How HBBFT Consensus Algorithm Guard Against Attacks on DMD Diamond Blockchain
With the mission of DMD diamond blockchain to provide solutions to industry challenges like low transaction throughput, high Carbon footprint, delayed transaction finality and all, we found it necessary to adopt a sustainable consensus that provide the best efficiency above what's currently obtainable in the industry, and hence the adoption of a cooperative consensus - HBBFT algorithm combined with a dPOS node election decentralisation mechanics (POSDAO).
The Honey Badger Byzantine Fault Tolerant (HBBFT) protocol offers
consensus without competition, shares rewards between validators, and making our network more distributed and democratised.
More below👇
With the mission of DMD diamond blockchain to provide solutions to industry challenges like low transaction throughput, high Carbon footprint, delayed transaction finality and all, we found it necessary to adopt a sustainable consensus that provide the best efficiency above what's currently obtainable in the industry, and hence the adoption of a cooperative consensus - HBBFT algorithm combined with a dPOS node election decentralisation mechanics (POSDAO).
The Honey Badger Byzantine Fault Tolerant (HBBFT) protocol offers
consensus without competition, shares rewards between validators, and making our network more distributed and democratised.
More below👇
🗣 What you should Know About Nodes and Network Participants on DMD Diamond Blockchain
The nodes and participants that run on our network can be categorised into three, and they are:
1⃣ Ethereum Client Wallet (participant).
Any wallet that supports custom Ethereum networks and Walletconnect allows DMDv4 token holders to participate in staking and voting by choosing a validator candidate.
2⃣ Full Node
A full node includes an EVM, the POSDAO codebase, and the full Diamond DMDv4 blockchain.
Read more 👇
The nodes and participants that run on our network can be categorised into three, and they are:
1⃣ Ethereum Client Wallet (participant).
Any wallet that supports custom Ethereum networks and Walletconnect allows DMDv4 token holders to participate in staking and voting by choosing a validator candidate.
2⃣ Full Node
A full node includes an EVM, the POSDAO codebase, and the full Diamond DMDv4 blockchain.
Read more 👇
🗣️ DMD Diamond Blockchain Updates For September ✨✨
1️⃣ A new member joined the team to speed up the development time towards DMD v4 open beta. Evidence of changes are on our GitHub - https://github.com/DMDcoin/
2️⃣ We completed the first version of the performance analyzing tools, and found 3 additional improvements. The one that slightly reduces CPU load and strongly reduces network usage, is currently being worked on.
3️⃣ With a dedicated smart contract developer joining us, we started working on the smart contracts again and are about to upgrade them to the newest solidity version 0.8.17.
More below 👇
1️⃣ A new member joined the team to speed up the development time towards DMD v4 open beta. Evidence of changes are on our GitHub - https://github.com/DMDcoin/
2️⃣ We completed the first version of the performance analyzing tools, and found 3 additional improvements. The one that slightly reduces CPU load and strongly reduces network usage, is currently being worked on.
3️⃣ With a dedicated smart contract developer joining us, we started working on the smart contracts again and are about to upgrade them to the newest solidity version 0.8.17.
More below 👇
🗣 How To Migrate From DMDv3 to DMDv4 After Launching✨✨
When DMDv4 gets launched, a common question expected from the community is how to efficiently transit from DMDv3 to DMDv4 - without losing your former coins. Over the years of our blockchain existence, being community-centric is one of our competitive advantages, and we would not afford to jeopardise the trust of the community in our ecosystem.
All DMDv3 coin holders are eligible to claim an equal amount on DMDv4 within the claiming period or else, your coin would return into a pool of coins in circulation. Therefore, the proof of ownership of DMDv3 serves as eligibility for the address holder to claim an equal amount of DMDv4 coins.
However, it should be noted that the claiming of DMDv4 coins can't change anything on the DMDv3 chain - as what you're doing isn't technically a swap, but just an entitlement to claim the equivalent DMDv4 coins. Once your address claimed the DMDv4 equivalent coins, you cannot repeat using the same address again.
