help of Diem, users can get incentives for posting
and creating content.
Facebook runs on user-generated content, and in the
future, users can create an alternative source of income by
incentivizing their content.
Other popular platforms for content creation and blogging
can also use Diem to pay for the contents and empower
the users.
Incentivizing Content Creators

Centralized cloud storage comes with a lot of issues
regarding security, and these are also quite costly.
Diem can help by offering a better solution, where it can
introduce decentralized cloud storage options with higher
security.
It can help users to buy or rent cloud storage for a low fee. It
can also offer lower server downtime.
Offer Cost-friendly Decentralized
Cloud Storage

Diem can act as a vital part of the borrowing and lending
ecosystem.
Users will not have to submit any lengthy and complicated
paperwork for taking loans. These loans are also processed
faster.
It will also introduce more liquidity in terms of the lender as
anyone can become a lender on the platform, no matter
where they reside.
Easier Borrowing and Lending

Suitable Courses and Masterclasses
Stablecoin Fundamentals
Masterclass
https://academy.101blockchains.com/c
ourses/stablecoin-masteclass
Blockchain in Finance
Masterclass
ourses/blockchain-in-finance
Central Bank Digital Currency
(CBDC) Masterclass
ourses/central-bank-digital-currency
Decentralized Finance
Course
ourses/defi-course

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Blockchain Architect
Certified Blockchain
Security Expert
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es/certified-blockchain-security-expert
https://academy.101blockchains.com/
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A Complete Guide On Diem Blockchain

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