How to use the DMD coin today 📅
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It’s important to pay attention to the use case of the token. So, today we want to take a closer look at DMD coin and a wide range of prospects for its implementation.
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🔹 Rewards
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v3 Users can take advantage of both staking and masternodes (with v4 delegated staking and validator candidate nodes). It is enough to buy tokens or deploy your node to get a reward. This is an eco-friendly way to do mining and does not harm the environment.
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🔹 A payment unit
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A distinctive feature of DMD is the speed of transactions and their cross-border functionality. Do you need to transfer funds to your business partner across the ocean? Don’t want to waste time in the bank? Use DMD!
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🔹 Trading
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DMD is listed on many exchanges that allows traders to use it with both short and long positions. The token is available on both centralized and decentralized platforms.
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Therefore, you can use DMD as a full-fledged utility tool. Trade, pay with DMD or use for rewards!
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🔹 Transaction and Smart contract fees
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The DMD Diamond Coin will be the currency that acts as Fuel to run smart contract (with v4) powered Blockchain projects for the gas cost and all asset transactions on the DMD Diamond blockchain.
⠀
It’s important to pay attention to the use case of the token. So, today we want to take a closer look at DMD coin and a wide range of prospects for its implementation.
⠀
🔹 Rewards
⠀
v3 Users can take advantage of both staking and masternodes (with v4 delegated staking and validator candidate nodes). It is enough to buy tokens or deploy your node to get a reward. This is an eco-friendly way to do mining and does not harm the environment.
⠀
🔹 A payment unit
⠀
A distinctive feature of DMD is the speed of transactions and their cross-border functionality. Do you need to transfer funds to your business partner across the ocean? Don’t want to waste time in the bank? Use DMD!
⠀
🔹 Trading
⠀
DMD is listed on many exchanges that allows traders to use it with both short and long positions. The token is available on both centralized and decentralized platforms.
⠀
Therefore, you can use DMD as a full-fledged utility tool. Trade, pay with DMD or use for rewards!
⠀
🔹 Transaction and Smart contract fees
⠀
The DMD Diamond Coin will be the currency that acts as Fuel to run smart contract (with v4) powered Blockchain projects for the gas cost and all asset transactions on the DMD Diamond blockchain.
HBBFT and PoST: what is better? ⚖️
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Proof-of-Space and Time is a new consensus algorithm: to mine new blocks you need to prove that you spent some time keeping the reserved space unchanged. The cost of storage is related not only to the capacity but also to the time during which this capacity is used.
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This algorithm has become popular for the reason that mining requires not only computing power but also free space on the drive. During the period of shortage of graphics cards, this concept is a real salvation for some.
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At the same time, an important point is that for effective mining it is necessary to use an SSD. This type of drive has a very small write-overwrite cycle, which quickly SSD them out of use.
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The Honey Badger Byzantine Fault Tolerant consensus algorithm does not require the user to purchase any kind of specialized hardware normal servers can run as a validator candidate node.
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Since it does require minimal computing power (~100-200w for a validator candidate node), it does not affect the environment in any way, and a distinctive feature of the algorithm is the ability to form a block almost instantly.
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Therefore, HBBFT is a much more environment-friendly, economical, and reliable consensus algorithm than the newly popular Proof-of-Space and Time technology.
⠀
Proof-of-Space and Time is a new consensus algorithm: to mine new blocks you need to prove that you spent some time keeping the reserved space unchanged. The cost of storage is related not only to the capacity but also to the time during which this capacity is used.
⠀
This algorithm has become popular for the reason that mining requires not only computing power but also free space on the drive. During the period of shortage of graphics cards, this concept is a real salvation for some.
⠀
At the same time, an important point is that for effective mining it is necessary to use an SSD. This type of drive has a very small write-overwrite cycle, which quickly SSD them out of use.
⠀
The Honey Badger Byzantine Fault Tolerant consensus algorithm does not require the user to purchase any kind of specialized hardware normal servers can run as a validator candidate node.
⠀
Since it does require minimal computing power (~100-200w for a validator candidate node), it does not affect the environment in any way, and a distinctive feature of the algorithm is the ability to form a block almost instantly.
⠀
Therefore, HBBFT is a much more environment-friendly, economical, and reliable consensus algorithm than the newly popular Proof-of-Space and Time technology.
DMD Diamond: one of the oldest blockchain protocols ☄️
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There are enough fingers on one's hand to count the blockchains that can boast continuous successful operation (over 5 years). One of these projects is DMD. It has already completed transitions through 4 versions of the coin, each of which brought about new technological solutions.
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So, the transition from a hybrid mining algorithm to HBBFT is one of the most significant events so far. It will save the power for your PC and help the planet.
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What can the project boast of?
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— As already mentioned, the transition to a new version of mining.
— Listing on both centralized and decentralized exchanges.
— The ability to reward users.
Open source code and so on.
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Why should you choose DMD?
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DMD will allow you to effect fast and cheap money transfers to anywhere in the world, earn rewards with the help of delegated Proof-of-Stake mining. You help to establish a faster higher capacity and cheaper alternative to Ethereum as a smart contract platform (and far more decentralized and not under company controll as for example BSC). This also gives you confidence that the support of the project will not stop.
⠀
There are enough fingers on one's hand to count the blockchains that can boast continuous successful operation (over 5 years). One of these projects is DMD. It has already completed transitions through 4 versions of the coin, each of which brought about new technological solutions.
⠀
So, the transition from a hybrid mining algorithm to HBBFT is one of the most significant events so far. It will save the power for your PC and help the planet.
⠀
What can the project boast of?
⠀
— As already mentioned, the transition to a new version of mining.
— Listing on both centralized and decentralized exchanges.
— The ability to reward users.
Open source code and so on.