More 👇
When DMDv4 gets launched, a common question expected from the community is how to efficiently transit from DMDv3 to DMDv4 - without losing your former coins. Over the years of our blockchain existence, being community-centric is one of our competitive advantages, and we would not afford to jeopardise the trust of the community in our ecosystem.
All DMDv3 coin holders are eligible to claim an equal amount on DMDv4 within the claiming period or else, your coin would return into a pool of coins in circulation. Therefore, the proof of ownership of DMDv3 serves as eligibility for the address holder to claim an equal amount of DMDv4 coins.
However, it should be noted that the claiming of DMDv4 coins can't change anything on the DMDv3 chain - as what you're doing isn't technically a swap, but just an entitlement to claim the equivalent DMDv4 coins. Once your address claimed the DMDv4 equivalent coins, you cannot repeat using the same address again.
More 👇
🗣 CC0 NFTs - A Game Changer In The NFT Space
Non-Fungible Tokens (NFTs) have arguably brought a lot of traction to blockchain technology. Over the years, it has proven to be the remedy for digital ownership and intellectual property bottlenecks.
That has led to enormous revenue opportunities for non-fungible token holders - by allowing creators, brands, and businesses to utilize their NFT artwork for a fee. Furthermore, brands, creators and NFT collections could also make use of NFT images as a brand-building exercise, following permission from the main NFT holder. That's how disruptive NFTs are in the industry.
However, a new class of NFTs termed CC0 NFTs, has taken the NFT spaces by storm. From 2021 till date, significant NFT projects have modelled the CC0 route. Projects like Nouns, Cryptoadz, Moonbirds, Cryptoteddies and, Loot, amongst others.
More below 👇
Non-Fungible Tokens (NFTs) have arguably brought a lot of traction to blockchain technology. Over the years, it has proven to be the remedy for digital ownership and intellectual property bottlenecks.
That has led to enormous revenue opportunities for non-fungible token holders - by allowing creators, brands, and businesses to utilize their NFT artwork for a fee. Furthermore, brands, creators and NFT collections could also make use of NFT images as a brand-building exercise, following permission from the main NFT holder. That's how disruptive NFTs are in the industry.
However, a new class of NFTs termed CC0 NFTs, has taken the NFT spaces by storm. From 2021 till date, significant NFT projects have modelled the CC0 route. Projects like Nouns, Cryptoadz, Moonbirds, Cryptoteddies and, Loot, amongst others.
More below 👇
Join us this upcoming November 7th at the Blockchain and Cryptocurrency Summit, where our Chief Visionary Officer - Helmut Siedl, would journey us through the "Technical Explanation Advantages of a Cooperative Consensus Blockchain".
It's interesting to tell you what DMD Diamond V4 features would be discussed.
Come one, Come All, while you also get the avenue to ask questions and clarifications regarding DMD Diamond Blockchain.
Time: 14:00 Central European Time
To join the conference by 7th November 2022, click the link below 👇
https://logytalks.com/fill-guest-details/d004a917-2f27-4427-a9ae-6c0d08d89b69-1666097600
Thanks!
It's interesting to tell you what DMD Diamond V4 features would be discussed.
Come one, Come All, while you also get the avenue to ask questions and clarifications regarding DMD Diamond Blockchain.
Time: 14:00 Central European Time
To join the conference by 7th November 2022, click the link below 👇
https://logytalks.com/fill-guest-details/d004a917-2f27-4427-a9ae-6c0d08d89b69-1666097600
Thanks!
In the crypto market sizing report (2021 and 2022) forecast, it was speculated that the number of global crypto owners should reach 1 billion by the year-end of 2022. Then, what does the future holds for DMD diamond coins?
Read👇
https://dmd-diamond.medium.com/mass-crypto-adoption-whats-the-future-of-dmd-diamond-coins-e81f0629c88
Read👇
https://dmd-diamond.medium.com/mass-crypto-adoption-whats-the-future-of-dmd-diamond-coins-e81f0629c88
Medium
Mass Crypto Adoption — What’s The Future Of DMD Diamond Coins?
