DMD network security solution
⠀
The main property of any consensus algorithm is ensuring the security of the blockchain. And each network tries to find the best solution for itself by developing and improving the consensus structure.
⠀
Yes, PoW provides a high level of blockchain protection, but only for the primary blockchain of a mining algorithm (for example, bitcoin is protected well but bitcoin cash is vulnerable that is all bitcoin cash hashrate could be used on the bitcoin network and have no effect or majority but all bitcoin hashrate on bitcoin cash would easy become potent enough for a 51% attack), as everyone knows, it is more energy-consuming than PoS and badly affects the environment. Our platform offers its own unique solution!
⠀
DMD Diamond operates on a unique HBBFT consensus with DPoS implementation. After extensive research, the DMD Diamond team has found that the use of HBBFT significantly increases the efficiency and security of the blockchain, which makes this consensus ideal for DMD. It’s the industry’s first solution and DMD Diamond will be an innovator introducing new technology into a productive smart contract.
⠀
The results of the transition to HBBFT:
— Increased reliability of the blockchain
— Detection and elimination of malicious nodes
— Elimination of the possibility of a hard fork and of orphan blocks in the blockchain.
⠀
Thus, HBBFT provides high network security, and DPoS creates a higher level of decentralization than the protocols of fixed consensus nodes.
⠀
Choose the reliability and security of the bit.diamonds network!
⠀
The main property of any consensus algorithm is ensuring the security of the blockchain. And each network tries to find the best solution for itself by developing and improving the consensus structure.
⠀
Yes, PoW provides a high level of blockchain protection, but only for the primary blockchain of a mining algorithm (for example, bitcoin is protected well but bitcoin cash is vulnerable that is all bitcoin cash hashrate could be used on the bitcoin network and have no effect or majority but all bitcoin hashrate on bitcoin cash would easy become potent enough for a 51% attack), as everyone knows, it is more energy-consuming than PoS and badly affects the environment. Our platform offers its own unique solution!
⠀
DMD Diamond operates on a unique HBBFT consensus with DPoS implementation. After extensive research, the DMD Diamond team has found that the use of HBBFT significantly increases the efficiency and security of the blockchain, which makes this consensus ideal for DMD. It’s the industry’s first solution and DMD Diamond will be an innovator introducing new technology into a productive smart contract.
⠀
The results of the transition to HBBFT:
— Increased reliability of the blockchain
— Detection and elimination of malicious nodes
— Elimination of the possibility of a hard fork and of orphan blocks in the blockchain.
⠀
Thus, HBBFT provides high network security, and DPoS creates a higher level of decentralization than the protocols of fixed consensus nodes.
⠀
Choose the reliability and security of the bit.diamonds network!
Elon Musk harms the crypto and DMD saves it
⠀
Recently, Elon Musk has become one of the main figures in the world of cryptocurrencies. His tweets cause instant reactions from crypto users and cause wild price swings in the market.
⠀
DOGEcoin has been steadily growing in price since May only because the founder of SpaceX has well spoken about the coin. But when Elon Musk said that mining BTC harms the environment, it significantly affected the price of the largest coin and the crypto market as a whole.
⠀
After the recent events and hype around BTC and Elon Musk, experts have collected impressive statistics by conducting a survey of 1,103 people:
◼️ 49% said that “dirty” mining pushes them away from investing in cryptocurrency.
◼️ 70% of the respondents preferred investing in a more environmentally friendly cryptocurrency than BTC.
◼️ 30% of the respondents sold digital gold in May 2021, some of them admitted that they did it because of Elon's statements.
⠀
At the same time, almost half of crypto investors say that Musk has too much undeserved influence on the crypto market and also recognized his statements as annoying or entertaining.
⠀
On the one hand, the statements of Elon Musk pointed out to us the main problem of the cryptocurrency market – non-ecological mining. This forced many people not only to change their attitude but also forced the owners of platforms and farms to change their approach to a “cleaner” one.
⠀
The DMD Diamond platform has always been one step ahead. We have abandoned PoW and switched to a 99% more environmentally friendly way of processing transactions many years ago and with DMDv4 we go a step further and improve it even more via HBBFT and dPoS. Like Elon, we strive to create a new ecosystem that is safe for the environment, attracting people to the market, and not scaring them away.