⠀
Why should you choose DMD?
⠀
DMD will allow you to effect fast and cheap money transfers to anywhere in the world, earn rewards with the help of delegated Proof-of-Stake mining. You help to establish a faster higher capacity and cheaper alternative to Ethereum as a smart contract platform (and far more decentralized and not under company controll as for example BSC). This also gives you confidence that the support of the project will not stop.
What is the DMD “4 coin pot” system? 🎛
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The distribution of tokens in pools is one of the most important parts of tokenomics. In this case, DMD uses a non-standard term, which is called the “4 coin pot” system.
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What is it and what does each pot look like?
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Claiming Pot
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This is one of those “pots” intended for the DMDv3 coin holders. When switching to DMDv4, users are offered to claim new DMD coins on the v4 network in a ratio of 1 to 1 to their v3 snapshot balance, without giving them up which is typical.
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Delta pot
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There will be 4.38 million v4 coins in total taking into account the DMDv3 coins that are not in issue. The detected difference between the two numbers will be sent to the delta “pot” (“delta” means “difference” in mathematics). These coins will be gradually issued as rewards of the epoch.
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Reinsert Pot
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One of the most interesting features of DMDv4 is the mechanism for reinserting coins back into circulation. If the DMDv3 owners do not claim their DMDv4s within a certain period, the part of the DMDv4 to which they are entitled is restored by the system. Additional abandoned coins in staking contracts (after 10 years) and transaction fees will fund the reinsert “pot” and create a forever working resource to fund epoch rewards.
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Governance Pot
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A part of not claimed coins fill the base of the governance “pot” and a 10% share of the epoch rewards also constantly refill the DAO “pot”. With the help of DAO functions, DMDv4 coin holders will be able to vote regarding making changes to the project, marketing, grants for decentralized applications and so on, and fund them.
⠀
The distribution of tokens in pools is one of the most important parts of tokenomics. In this case, DMD uses a non-standard term, which is called the “4 coin pot” system.
⠀
What is it and what does each pot look like?
⠀
Claiming Pot
⠀
This is one of those “pots” intended for the DMDv3 coin holders. When switching to DMDv4, users are offered to claim new DMD coins on the v4 network in a ratio of 1 to 1 to their v3 snapshot balance, without giving them up which is typical.
⠀
Delta pot
⠀
There will be 4.38 million v4 coins in total taking into account the DMDv3 coins that are not in issue. The detected difference between the two numbers will be sent to the delta “pot” (“delta” means “difference” in mathematics). These coins will be gradually issued as rewards of the epoch.
⠀
Reinsert Pot
⠀
One of the most interesting features of DMDv4 is the mechanism for reinserting coins back into circulation. If the DMDv3 owners do not claim their DMDv4s within a certain period, the part of the DMDv4 to which they are entitled is restored by the system. Additional abandoned coins in staking contracts (after 10 years) and transaction fees will fund the reinsert “pot” and create a forever working resource to fund epoch rewards.
⠀
Governance Pot
⠀
A part of not claimed coins fill the base of the governance “pot” and a 10% share of the epoch rewards also constantly refill the DAO “pot”. With the help of DAO functions, DMDv4 coin holders will be able to vote regarding making changes to the project, marketing, grants for decentralized applications and so on, and fund them.
DMD Diamond v4: our achievements and plans 🏆
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In every project, achievements in any of the life cycles are important. In addition to the achievements, DMD has many plans for the future.
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So, what can DMD boast of today?
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1. The ability to process large-weight blocks significantly faster than Ethereum
2. A working alpha version
3. Constant updates along with the process of refinement of the system
4. Fast-growing social media
5. Constant reports on the work done for maximum transparency.
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What are DMD's future plans?
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1. Advance from open alpha towards open beta version with full content includet
2. Launch DMDv4
3. Develop and release 4.1 upgrade with main content DMD DAO proposal voting and funding logic
4. Below you can find a few examples of future via DAO proposal voting chosen to develop and fundet addons:
— Message Bridge (AMB) development: a bridge designed for universal cross-chain data transfer (or a similar alternative).
— DEX or protocol for automated liquidity provision with a positive impact on the DMD coin economic model, with fees to reinsert pot and bonus rewards for active stakeholders.
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5. Any other suggestions initiated by the community of stakeholders and validators.
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Thus, DMD is constantly developing its network, releasing updates and delivering reports about them. In the future, a full-fledged launch with all the functionality, as well as DAO functions and DEX will take place.
⠀
In every project, achievements in any of the life cycles are important. In addition to the achievements, DMD has many plans for the future.
⠀
So, what can DMD boast of today?
⠀
1. The ability to process large-weight blocks significantly faster than Ethereum
2. A working alpha version
3. Constant updates along with the process of refinement of the system
4. Fast-growing social media
5. Constant reports on the work done for maximum transparency.
⠀
What are DMD's future plans?
⠀
1. Advance from open alpha towards open beta version with full content includet
2. Launch DMDv4
3. Develop and release 4.1 upgrade with main content DMD DAO proposal voting and funding logic
4. Below you can find a few examples of future via DAO proposal voting chosen to develop and fundet addons:
— Message Bridge (AMB) development: a bridge designed for universal cross-chain data transfer (or a similar alternative).
— DEX or protocol for automated liquidity provision with a positive impact on the DMD coin economic model, with fees to reinsert pot and bonus rewards for active stakeholders.
⠀
5. Any other suggestions initiated by the community of stakeholders and validators.
⠀
Thus, DMD is constantly developing its network, releasing updates and delivering reports about them. In the future, a full-fledged launch with all the functionality, as well as DAO functions and DEX will take place.
Centralization vs decentralization ➗
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Cryptocurrency projects feature both centralized solutions (for example, some exchanges or coins like XRP) and decentralized ones.