Beyond the recent crypto winter, day in, day out — there is a higher level of awareness about Cryptocurrencies and their use-cases. In the…
🗣 How To Collaborate With DMD Diamond Blockchain 💫
All thanks to DMD diamond blockchain that provides an ecosystem that allows third party projects on top of it - benefiting from unique features of HBBFT algorithm, EVM-based smart contract system, high throughput, cheaper transaction cost, and lots more.
These unique use-cases have arguably brought a lot of traction for collaboration with our ecosystem. However, many are still stuck on the way forward to kick starting their association with us.
Before explaining how you could go ahead collaborating with us, It's necessary to make an assertion that - DMD diamond blockchain is a community driven ecosystem. Meaning, every member of our community is welcome to contribute to the growth of our blockchain.
More below👇
All thanks to DMD diamond blockchain that provides an ecosystem that allows third party projects on top of it - benefiting from unique features of HBBFT algorithm, EVM-based smart contract system, high throughput, cheaper transaction cost, and lots more.
These unique use-cases have arguably brought a lot of traction for collaboration with our ecosystem. However, many are still stuck on the way forward to kick starting their association with us.
Before explaining how you could go ahead collaborating with us, It's necessary to make an assertion that - DMD diamond blockchain is a community driven ecosystem. Meaning, every member of our community is welcome to contribute to the growth of our blockchain.
More below👇
🗣 Blockchain Hacks - How DMD Diamond Blockchain Safeguards The Ecosystem From Cyber Hacks? 👏💫
The inherent security brought about by Blockchain technology has continued to revolutionize our traditional ways of financial obligations and information transmissions. All thanks to cryptographic protocols and primitives - that support and secure the blockchain ecosystem.
However, blockchains are still prone to attacks by cybercriminals - people with an entire mindset to exploit the system for their financial gains. Cryptocurrency projects today are getting hacked. Scammers are setting up rug pulls to steal from crypto investors.
According to data reported by Slowmist Hacked - a database that compiles information on disclosed attacks against blockchain projects, a total of 871 hack events have been recorded so far. That has amounted to a loss of over 28 billion dollars.
More below👇
The inherent security brought about by Blockchain technology has continued to revolutionize our traditional ways of financial obligations and information transmissions. All thanks to cryptographic protocols and primitives - that support and secure the blockchain ecosystem.
However, blockchains are still prone to attacks by cybercriminals - people with an entire mindset to exploit the system for their financial gains. Cryptocurrency projects today are getting hacked. Scammers are setting up rug pulls to steal from crypto investors.
According to data reported by Slowmist Hacked - a database that compiles information on disclosed attacks against blockchain projects, a total of 871 hack events have been recorded so far. That has amounted to a loss of over 28 billion dollars.
More below👇
🗣️ DMD Diamond Blockchain Updates For October ✨✨
Dear community,
Here are the developments that happened on our blockchain in October 👇
1️⃣ Our ecosystem recorded another huge performance improvement - up to 50%, and also progress in the area of Partner Nodes tracking and finalizing the Smart Contracts. Working on boosting the performance to improve the transaction throughput by another 300%, although it would take a while to achieve. Every day, we are many steps closer to the Open Beta release early next year
2️⃣ We made further progress modernizing the diamond contracts to the latest state-of-the-art principles, made the first proof of concept for the next iteration of performance improvements for the diamond-node Software, and released a demo NFT implementation for our random numbers system that can be found here: https://github.com/DMDcoin/diamond-randomness-system-demo-nft
More below 👇
Dear community,
Here are the developments that happened on our blockchain in October 👇
1️⃣ Our ecosystem recorded another huge performance improvement - up to 50%, and also progress in the area of Partner Nodes tracking and finalizing the Smart Contracts. Working on boosting the performance to improve the transaction throughput by another 300%, although it would take a while to achieve. Every day, we are many steps closer to the Open Beta release early next year
2️⃣ We made further progress modernizing the diamond contracts to the latest state-of-the-art principles, made the first proof of concept for the next iteration of performance improvements for the diamond-node Software, and released a demo NFT implementation for our random numbers system that can be found here: https://github.com/DMDcoin/diamond-randomness-system-demo-nft
More below 👇
🗣 Adoption Of Cryptocurrency Payments On Twitter - What's The Fate Of DMD Diamond Coin?
