Diborane is prepared through several methods including reacting boron trifluoride with lithium aluminum hydride or oxidizing sodium borohydride with iodine. It is a colorless, toxic gas that spontaneously burns in air and is readily hydrolyzed by water. Diborane has a structure with two bridging hydrogen atoms between two boron atoms in a banana-like bond configuration, making it an electron deficient molecule. It has potential uses as a rocket propellant or in vulcanization and hydrocarbon polymerization processes.