Diem’s Testnet Has Reached 50 Million Transaction: Report

Diem’s testnet has officially reached 50 million transactions with the upcoming stablecoin contender reaching the milestone a month after it was renamed from Libra so let’s read more in our latest cryptocurrency news.

Diem’s testnet, the platform of the Facebook-backed stablecoin project, reached more than 50 million transactions yesterday according to the data from blockchain explorer inDiem showed. The development came a month later after Diem was rebranded from the controversial Libra project. Diem is a stablecoin which is a type of cryptocurrency pegged on a 1:1 basis with fiat and in this case with the US dollar, aiming to disrupt the payments markets that are traditional with low-fee, scalable, and fast settlement features. It is also run by the Diem Association and a consortium of members like the crypto exchange Coinbase and Uber.

Now running in the testing phase or the testnet phase, Diem reached more than 50 million transactions yesterday. This testing allows developers to mitigate faults in the network before a public release. Data also shows that the Diem testnet operates at an average throughput of 3 transactions per second. This could sound fast but this is much slower than transactions on both BTC and ETH and much slower compared to networks like Solana. However, Diem could not be operating anywhere near this capacity.

Diem. A new name for a new day, when it’s easy, secure, and affordable to send money anywhere.

Together, we’re building a trusted, #innovative financial network for people and businesses around the world.

Come see our work: https://t.co/SKGuO1eagJ pic.twitter.com/grgtUUT3LL

— Diem Association (@DiemAssociation) December 1, 2020

In terms of testnet users, more than 221,000 individual addresses interacted with Diem. One of those, a single address held 100 million LBR while over 53 of those hold 820 LBR. In all, 57 of the 100 wallets hold upwards of 29 LBR while the others hold one single LBR each for testing the network in different ways at various times of the day. With testing still ongoing, the public launch for Diem is expected later in 2021 as per the reports. In the meantime, the stablecoin already found is takers with Spotify saying that it is preparing its payment division.

Facebook shook the world last year when it announced the plans to launch a digital currency named Libra. However, the social media giant’s efforts were crashed after the regulators of the world denied it and were worried about the implications so they decided to blowback the project. Facebook didn’t give up on the idea so they decided they should have a new brand name of the products.