The recent acquisition of Twitter by Elon Musk - one of the major supporters and influencers of things around cryptocurrency, has brought a lot of speculation about the adoption of crypto payments on Twitter.
This is because Elon Musk is regarded as a self-proclaimed leader of Dogecoin. Hence, he could initiate Dogecoin payments for Twitter blue services. There are reports that he shall do so. Because of that report only, the meme coin - Dogecoin surged by nearly 70% within mere hours in the last couple of days.
It's a no-brainer that Elon Musk's acquisition of Twitter is for more for-profit reasons. Within his recent acquisition of Twitter, you could only get your account a verified badge henceforth on Twitter only when you subscribe to a monthly fee of $8. Something that was a free service before.
More below 👇
The recent acquisition of Twitter by Elon Musk - one of the major supporters and influencers of things around cryptocurrency, has brought a lot of speculation about the adoption of crypto payments on Twitter.
This is because Elon Musk is regarded as a self-proclaimed leader of Dogecoin. Hence, he could initiate Dogecoin payments for Twitter blue services. There are reports that he shall do so. Because of that report only, the meme coin - Dogecoin surged by nearly 70% within mere hours in the last couple of days.
It's a no-brainer that Elon Musk's acquisition of Twitter is for more for-profit reasons. Within his recent acquisition of Twitter, you could only get your account a verified badge henceforth on Twitter only when you subscribe to a monthly fee of $8. Something that was a free service before.
More below 👇
Exchange Tokens - What Are They and Their Risks?
Read👇
https://dmd-diamond.medium.com/exchange-tokens-what-are-they-and-their-risks-662190effe6
Read👇
https://dmd-diamond.medium.com/exchange-tokens-what-are-they-and-their-risks-662190effe6
Medium
Exchange Tokens — What Are They and Their Risks?
The recent meltdown of FTX’s native token — FTT, has brought another limelight to what exchange tokens are and their risks. This article…
🗣 FTX Meltdown - Triggering The Need For More and Adoption Rates Of Decentralised Crypto Exchanges 💫
FTX - a centralized crypto exchange breakdown has arguably reminded us of the need to shift away from the centralized structure of crypto exchanges. That's where decentralized exchanges come in, serving as an alternative to solving the challenges with centralized crypto exchanges and markets.
In a recent tweet by Jonah Van Bourg - the Cumberland's Head of Trading emphasized the need why the crypto market structure needed to mirror foreign exchange markets whose assets and capital aren't on centralized exchanges. He emphasized further that digital assets should reside in infinite silos around the world, while the roles of custody, settlement, lending, and most importantly liquidity should be offered by an array of intermediary nodes and providers in an interconnected but non-interdependent web.
More below 👇
FTX - a centralized crypto exchange breakdown has arguably reminded us of the need to shift away from the centralized structure of crypto exchanges. That's where decentralized exchanges come in, serving as an alternative to solving the challenges with centralized crypto exchanges and markets.
In a recent tweet by Jonah Van Bourg - the Cumberland's Head of Trading emphasized the need why the crypto market structure needed to mirror foreign exchange markets whose assets and capital aren't on centralized exchanges. He emphasized further that digital assets should reside in infinite silos around the world, while the roles of custody, settlement, lending, and most importantly liquidity should be offered by an array of intermediary nodes and providers in an interconnected but non-interdependent web.
More below 👇
🗣 Can the Government/Regulators Mediate Future Crypto Crashes?
Beyond the recent FTX meltdown's consequences on the crypto market, many have queried why there haven't been signs of maturity around creating a sustainable framework for regulating crypto, following many unprecedented cryptocurrency crashes.
Some have suggested government and regulators should come into action to provide regulatory frameworks that protect investors, stakers, and validators, among others within the crypto ecosystem and ensures their financial stability at all times, without halting innovations and nurturing the attractive use-cases brought forward by the crypto asset industry.