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In this post, we will find out which projects are more effective at achieving their goals.
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As far as exchanges are concerned, decentralized solutions have a number of advantages. For example, they are safer. All transactions are recorded in the blockchain and executed using smart contracts. In addition, funds are controlled by the users.
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Centralized solutions also perform transactions on their servers, and all funds on users' balances are actually controlled by the exchange.
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Centralized cryptocurrency projects you don’t frequently come upon, however, they still exist. So, the issue of price-ambivalent XRP is controlled by its creators. If you buy, for example, 1000 coins at a price of $1, you can never guarantee that the creators won’t decide to issue another million coins to devalue them.
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Decentralized cryptocurrencies, such as DMD, on the contrary, are controlled exclusively by their community. Decentralization allows you to achieve absolute honesty. In this case, developers act only as the network’s maintenance staff who releases updates and improves the project but it's the user's decision to install these upgrades and make them go active once the majority support them.
⠀
DMD Diamond after 4.1 release which introduce the DMD DAO goes one step further and make the community also direct be involved in project proposal voting and funding decisions which means the community itself controls the Roadmap after 4.1
⠀
Cryptocurrency projects feature both centralized solutions (for example, some exchanges or coins like XRP) and decentralized ones.
⠀
In this post, we will find out which projects are more effective at achieving their goals.
⠀
As far as exchanges are concerned, decentralized solutions have a number of advantages. For example, they are safer. All transactions are recorded in the blockchain and executed using smart contracts. In addition, funds are controlled by the users.
⠀
Centralized solutions also perform transactions on their servers, and all funds on users' balances are actually controlled by the exchange.
⠀
Centralized cryptocurrency projects you don’t frequently come upon, however, they still exist. So, the issue of price-ambivalent XRP is controlled by its creators. If you buy, for example, 1000 coins at a price of $1, you can never guarantee that the creators won’t decide to issue another million coins to devalue them.
⠀
Decentralized cryptocurrencies, such as DMD, on the contrary, are controlled exclusively by their community. Decentralization allows you to achieve absolute honesty. In this case, developers act only as the network’s maintenance staff who releases updates and improves the project but it's the user's decision to install these upgrades and make them go active once the majority support them.
⠀
DMD Diamond after 4.1 release which introduce the DMD DAO goes one step further and make the community also direct be involved in project proposal voting and funding decisions which means the community itself controls the Roadmap after 4.1
Which benefits does DMD offer to its stakers? 💯
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Proof-of-Stake mining is a fairly popular way among users to get rewards from projects.
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🔹 First, it is very cheap. It is enough just to buy coins. No mining farms, etc.
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🔹 Second, Proof-of-Stake does not require any technical knowledge. You don't need to configure hardware.
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🔹 Third, it’s eco-friendly. Miners don’t cause environmental damage in any way.
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What benefits do miners receive in the DMD network?
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In addition to the obvious rewards on the network, users also get the right to cast their vote in the DAO.
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These votes first go to the validators who decide for which of the proposed options to give the final vote.
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These can be proposals for changing the network itself, as well as proposals for marketing, financing decentralized applications with grants, and so on.
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Therefore, stakeholders become not only users who get rewards but also users who make decisions on the platform using the DAO.
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Proof-of-Stake mining is a fairly popular way among users to get rewards from projects.
⠀
🔹 First, it is very cheap. It is enough just to buy coins. No mining farms, etc.
⠀
🔹 Second, Proof-of-Stake does not require any technical knowledge. You don't need to configure hardware.
⠀
🔹 Third, it’s eco-friendly. Miners don’t cause environmental damage in any way.
⠀
What benefits do miners receive in the DMD network?
⠀
In addition to the obvious rewards on the network, users also get the right to cast their vote in the DAO.
⠀
These votes first go to the validators who decide for which of the proposed options to give the final vote.
⠀
These can be proposals for changing the network itself, as well as proposals for marketing, financing decentralized applications with grants, and so on.
⠀
Therefore, stakeholders become not only users who get rewards but also users who make decisions on the platform using the DAO.
How DMD is saving the environment ♻️
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Today, the issue of environmental protection is most relevant. Mining means a big contribution to the process of emission of carbon dioxide, which leads to the destruction of the ozone layer.
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This problem gets worse with each halving which presumes increased capacities of video cards and ASIC miners. Mining farms can consume up to 7000W per hour. ASICs are more efficient, using up to 4000W, but these are still huge values that make a significant contribution to the process.
⠀
What does DMD offer?
⠀
The DMD platform works on the HBBFT consensus & PoSDAO node election mechanic, which is similar to the delegated Proof-of-Stake that is already familiar to many.
⠀
In order to mine, you do not have to spend PC's computing power. You just need to lock the funds on the balance, which will allow support for the chosen validator candidate node you stake on top to be included more often and earn rewards as a part of the active validator set.
⠀
Therefore, with the help of a delegated Proof-of-Stake mining algorithm, DMD helps the environment, since it does not require the cost of electricity to create new blocks. Only the validator candidate nodes need to run 24/7 and act as backbone and protect the network. All delegated stakers are not required to run a constant node and so a lot of power is saved.
⠀
Today, the issue of environmental protection is most relevant. Mining means a big contribution to the process of emission of carbon dioxide, which leads to the destruction of the ozone layer.
⠀
This problem gets worse with each halving which presumes increased capacities of video cards and ASIC miners. Mining farms can consume up to 7000W per hour. ASICs are more efficient, using up to 4000W, but these are still huge values that make a significant contribution to the process.
⠀
What does DMD offer?
⠀
The DMD platform works on the HBBFT consensus & PoSDAO node election mechanic, which is similar to the delegated Proof-of-Stake that is already familiar to many.