⠀
It is important for us not to criticize but to offer a real solution to the existing problem, to reward users for participation. This is the main difference!
⠀
Become a part of the new “clean” ecosystem of bit.diamonds!
⠀
Recently, Elon Musk has become one of the main figures in the world of cryptocurrencies. His tweets cause instant reactions from crypto users and cause wild price swings in the market.
⠀
DOGEcoin has been steadily growing in price since May only because the founder of SpaceX has well spoken about the coin. But when Elon Musk said that mining BTC harms the environment, it significantly affected the price of the largest coin and the crypto market as a whole.
⠀
After the recent events and hype around BTC and Elon Musk, experts have collected impressive statistics by conducting a survey of 1,103 people:
◼️ 49% said that “dirty” mining pushes them away from investing in cryptocurrency.
◼️ 70% of the respondents preferred investing in a more environmentally friendly cryptocurrency than BTC.
◼️ 30% of the respondents sold digital gold in May 2021, some of them admitted that they did it because of Elon's statements.
⠀
At the same time, almost half of crypto investors say that Musk has too much undeserved influence on the crypto market and also recognized his statements as annoying or entertaining.
⠀
On the one hand, the statements of Elon Musk pointed out to us the main problem of the cryptocurrency market – non-ecological mining. This forced many people not only to change their attitude but also forced the owners of platforms and farms to change their approach to a “cleaner” one.
⠀
The DMD Diamond platform has always been one step ahead. We have abandoned PoW and switched to a 99% more environmentally friendly way of processing transactions many years ago and with DMDv4 we go a step further and improve it even more via HBBFT and dPoS. Like Elon, we strive to create a new ecosystem that is safe for the environment, attracting people to the market, and not scaring them away.
⠀
It is important for us not to criticize but to offer a real solution to the existing problem, to reward users for participation. This is the main difference!
⠀
Become a part of the new “clean” ecosystem of bit.diamonds!
DMD Diamond’s solutions to the crypto market problems
While developing DMDv4, we aimed to tackle several of the most pressing blockchain challenges, from the excessive use of energy to lost coins. The result is an elegantly balanced framework that is fair, efficient and decentralized.
Read on more: https://link.medium.com/dpLWLI7Heib
While developing DMDv4, we aimed to tackle several of the most pressing blockchain challenges, from the excessive use of energy to lost coins. The result is an elegantly balanced framework that is fair, efficient and decentralized.
Read on more: https://link.medium.com/dpLWLI7Heib
Medium
DMD Diamond’s solutions to the crypto market problems
While developing DMDv4, we aimed to tackle several of the most pressing blockchain challenges, from the excessive use of energy to lost…
DMD is the future of the new eco market
⠀
The situation with BTC mining has greatly shaken the crypto market. After Elon Musk's statements about “dirty cryptocurrency mining”, many users changed their attitude to the market, and someone even sold their BTC.
⠀
◼️ On the one hand, you can see a lot of disadvantages, because the price of the currency has fallen significantly (almost by half), which means that the market is in a crisis. Mining farms are closing, people are not sure about the future of the cryptocurrency market.
⠀
◼️ On the other hand, any problem is a sign that it is time to look for new solutions. We can see that many blockchains are switching from the PoW consensus to PoS, which significantly reduces the energy consumption when processing transactions.
⠀
Our platform transitioned to “clean” mining much earlier, switching to PoS and then to HBBFT with the addition of a DPoS-based node election algorithm.
⠀
This consensus is extremely energy efficient. Moreover, HBBFT has no orphan blocks, and it is not subject to unintended forks. Cooperative Consensus DMD is fast, economical and more environmentally friendly than PoW or PoS, which tangibly reduces the waste of energy.
⠀
This is the world’s first implementation of this technology on a smart contract that makes blockchain and DMD Diamond a true innovation leader!
⠀
DMD Diamond strives for a new “clean” blockchain market, which will one day replace not only PoW mining but also the entire traditional financial system. With your support, we will be able to achieve this!
⠀
Invest in the eco-friendly future of the cryptocurrency market with bit.diamonds!