More below👇
Beyond the recent FTX meltdown's consequences on the crypto market, many have queried why there haven't been signs of maturity around creating a sustainable framework for regulating crypto, following many unprecedented cryptocurrency crashes.
Some have suggested government and regulators should come into action to provide regulatory frameworks that protect investors, stakers, and validators, among others within the crypto ecosystem and ensures their financial stability at all times, without halting innovations and nurturing the attractive use-cases brought forward by the crypto asset industry.
More below👇
🗣️ Amidst Calls To Develop Regulatory Framework For Crypto Industry, Releasing Proof of Reserves (PoR) Audits Appears To Be A Good Start!
The recent FTX breakdown has arguably increased the call to develop a sustainable regulatory framework for the crypto industry. While some are in support, others are against it - as they believe crypto self-regulates itself, and any effort should be directed towards the betterment of characters in the crypto industry.
However, amidst the calls, a new practice has surfaced over the recent weeks where centralized exchanges release their Proof of Reserves (PoR) - an alternative to showcase transparency in absence of clear regulations. PoR is an independent audit outsourced to a third party to ascertain if a custodian holds assets it claims to own on behalf of its clients.
More below👇
The recent FTX breakdown has arguably increased the call to develop a sustainable regulatory framework for the crypto industry. While some are in support, others are against it - as they believe crypto self-regulates itself, and any effort should be directed towards the betterment of characters in the crypto industry.
However, amidst the calls, a new practice has surfaced over the recent weeks where centralized exchanges release their Proof of Reserves (PoR) - an alternative to showcase transparency in absence of clear regulations. PoR is an independent audit outsourced to a third party to ascertain if a custodian holds assets it claims to own on behalf of its clients.
More below👇
🗣️ DMD Diamond Blockchain Updates For November ✨✨
Dear community,
Here are the developments that happened on our blockchain in November 👇
1️⃣ Our bridges between Telegram, Discord, and Slack were optimized back to normal following a test of bridges.
2️⃣ DMD/ETH trading pair was removed from the P2PB2P exchange due to liquidity issues from the market side, and we advocated the community to increase orders and trading volume in the order books of DMD/BTC and DMD/USDT to avoid liquidity issues there too in the future.
3️⃣ We are working on a new big upgrade that pulls together the new RNG Feature in the contract, Performance Improvements of the Node Software & Support of the RNG Feature, Solidity Upgrade to 0.8.17, Hbbft Epoch Reward Implementation, and Networking Upgrades.
More below 👇
Dear community,
Here are the developments that happened on our blockchain in November 👇
1️⃣ Our bridges between Telegram, Discord, and Slack were optimized back to normal following a test of bridges.
2️⃣ DMD/ETH trading pair was removed from the P2PB2P exchange due to liquidity issues from the market side, and we advocated the community to increase orders and trading volume in the order books of DMD/BTC and DMD/USDT to avoid liquidity issues there too in the future.
3️⃣ We are working on a new big upgrade that pulls together the new RNG Feature in the contract, Performance Improvements of the Node Software & Support of the RNG Feature, Solidity Upgrade to 0.8.17, Hbbft Epoch Reward Implementation, and Networking Upgrades.
More below 👇
🗣️ On-chain Data Analyst Predicts A Bullish Push For Bitcoin.
A recent interview conducted by Giovanni Pigni - a video journalist at Cointelegraph with Will Clemente - an on-chain data analyst, juxtaposed how on-chain data present reasons to be bullish on Bitcoin.
First off, Will Clemente justifies his assertion by emphasizing how long-term holders of Bitcoin reached an all-time high despite declining profitability - even to an extent of an all-time low. He further established that long-term holders hold bitcoin heavily into the bear market, of which they distribute their holdings to new market entrants in the bull market.
More below👇
A recent interview conducted by Giovanni Pigni - a video journalist at Cointelegraph with Will Clemente - an on-chain data analyst, juxtaposed how on-chain data present reasons to be bullish on Bitcoin.