⠀
In order to mine, you do not have to spend PC's computing power. You just need to lock the funds on the balance, which will allow support for the chosen validator candidate node you stake on top to be included more often and earn rewards as a part of the active validator set.
⠀
Therefore, with the help of a delegated Proof-of-Stake mining algorithm, DMD helps the environment, since it does not require the cost of electricity to create new blocks. Only the validator candidate nodes need to run 24/7 and act as backbone and protect the network. All delegated stakers are not required to run a constant node and so a lot of power is saved.
Everything you need to know about the alpha test of DMD Diamond v4 🕹
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At the moment, the DMD Diamond platform is in its alpha testing stage. At the time of writing, this test is still closed to the public, however, it will soon be available to many.
⠀
What you need to know about the test
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🔹 The testing process is going on well. The platform can boast a large number of innovations.
⠀
🔹 The testers learned that the DMD network is able to process sizable blocks faster and more efficiently than competitors such as Ethereum.
⠀
🔹 We added more test validators to alphanet to increase the max active validator limit, and so we enforced and can test the dynamic validator election component.
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🔹 The dynamic blocktime feature with new blocks can be started 1 sec after the former block is finished.
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🔹 The hearthbeat feature, that creates a block if there is 10min no demand on network for a transaction, is implemented and working.
⠀
🔹 A tool that tracks logging messages for advanced troublkeshooting is ready.
⠀
🔹 The beta stage has already been agreed upon, during a complete imitation of the main network launch phase so everything will be well tested.
⠀
🔹 The alpha test is now already openly available for validator candidates but also for testing of delegated staking. Follow the news and updates, and also hurry up to become a participant, as this will allow you to be one of the first to enjoy the functionality of the platform and help to improve it with your valuable feedback.
⠀
At the moment, the DMD Diamond platform is in its alpha testing stage. At the time of writing, this test is still closed to the public, however, it will soon be available to many.
⠀
What you need to know about the test
⠀
🔹 The testing process is going on well. The platform can boast a large number of innovations.
⠀
🔹 The testers learned that the DMD network is able to process sizable blocks faster and more efficiently than competitors such as Ethereum.
⠀
🔹 We added more test validators to alphanet to increase the max active validator limit, and so we enforced and can test the dynamic validator election component.
⠀
🔹 The dynamic blocktime feature with new blocks can be started 1 sec after the former block is finished.
⠀
🔹 The hearthbeat feature, that creates a block if there is 10min no demand on network for a transaction, is implemented and working.
⠀
🔹 A tool that tracks logging messages for advanced troublkeshooting is ready.
⠀
🔹 The beta stage has already been agreed upon, during a complete imitation of the main network launch phase so everything will be well tested.
⠀
🔹 The alpha test is now already openly available for validator candidates but also for testing of delegated staking. Follow the news and updates, and also hurry up to become a participant, as this will allow you to be one of the first to enjoy the functionality of the platform and help to improve it with your valuable feedback.
Why are DAOs so popular? 🤜
⠀
A DAO is a decentralized autonomous organization. By introducing this mechanism to the platform, investors receive a guarantee that in the future the project will feature functions with which they will be able to influence its development.
⠀
Using the DAO, you can make proposals for changes in the system (e.g. increase or decrease minimum blocktime or minimum gasprice for transactions). If the proposal is approved by a majority of voters, the proposer can get funding by the DAO to make it happen (if it is a new feature) or of its precoded feature like adapter transaction fee. The successful voting will just change that blockchain setting.
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Validators in the DMD network can change their decisions during the voting process. Therefore, delegates should monitor the behavior of their validator when voting and switch to a validator who does not change their opinion at the last minute.
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The decision can be changed within two weeks, and users will witness it. If you are a validator and change the decision, then you will have to explain why in order for users to have the opportunity to make this decision or go to another validator.
⠀
Validators are encouraged to vote early in order to express their opinion by voting for an option in the proposal. Delegates are encouraged to bet on active validators who vote in accordance with their preferences.
⠀
With the help of DAO functions, DMD users will be able to delegate their votes to validators in order to manage the platform and make certain changes to it if the majority votes for them.
⠀
A DAO is a decentralized autonomous organization. By introducing this mechanism to the platform, investors receive a guarantee that in the future the project will feature functions with which they will be able to influence its development.
⠀
Using the DAO, you can make proposals for changes in the system (e.g. increase or decrease minimum blocktime or minimum gasprice for transactions). If the proposal is approved by a majority of voters, the proposer can get funding by the DAO to make it happen (if it is a new feature) or of its precoded feature like adapter transaction fee. The successful voting will just change that blockchain setting.
⠀
Validators in the DMD network can change their decisions during the voting process. Therefore, delegates should monitor the behavior of their validator when voting and switch to a validator who does not change their opinion at the last minute.
⠀
The decision can be changed within two weeks, and users will witness it. If you are a validator and change the decision, then you will have to explain why in order for users to have the opportunity to make this decision or go to another validator.
⠀
Validators are encouraged to vote early in order to express their opinion by voting for an option in the proposal. Delegates are encouraged to bet on active validators who vote in accordance with their preferences.
⠀
With the help of DAO functions, DMD users will be able to delegate their votes to validators in order to manage the platform and make certain changes to it if the majority votes for them.
Place of DMD in the Modern Crypto Market 🛒
⠀
The DMD Diamond platform as a non-government and non-corporate controlled independent blockchain and digital currency was created in 2013 without a premine or ICO. All coins are generated by the Network participants who secure the blockchain; this is a similar coin rollout mechanic as you can see in bitcoin. The project has been rapidly evolving ever since and is on its way to taking a leading position in the market unlike many other cryptocurrencies that have gone out of use or been abandoned by their communities.