⠀
The situation with BTC mining has greatly shaken the crypto market. After Elon Musk's statements about “dirty cryptocurrency mining”, many users changed their attitude to the market, and someone even sold their BTC.
⠀
◼️ On the one hand, you can see a lot of disadvantages, because the price of the currency has fallen significantly (almost by half), which means that the market is in a crisis. Mining farms are closing, people are not sure about the future of the cryptocurrency market.
⠀
◼️ On the other hand, any problem is a sign that it is time to look for new solutions. We can see that many blockchains are switching from the PoW consensus to PoS, which significantly reduces the energy consumption when processing transactions.
⠀
Our platform transitioned to “clean” mining much earlier, switching to PoS and then to HBBFT with the addition of a DPoS-based node election algorithm.
⠀
This consensus is extremely energy efficient. Moreover, HBBFT has no orphan blocks, and it is not subject to unintended forks. Cooperative Consensus DMD is fast, economical and more environmentally friendly than PoW or PoS, which tangibly reduces the waste of energy.
⠀
This is the world’s first implementation of this technology on a smart contract that makes blockchain and DMD Diamond a true innovation leader!
⠀
DMD Diamond strives for a new “clean” blockchain market, which will one day replace not only PoW mining but also the entire traditional financial system. With your support, we will be able to achieve this!
⠀
Invest in the eco-friendly future of the cryptocurrency market with bit.diamonds!
Main Features of dPoS System
⠀
Delegated Proof of Stake (or dPoS) is a consensus algorithm that is similar in structure to PoS but has elements of voting in the network. DMD Diamond uses the dPoS consensus to select validators that participate in block creation.
⠀
Like other consensus algorithms, DMD Diamond dPoS has its advantages:
⠀
◼️ A higher level of decentralization than HBBFT with static validators
◼️ Low power consumption (much lower than PoW, a bit lower than PoS)
◼️ High level of security: the attacker needs ⅔ of the validator set to be able to manipulate the network. (that’s higher than POW or POS resilience )
⠀
Every 12 hours (Epoch), the system randomly selects up to 25 validators from the valid candidates. The chances of being selected depend on how many coins are staked on them. More reliable nodes attract more dPoS stakers and as such have more chances to be selected.
⠀
If the HBBFT consensus significantly speeds up transaction processing, allows instant finality transactions, perfect censorship resistance and uses resources more economically, the DPoS system provides complete decentralization when creating a block and distributing rewards.
⠀
Participate in the bit.diamonds network and earn DMD tokens!
⠀
Delegated Proof of Stake (or dPoS) is a consensus algorithm that is similar in structure to PoS but has elements of voting in the network. DMD Diamond uses the dPoS consensus to select validators that participate in block creation.
⠀
Like other consensus algorithms, DMD Diamond dPoS has its advantages:
⠀
◼️ A higher level of decentralization than HBBFT with static validators
◼️ Low power consumption (much lower than PoW, a bit lower than PoS)
◼️ High level of security: the attacker needs ⅔ of the validator set to be able to manipulate the network. (that’s higher than POW or POS resilience )
⠀
Every 12 hours (Epoch), the system randomly selects up to 25 validators from the valid candidates. The chances of being selected depend on how many coins are staked on them. More reliable nodes attract more dPoS stakers and as such have more chances to be selected.
⠀
If the HBBFT consensus significantly speeds up transaction processing, allows instant finality transactions, perfect censorship resistance and uses resources more economically, the DPoS system provides complete decentralization when creating a block and distributing rewards.
⠀
Participate in the bit.diamonds network and earn DMD tokens!
How we implement Instant block finality
⠀
Before we discuss how the DMDv4 system ensures the completion of the block, let's introduce users to the work of the DMDV4 consensus platform.
⠀
Decentralization implies the presence of many participants in the network who make decisions. But this leads to the fact that the confirmation of many transactions requires more time and energy supply.
⠀
To date, DMDv4 uses the most efficient HBBFT consensus for transaction confirmation, which has:
⠀
◼️ Higher capacity.
◼️ High level of security.
◼️ Dynamic block time.
◼️ Stability.
◼️ Elimination of outdated blocks.
