A Look at Facebook’s Diem Wallet- Token Sale Accepts 3 Cryptos, Strict KYC, Hefty Data Collection – Bitcoin News

A Look at Facebook’s Diem Wallet- Token Sale Accepts 3 Cryptos, Strict KYC, Hefty Data Collection – Bitcoin News

There has been a lot of interest in Facebook’s cryptocurrency diem (formally Libra) for the past two years, and rumors of an impending launch date went viral last November. Now the social media giant is heavily promoting the pre-sale of the crypto asset on the platform as people can now buy Diem using US dollars and three different cryptocurrencies.

Facebook sells Diem coins for Bitcoin, Ethereum, and Bitcoin Cash

Facebook is in the middle of the company’s token sale, where individuals can invest money to purchase the social media company’s upcoming cryptocurrency. Last November, news.Bitcoin.com reported on the launch date rumors. After the discussions, Facebook renamed “Libra” and named the project “Diem”.

Now the crypto asset should be released in January, but it appears the company is now planning to sell tokens for the next 18 days in February. Facebook also regularly advertised the token sale on the social media platform in order to entice users to sell.

“We offer early-stage investors a pre-sale discount,” explains the Diem project’s web portal. “You can attend the birth of diem and be one of the first buyers. Buy Diem coins with cryptocurrencies like Bitcoin, Ethereum and Bitcoin Cash now. “

To give our readers a glimpse into token sales, news.Bitcoin.com has launched a wallet from the Diem Association or the projectdiem.io web portal. At the time of publication, 18 days to the end of sale, a single DIEM is selling on the platform for $ 0.62. It seems they are using this pre-sale period to gradually build the network. A very interesting fact about the Diem presale is the three cryptocurrencies that Facebook is ready to accept for the new coin.

Identity verification and data collection

To buy the token, a user must use either Bitcoin (BTC), Bitcoin Cash (BCH), or Ethereum (ETH) and can also pay with US dollars. So an order of 1,000 DIEM today will cost a touch over $ 600 or roughly 0.019 BTC. The front page of projectdiem.io also reveals that the company plans to accept Litecoin (LTC) as well, although the option doesn’t appear to be available at the time of writing.

The deal sounds okay, but people who want to buy Diem not only have to accept the fact that KYC is required, but Facebook or projectdiem.io also tell the buyer that they can “gather information” about various things that the user does.

“We may automatically collect certain information when you use our website, such as: B. Your IP address (Internet Protocol), the identifier of the mobile device, the browser type, the operating system, the Internet service provider, pages that you visit before and after using the website, as well as the date and time of your visit, information about the links that you click and pages you view on the website and other standard server log information, ”says Diem’s ​​Terms of Use Agreement.

After a payment is successful, tokens will appear in the wallet and the Diem project administrators emphasize that users should not abuse the system. “If we suspect that you are abusing this system, your account will be blocked,” says projectdiem.io’s ToS wallet. There is currently a 5% bonus that ends on February 15, 2021. Of course, the company also wants users to participate in a referral program so that early Diem subscribers can share the information about Diem with family, friends, and colleagues.

An ERC20 compliant “Permissioned” network supported by a basket of currencies and assets.

Facebook’s Diem team states that people who invite friends and the like receive a bonus of “15% of the value of the post”. Another interesting feature of the Diem wallet is that the wallet address is ERC20 compliant and users are given an Ethereum based address. “You can get DIEM tokens at this address,” is highlighted in the description of the wallet. Projectdiem.io also announces that there will be a “Softcap” for 30 million and a “Hardcap” for 100 million for 103 days.

The Diem Network is an authorized network because transactions are processed and “cryptographically entrusted to the Diem Association”. The association is made up of 27 different entities in the technology industry, telecommunications, non-profit organizations and other types of organizations. In essence, the Diem chain uses validator nodes like many centralized and approved blockchains. Every member of the Diem Association operates a validation node, but over time the team hopes the network will be built in a permissionless manner.

“As the network grows and becomes more self-sufficient, the Diem Association will work to gradually switch to an operating mode without permission,” explains projectdiem.io.

It’s hard to say how this crypto-asset will perform among the 7,500+ crypto-assets currently in existence. Facebook and its subsidiaries (WhatsApp, Instagram, Messenger) have a huge user base worldwide. In the second quarter of 2020, statistical statistics show that Facebook is the world’s largest social network with “2.7 billion monthly active users”. In addition, the web portal projectdiem.io shows that the Diem coin is a reserve-based cryptocurrency.

“In contrast to most cryptocurrencies, the Diem is completely covered by a reserve of real assets. For every day created, a basket of currencies and assets is kept in the Diem reserve, building trust in its intrinsic value, ”the website emphasizes.

What do you think of the Diem project and the token sale? Let us know what you think on this matter in the comments section below.

Tags in this story

Bitcoin, Bitcoin Cash, Diem Crypto, Diem Cryptocurrency, Diem Start, ERC20 Compliant, Ethereum, Facebook, Facebook Crypto, Facebook Cryptocurrency, Facebook Scales, Facebook Supported, KYC, Litecoin, Monitoring, Stablecoin, USD stablecoin, wallet

Photo credits: Shutterstock, Pixabay, Wiki Commons, projectdiem.io, Diem Wallet, Facebook,

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

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