⠀
DMD has undergone several significant architectural changes to meet the new requirements of the market and empower its clients to achieve financial freedom by keeping costs low and opportunities vast.
⠀
The project has proved its strength over the years due to its cutting-edge technologies, which ensure borderless low-cost transfer of value. The use of PoS (proof of stake) makes the DMD currency eco-friendly while scarcity of supply makes it a better store of value than the cryptocurrencies with unlimited supply.
⠀
DMD Diamond has now issued the fourth version of its coin based on the industry's first cooperative consensus engine; additionally it will welcome new opportunities for its holders, namely the possibility to deploy next-generation businesses with smart contracts that allow interoperability and cross-chain transfer of value and messages.
⠀
The DMD Diamond platform as a non-government and non-corporate controlled independent blockchain and digital currency was created in 2013 without a premine or ICO. All coins are generated by the Network participants who secure the blockchain; this is a similar coin rollout mechanic as you can see in bitcoin. The project has been rapidly evolving ever since and is on its way to taking a leading position in the market unlike many other cryptocurrencies that have gone out of use or been abandoned by their communities.
⠀
DMD has undergone several significant architectural changes to meet the new requirements of the market and empower its clients to achieve financial freedom by keeping costs low and opportunities vast.
⠀
The project has proved its strength over the years due to its cutting-edge technologies, which ensure borderless low-cost transfer of value. The use of PoS (proof of stake) makes the DMD currency eco-friendly while scarcity of supply makes it a better store of value than the cryptocurrencies with unlimited supply.
⠀
DMD Diamond has now issued the fourth version of its coin based on the industry's first cooperative consensus engine; additionally it will welcome new opportunities for its holders, namely the possibility to deploy next-generation businesses with smart contracts that allow interoperability and cross-chain transfer of value and messages.
What is better: banks or DMD? 🏛
⠀
Choosing between banks or store value in a native blockchain system like DMD depends on one’s needs.
For decades, banks, or Centralised Finance, have dominated the landscape of money-related activities, such as lending, depositing, trading and transactions between different parties. Because banks play an important role in financial stability and the economy of a country, their activity is heavily regulated, which in some cases provides the necessary security, but in others results in delays and insurmountable fees for their services.
⠀
With the fast development of blockchain-based projects, we are now witnessing a boom in Decentralized Finance – a financial system designed to operate without any intermediaries, such as banks, and allowing direct anonymous interactions between its participants.
DMD Diamond is a cornerstone of a monetary system that is not government-controlled and not corporate controlled. It aims to enable people to achieve financial freedom and independence by creating a platform that provides a safe, affordable, and rewarding smart-contract-powered blockchain economy. DMD v4 also offers strong interoperability with other Ethereum-based projects providing its users with more opportunities for exchanging assets and making cheap transactions regardless of geographic location.
⠀
Choosing between banks or store value in a native blockchain system like DMD depends on one’s needs.
For decades, banks, or Centralised Finance, have dominated the landscape of money-related activities, such as lending, depositing, trading and transactions between different parties. Because banks play an important role in financial stability and the economy of a country, their activity is heavily regulated, which in some cases provides the necessary security, but in others results in delays and insurmountable fees for their services.
⠀
With the fast development of blockchain-based projects, we are now witnessing a boom in Decentralized Finance – a financial system designed to operate without any intermediaries, such as banks, and allowing direct anonymous interactions between its participants.
DMD Diamond is a cornerstone of a monetary system that is not government-controlled and not corporate controlled. It aims to enable people to achieve financial freedom and independence by creating a platform that provides a safe, affordable, and rewarding smart-contract-powered blockchain economy. DMD v4 also offers strong interoperability with other Ethereum-based projects providing its users with more opportunities for exchanging assets and making cheap transactions regardless of geographic location.
PoS vs PoW in 2021 ⚖️
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Blockchain systems vary considerably in their design especially when it comes to the consensus mechanisms used to verify network data. The most common consensus mechanisms are proof of work (PoW) and proof of stake (PoS).
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PoW was initially introduced together with Bitcoin back in 2008 and so far remains widespread in cryptocurrencies. It involves solving increasingly complex mathematical puzzles, which means more and more computing power and higher electricity costs. So PoW blockchains are notorious for being very expensive and using resources inefficiently.
⠀
To address the drawbacks of PoW, PoS has been developed and is getting more and more popular. With this mechanism, the right to validate transactions goes to the users with a higher number of tokens stored in their wallets so it does not require much hardware or electricity. PoS also allows for higher scalability, better security and faster transactions, which makes new blockchain projects increasingly adopt this mechanism, something that DMDv3 has already done.
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With DMDv4 we go one step further and create a cooperative consensus environment that allows industry first and revolutionary features like dynamic block time, instant finality, absolute censorship resistance even against blockfinder choosing what transactions it includes (because there is not a single blockfinder but a whole set of validators together create the blocks).
⠀
Blockchain systems vary considerably in their design especially when it comes to the consensus mechanisms used to verify network data. The most common consensus mechanisms are proof of work (PoW) and proof of stake (PoS).
⠀
PoW was initially introduced together with Bitcoin back in 2008 and so far remains widespread in cryptocurrencies. It involves solving increasingly complex mathematical puzzles, which means more and more computing power and higher electricity costs. So PoW blockchains are notorious for being very expensive and using resources inefficiently.
⠀
To address the drawbacks of PoW, PoS has been developed and is getting more and more popular. With this mechanism, the right to validate transactions goes to the users with a higher number of tokens stored in their wallets so it does not require much hardware or electricity. PoS also allows for higher scalability, better security and faster transactions, which makes new blockchain projects increasingly adopt this mechanism, something that DMDv3 has already done.
