Stablecoin Diem, developed by Facebook managed to reach over 50 million transactions in a test conducted recently.
The test phase or known as ‘testnet’ is done to identify any shortcomings in the network before launching it to the public.
For the record, Diem was formerly known as Libra. It is a 1: 1 stablecoin digital currency with fiat currencies such as the US dollar, aimed at providing the conventional payment market with cheap, scalable and fast fees.
The operation of this currency is not only limited to the Diem Association, but also involves the exchange of cryptocurrencies, Coinbase and the transport sharing firm, Uber.
Through tests conducted, Diem blockchain recorded 3 transactions per second (tps), showing this rate is much slower than transactions on Bitcoin with a record of 4.6 tps, Ethereum is 15 tps and the latest blockchain, Solana reaches 65,000 tps.
The testnet involves over 221,000 individual addresses that have been linked to Diem. It was found that only one address had more than 100 million LBR (tokens used in Diem), over 53 addresses had 820 LBR and 57 addresses had more than 29 LBR and the rest each had one LBR.
The exact date of Diem's launch is still unknown but is expected to happen later this year.