First off, Will Clemente justifies his assertion by emphasizing how long-term holders of Bitcoin reached an all-time high despite declining profitability - even to an extent of an all-time low. He further established that long-term holders hold bitcoin heavily into the bear market, of which they distribute their holdings to new market entrants in the bull market.
More below👇
🗣️ Wrapped Tokens - Would DMD Diamond Blockchain Support It?
One of the key offerings of DMD Diamond Blockchain is supporting interoperability across blockchains. That is where Wrapped Tokens come into place - a welcome solution for solving interoperability issues between blockchains, as more blockchains are coming into existence.
Wrapped tokens help to move assets across blockchains. They are also assets themselves - helping to transfer the value of a native asset from one blockchain to another. An example of the wrapped token is WBTC (wrapped bitcoin) on ERC-20 or TRC-20 tokens, hence could be used and traded on the Ethereum and Tron blockchains.
More below👇
One of the key offerings of DMD Diamond Blockchain is supporting interoperability across blockchains. That is where Wrapped Tokens come into place - a welcome solution for solving interoperability issues between blockchains, as more blockchains are coming into existence.
Wrapped tokens help to move assets across blockchains. They are also assets themselves - helping to transfer the value of a native asset from one blockchain to another. An example of the wrapped token is WBTC (wrapped bitcoin) on ERC-20 or TRC-20 tokens, hence could be used and traded on the Ethereum and Tron blockchains.
More below👇
🗣️ 2023 Could Be The Year Of Crypto Regulation Versus Decentralisation
Following the unprecedented events that happened in the crypto industry, many reasons have been aired to establish a sustainable regulatory framework for the Crypto industry. Many are curious that despite the first crypto asset - Bitcoin existed over a decade ago, the regulatory terrain for crypto-assets remains a dark forest. Hence, many look forward to the novel, sustainable regulatory frameworks from the Securities and Exchange Commission (SEC) - the crypto’s primary U.S. market regulator, in 2023.
While SEC leveled up their enforcement squad for crypto assets in 2022, it appeared they will do more in 2023. Gary Gensler - the SEC chair holds the view that the majority of crypto assets are securities - a security type termed investment contracts and therefore most crypto-asset issuers and intermediaries should be subjected to the same laws and regulations as other securities issuers and intermediaries.
More below 👇
Following the unprecedented events that happened in the crypto industry, many reasons have been aired to establish a sustainable regulatory framework for the Crypto industry. Many are curious that despite the first crypto asset - Bitcoin existed over a decade ago, the regulatory terrain for crypto-assets remains a dark forest. Hence, many look forward to the novel, sustainable regulatory frameworks from the Securities and Exchange Commission (SEC) - the crypto’s primary U.S. market regulator, in 2023.
While SEC leveled up their enforcement squad for crypto assets in 2022, it appeared they will do more in 2023. Gary Gensler - the SEC chair holds the view that the majority of crypto assets are securities - a security type termed investment contracts and therefore most crypto-asset issuers and intermediaries should be subjected to the same laws and regulations as other securities issuers and intermediaries.
More below 👇
🗣️ End Of Year Appreciation To Our Community Members
DMD diamond blockchain is one of the few blockchains maintaining its existence over the years. Not only that, It has survived the crypto winter in between the years.
All thanks to our community members who believe in our use-cases and ecosystem in general. That has seen us through the developments and upgrades from V1 to V2 to V3.
2022 has been a milestone for us - dominated by DMD diamond blockchain v3 offerings, performance improvements/optimization, contract upgrades, and efforts toward the launching of DMD diamond blockchain V4.
More below👇
DMD diamond blockchain is one of the few blockchains maintaining its existence over the years. Not only that, It has survived the crypto winter in between the years.
All thanks to our community members who believe in our use-cases and ecosystem in general. That has seen us through the developments and upgrades from V1 to V2 to V3.
2022 has been a milestone for us - dominated by DMD diamond blockchain v3 offerings, performance improvements/optimization, contract upgrades, and efforts toward the launching of DMD diamond blockchain V4.
More below👇