⠀
With DMDv4 we go one step further and create a cooperative consensus environment that allows industry first and revolutionary features like dynamic block time, instant finality, absolute censorship resistance even against blockfinder choosing what transactions it includes (because there is not a single blockfinder but a whole set of validators together create the blocks).
Cross-border transactions are cheap with DMD ✈️
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Cross-border transactions are critical for ensuring successful work of thousands of people, businesses and banking institutions across the globe. All too often they have to go through a high number of intermediaries, with each charging the processing fee, increasing the number of failure points and adding to the risk of fraud somewhere along the payment pathway. This is not to mention the inconvenience of having to wait for several days for the payment to come.
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However, with the advent of blockchain solutions, consumers can now enjoy faster, more reliable, and secure international money transfers. The potential of decentralized technologies and tokenized assets is huge as they allow for verification without having to be dependent on third parties. In this way, transactions are also more traceable and less manual, which can lead to significant fee reductions.
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For example, DMD Diamond v4 is now implementing the HBBFT protocol for faster throughput, higher security, and robustness. With this protocol, block finality is immediate, and transactions can be confirmed within seconds, thus making cross-border money transfers much faster and cheaper than ever before.
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Instant block finality also means that once a transaction is in a block, you can be sure it can't be reverted. An average transaction on the DMDv4 network reaches this status in below 2 seconds from the moment you send your transaction. This is an industry leading fast transaction send to transaction finality ratio as a bitcoin transaction needs like 30-60 min, an Ethereum transaction – 1-3 min. And this doesn't even take into account that in both networks if you don’t pay extra transaction fees, it can even take hours until your transaction is even added to a block.
⠀
Cross-border transactions are critical for ensuring successful work of thousands of people, businesses and banking institutions across the globe. All too often they have to go through a high number of intermediaries, with each charging the processing fee, increasing the number of failure points and adding to the risk of fraud somewhere along the payment pathway. This is not to mention the inconvenience of having to wait for several days for the payment to come.
⠀
However, with the advent of blockchain solutions, consumers can now enjoy faster, more reliable, and secure international money transfers. The potential of decentralized technologies and tokenized assets is huge as they allow for verification without having to be dependent on third parties. In this way, transactions are also more traceable and less manual, which can lead to significant fee reductions.
⠀
For example, DMD Diamond v4 is now implementing the HBBFT protocol for faster throughput, higher security, and robustness. With this protocol, block finality is immediate, and transactions can be confirmed within seconds, thus making cross-border money transfers much faster and cheaper than ever before.
⠀
Instant block finality also means that once a transaction is in a block, you can be sure it can't be reverted. An average transaction on the DMDv4 network reaches this status in below 2 seconds from the moment you send your transaction. This is an industry leading fast transaction send to transaction finality ratio as a bitcoin transaction needs like 30-60 min, an Ethereum transaction – 1-3 min. And this doesn't even take into account that in both networks if you don’t pay extra transaction fees, it can even take hours until your transaction is even added to a block.
Why DMD is better than new blockchain projects 🔝
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With new blockchain projects constantly springing up all around the industry, enthusiasts should be careful when putting too much trust into them. All too often, their original creators may become weary of the project and abandon it. The same thing happened to DMD several months after its creation in 2013.
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However, the community was already captivated by the DMD Diamond coin with its implicit scarcity and the fairness of the limited coin issue. So they quickly came together to decide on a community takeover to lead our rare coin to fulfil its true potential. Since then, our devotion to constant evolution has been our main strength and value.
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DMD Diamond is one of the few non-government non-corporate true decentralized community-controlled projects with zero premine and no coin sale.
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Over the years, we have responded to the constantly changing and evolving technology and market conditions by introducing changes to the architecture of DMD Diamond that go as far as the fourth version of our blockchain (DMD v4) that includes real decentralization, on-chain governance, fast transaction times, low fees, low carbon footprint, security, interoperability, and smart contracts deployment.
⠀
With new blockchain projects constantly springing up all around the industry, enthusiasts should be careful when putting too much trust into them. All too often, their original creators may become weary of the project and abandon it. The same thing happened to DMD several months after its creation in 2013.
⠀
However, the community was already captivated by the DMD Diamond coin with its implicit scarcity and the fairness of the limited coin issue. So they quickly came together to decide on a community takeover to lead our rare coin to fulfil its true potential. Since then, our devotion to constant evolution has been our main strength and value.
⠀
DMD Diamond is one of the few non-government non-corporate true decentralized community-controlled projects with zero premine and no coin sale.
⠀
Over the years, we have responded to the constantly changing and evolving technology and market conditions by introducing changes to the architecture of DMD Diamond that go as far as the fourth version of our blockchain (DMD v4) that includes real decentralization, on-chain governance, fast transaction times, low fees, low carbon footprint, security, interoperability, and smart contracts deployment.
What is the use of the double consensus algorithm? 🛠
⠀
Since 2016, the DMD team has been looking for ways to increase the speed and security of its blockchain as well as reduce the environmental damage often associated with PoW and even PoS consensus algorithms. The solution was found in using one of the most promising developments, the Honey Badger Byzantine Fault Tolerant consensus algorithm together with a dPOS node election decentralization mechanic (POSDAO).
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HBBFT is a cooperative consensus algorithm, which works in an asynchronous mode and allows rapid throughput. However, HBBFT restricts the number of validator nodes to guarantee super fast consensus and does not change them. However, the DMD team saw the permanent distribution of power in a network of several static nodes as improper and came up with a solution to implement POSDAO in order to select new validators every 12 hours (or epoch).
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There may be up to 438 candidates for validator nodes (which is determined by the scarcity of the coin), but only 25 are selected and rewarded each epoch. This creates a distributed mechanism, which is fast and secure. At the same time, all users can influence the validator set by staking their tokens on them to increase the chance of validator candidates to be elected more often.
