Diem is the name of the facebook coin, previously it was named as Libra. It was suppose to launch around 2019 -20 but US regulators and politicians expressed concerns and stopped that .
Facebook established Diem Association at Geneva to continue the work of currency .
Now they are ready to launch in January 2021.
How it will work?
This Diem would be backed by financial assets (stable currency), it could be a basket of currencies, so it wont be very very profitable like BTC, ETH and other cryptocurrencies, rather it will be very stable .
facebook is planning to release Digital wallet called NOVI to keep the Diem coin.
Currently it will transmit thorough permission based blockchain and it will not be dependent on mining at all.May be in future they will think about permission less blockchain transaction with a Proof of stake concept , but their lies a big challenge regarding security.
The Diem payment system will make the payment mode easier and faster , their wont be high gas fees like Ethereum ,it will be very much low cost.People will be able to send, receive, and spend their money through this Diem coin.
Hope we all will get to know soon and we can be bit beneficial as well out of this coin.
For your ready reference the Diem website is also given
Happy New Year to all my friends.
Cheers!!!