⠀
Since 2016, the DMD team has been looking for ways to increase the speed and security of its blockchain as well as reduce the environmental damage often associated with PoW and even PoS consensus algorithms. The solution was found in using one of the most promising developments, the Honey Badger Byzantine Fault Tolerant consensus algorithm together with a dPOS node election decentralization mechanic (POSDAO).
⠀
HBBFT is a cooperative consensus algorithm, which works in an asynchronous mode and allows rapid throughput. However, HBBFT restricts the number of validator nodes to guarantee super fast consensus and does not change them. However, the DMD team saw the permanent distribution of power in a network of several static nodes as improper and came up with a solution to implement POSDAO in order to select new validators every 12 hours (or epoch).
⠀
There may be up to 438 candidates for validator nodes (which is determined by the scarcity of the coin), but only 25 are selected and rewarded each epoch. This creates a distributed mechanism, which is fast and secure. At the same time, all users can influence the validator set by staking their tokens on them to increase the chance of validator candidates to be elected more often.
How did HBBFT appear? ⏱
⠀
As you probably all know, blockchain systems use consensus algorithms to achieve the agreement among different nodes about which transactions to include in the next block.
⠀
One of the most common consensus algorithms is proof of work (PoW) used by Bitcoin. With it, nodes have to compete to solve a complex mathematical puzzle, which requires a lot of computational power. This creates a huge amount of wasted energy and does not create block finality as several nodes may submit their blocks at the same time. As a result, the confirmation time is usually too long.
⠀
To address these issues, The Honey Badger Byzantine Fault Tolerant (HBBFT) consensus mechanism appeared. It was created in 2016 by Andrew Miller, Yu Xia, Kyle Croman, Elaine Shi and Dawn Song with the purpose to deal with the problems of slow transaction times and the challenges of synchronous communication on a large network.
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The DMD Diamond team has chosen HBBFT for DMDv4 as it provides immediate block finality, demand driven dynamic blocktimes, an unintended fork immune environment, a significant increase in the number of transactions per second, improved security and robustness of the DMD blockchain.
⠀
As you probably all know, blockchain systems use consensus algorithms to achieve the agreement among different nodes about which transactions to include in the next block.
⠀
One of the most common consensus algorithms is proof of work (PoW) used by Bitcoin. With it, nodes have to compete to solve a complex mathematical puzzle, which requires a lot of computational power. This creates a huge amount of wasted energy and does not create block finality as several nodes may submit their blocks at the same time. As a result, the confirmation time is usually too long.
⠀
To address these issues, The Honey Badger Byzantine Fault Tolerant (HBBFT) consensus mechanism appeared. It was created in 2016 by Andrew Miller, Yu Xia, Kyle Croman, Elaine Shi and Dawn Song with the purpose to deal with the problems of slow transaction times and the challenges of synchronous communication on a large network.
⠀
The DMD Diamond team has chosen HBBFT for DMDv4 as it provides immediate block finality, demand driven dynamic blocktimes, an unintended fork immune environment, a significant increase in the number of transactions per second, improved security and robustness of the DMD blockchain.
Proof of Stake vs PoSDAO 🥊
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Because of the disadvantages of the proof-of-work consensus algorithm, which include high carbon footprint, slow transaction times and the absence of block finality, new blockchains are adopting the proof-of-stake protocol. This protocol allows anyone in the network to participate in maintaining the public ledger as long as they have a certain number of tokens in their wallets and stake them to get the role of a validator.
⠀
However, PoS is still a competitive algorithm, so the performance may be low as higher block times are needed to avoid possible competing forks. Moreover, validators with a large number of coins may have an excessive influence on the consensus process. To solve these issues, PoS can be implemented as a decentralised autonomous organisation (DAO). It works as a set of smart contracts and ensures a voting mechanism to elect validators candidates to be part of the active validator set for 12 hours. This combines greater efficiency, faster transaction times, dynamic blocktimes, instant finality from the HBBFT consensus engine with a highly decentralized node election mechanic from POSDAO.
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DMDv4 utilises the POSDAO dPOS mechanic to randomly select 25 validators out of the pool of estimated 50 – 75 candidates every 12 hours and rewards them with DMD tokens. This makes the blockchain truly distributed and secure as it provides random rotation of power.
⠀
Because of the disadvantages of the proof-of-work consensus algorithm, which include high carbon footprint, slow transaction times and the absence of block finality, new blockchains are adopting the proof-of-stake protocol. This protocol allows anyone in the network to participate in maintaining the public ledger as long as they have a certain number of tokens in their wallets and stake them to get the role of a validator.
⠀
However, PoS is still a competitive algorithm, so the performance may be low as higher block times are needed to avoid possible competing forks. Moreover, validators with a large number of coins may have an excessive influence on the consensus process. To solve these issues, PoS can be implemented as a decentralised autonomous organisation (DAO). It works as a set of smart contracts and ensures a voting mechanism to elect validators candidates to be part of the active validator set for 12 hours. This combines greater efficiency, faster transaction times, dynamic blocktimes, instant finality from the HBBFT consensus engine with a highly decentralized node election mechanic from POSDAO.
⠀
DMDv4 utilises the POSDAO dPOS mechanic to randomly select 25 validators out of the pool of estimated 50 – 75 candidates every 12 hours and rewards them with DMD tokens. This makes the blockchain truly distributed and secure as it provides random rotation of power.
DAO DMD for business 💼
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DMD Diamond has always been dedicated to meeting the market demands and providing its users with the most innovative product. Our latest upgrade, DMDv4, is an independent blockchain ideal for building, deploying and running general-purpose and interoperable dApps (decentralised applications). It has a highly distributed community of holders, which makes the network secure and stable, and can be seen as an excellent alternative to Ethereum and even the upcoming ethereum2.
⠀
DMDv4 makes use of Honey Badger Byzantine Fault Tolerance consensus algorithm (HBBFT) combined with the delegated proof of stake based validator election (POSDAO) protocols. This means fast transaction times (about 400 transactions per second), low fees and low carbon footprint as well as the ability to run a validator node and earn rewards.
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The DMD team also believes that interoperability across chains is crucial for the industry, so DMDv4 supports smart contracts based on the EVM (Ethereum Virtual Machine) and comes with interoperability bridges, other cross-chain value transaction methods that provide connectors to other chains with dApps such as games, NFTs, DeFi, and others.
⠀
DMD Diamond has always been dedicated to meeting the market demands and providing its users with the most innovative product. Our latest upgrade, DMDv4, is an independent blockchain ideal for building, deploying and running general-purpose and interoperable dApps (decentralised applications). It has a highly distributed community of holders, which makes the network secure and stable, and can be seen as an excellent alternative to Ethereum and even the upcoming ethereum2.
⠀
DMDv4 makes use of Honey Badger Byzantine Fault Tolerance consensus algorithm (HBBFT) combined with the delegated proof of stake based validator election (POSDAO) protocols. This means fast transaction times (about 400 transactions per second), low fees and low carbon footprint as well as the ability to run a validator node and earn rewards.
⠀
The DMD team also believes that interoperability across chains is crucial for the industry, so DMDv4 supports smart contracts based on the EVM (Ethereum Virtual Machine) and comes with interoperability bridges, other cross-chain value transaction methods that provide connectors to other chains with dApps such as games, NFTs, DeFi, and others.
What is the best place to store DMD? 📦
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The issue of storing cryptocurrency is always particularly acute. After all, a loss of a private key is equal to a loss of all funds. So what is the best way to store DMD?
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First of all, consider the possibilities. Where can you store coins?
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— On a stock exchange
— On a Diamond Wallet
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The first option is perfect for traders but you shouldn’t hold all coins on the exchange just the part that you want to use actively for trading and as liquidity in the order books.
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The second option is suitable for everyone who does not plan to actively trade the coin but will use it for business, profit-making, and so on.
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The DMD v4 network can be added as a custom network to wallets like Metamask which are available on each device. The wallets that support WalletConnect and allow adding custom Ethereum type networks can be used to interact with the DMD v4 network.
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Additionally, in DMD v4 there are many multicurrency wallets for browsers and mobile wallet apps that support Ethereum-combatible blockchains. They will also support DMD Diamond and be a valid place to store DMD. It’s important to decide if a place you have chosen is safe or not. This depends on whether you alone have access to the private keys/seed phrase.
⠀
The issue of storing cryptocurrency is always particularly acute. After all, a loss of a private key is equal to a loss of all funds. So what is the best way to store DMD?
⠀
First of all, consider the possibilities. Where can you store coins?
⠀
— On a stock exchange
— On a Diamond Wallet
⠀
The first option is perfect for traders but you shouldn’t hold all coins on the exchange just the part that you want to use actively for trading and as liquidity in the order books.
⠀
The second option is suitable for everyone who does not plan to actively trade the coin but will use it for business, profit-making, and so on.
⠀
The DMD v4 network can be added as a custom network to wallets like Metamask which are available on each device. The wallets that support WalletConnect and allow adding custom Ethereum type networks can be used to interact with the DMD v4 network.
⠀
Additionally, in DMD v4 there are many multicurrency wallets for browsers and mobile wallet apps that support Ethereum-combatible blockchains. They will also support DMD Diamond and be a valid place to store DMD. It’s important to decide if a place you have chosen is safe or not. This depends on whether you alone have access to the private keys/seed phrase.
Why we have an open GitHub repository 🖥
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For those who may not know, GitHub is a service where users can host their IT projects, otherwise called a repository. An important aspect is that repositories can be open and closed.
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The DMD project has an open repository. Why?
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That is honest to users. They can track the progress of the project, follow updates, and so on.
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This is more reliable. No code can be written without minor bugs or similar errors. An open repository allows users to view the code. If there are programmers in the community, they often help projects by pointing out that there is an error in a certain document in such and such a line, which is promptly corrected.
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Version history. Using version control, you can always roll back some changes if something goes wrong in the patch.
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You can create your own cryptocurrency project based on DMD. Open source code allows anyone with sufficient qualifications to do this.
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In addition, projects like DMD Diamond are open for contributions, so you can make code proposals to the project. If you see that a piece of code is not written well enough and you can optimize it or make it more secure - just do it. Even non-coders can use Github, for example, to write guides.
⠀
Therefore, an open repository helps the DMD project be completely transparent, honest with the user, and open.
⠀
For those who may not know, GitHub is a service where users can host their IT projects, otherwise called a repository. An important aspect is that repositories can be open and closed.
⠀
The DMD project has an open repository. Why?
⠀
That is honest to users. They can track the progress of the project, follow updates, and so on.
⠀
This is more reliable. No code can be written without minor bugs or similar errors. An open repository allows users to view the code. If there are programmers in the community, they often help projects by pointing out that there is an error in a certain document in such and such a line, which is promptly corrected.
⠀
Version history. Using version control, you can always roll back some changes if something goes wrong in the patch.
⠀
You can create your own cryptocurrency project based on DMD. Open source code allows anyone with sufficient qualifications to do this.
⠀
In addition, projects like DMD Diamond are open for contributions, so you can make code proposals to the project. If you see that a piece of code is not written well enough and you can optimize it or make it more secure - just do it. Even non-coders can use Github, for example, to write guides.
⠀
Therefore, an open repository helps the DMD project be completely transparent, honest with the user, and open.