⠀
The HBBFT protocol provides instant block completion. The block is created only after the transactions have been completed by the validating nodes in the network. If a block is signed by validators, it is terminated, even if it is the most recent block. This prevents temporary branching and creates an immutable transaction book.
⠀
No mining is required to run HBBFT, and a small pool of validators is required for the protocol. DMDv4 uses a subset of 25 active validators that are randomly selected from a pool of all possible validators every 12 hours (Epoch).
⠀
Choose the best bit.diamonds network with low fees and instant transactions.
⠀
Before we discuss how the DMDv4 system ensures the completion of the block, let's introduce users to the work of the DMDV4 consensus platform.
⠀
Decentralization implies the presence of many participants in the network who make decisions. But this leads to the fact that the confirmation of many transactions requires more time and energy supply.
⠀
To date, DMDv4 uses the most efficient HBBFT consensus for transaction confirmation, which has:
⠀
◼️ Higher capacity.
◼️ High level of security.
◼️ Dynamic block time.
◼️ Stability.
◼️ Elimination of outdated blocks.
⠀
The HBBFT protocol provides instant block completion. The block is created only after the transactions have been completed by the validating nodes in the network. If a block is signed by validators, it is terminated, even if it is the most recent block. This prevents temporary branching and creates an immutable transaction book.
⠀
No mining is required to run HBBFT, and a small pool of validators is required for the protocol. DMDv4 uses a subset of 25 active validators that are randomly selected from a pool of all possible validators every 12 hours (Epoch).
⠀
Choose the best bit.diamonds network with low fees and instant transactions.
Is DMD better than Ethereum?
⠀
The Ethereum blockchain has been the leading dApp platform of the cryptocurrency market for many years. But over the past year when the price of ETH was rising strongly, users faced the problem of network congestion and high Gas fees. This was a good stimulus for the development of DeFi and the search for new solutions to increase the speed of transactions and reduce commissions on the blockchains.
⠀
Many developers, even those who used to work with Ethereum prefer alternative blockchains for deploying their dApps. Therefore, we are pleased to present DMDv4 – one of the most cost-effective alternatives. Here are a few reasons why our blockchain is better than Ethereum:
⠀
◼️ DMD Diamond uses the Honey Badger Byzantine Fault Tolerant (HBBFT) cooperative consensus in combination with the once-in-an-era validator selection technology. This ensures a higher level of decentralization.
⠀
◼️ DMDv4 is compatible with other blockchains. Any developer can transfer their project to DMD Diamond due to compatibility with EVM and support for the Solidity language.
⠀
◼️ Thanks to HBBFT, DMD reaches a throughput of at least 400 transactions per second, which is many times more than on Ethereum.
⠀
◼️ DMD is more energy-efficient. HBBFT requires a minimal amount of energy, while Ethereum's energy consumption indicators will be higher than DMD's even after switching from PoW to Pos.
⠀
Choose the improved blockchain bit.diamonds! Read more about us on Medium.
⠀
The Ethereum blockchain has been the leading dApp platform of the cryptocurrency market for many years. But over the past year when the price of ETH was rising strongly, users faced the problem of network congestion and high Gas fees. This was a good stimulus for the development of DeFi and the search for new solutions to increase the speed of transactions and reduce commissions on the blockchains.
⠀
Many developers, even those who used to work with Ethereum prefer alternative blockchains for deploying their dApps. Therefore, we are pleased to present DMDv4 – one of the most cost-effective alternatives. Here are a few reasons why our blockchain is better than Ethereum:
⠀
◼️ DMD Diamond uses the Honey Badger Byzantine Fault Tolerant (HBBFT) cooperative consensus in combination with the once-in-an-era validator selection technology. This ensures a higher level of decentralization.
⠀
◼️ DMDv4 is compatible with other blockchains. Any developer can transfer their project to DMD Diamond due to compatibility with EVM and support for the Solidity language.
⠀
◼️ Thanks to HBBFT, DMD reaches a throughput of at least 400 transactions per second, which is many times more than on Ethereum.
⠀
◼️ DMD is more energy-efficient. HBBFT requires a minimal amount of energy, while Ethereum's energy consumption indicators will be higher than DMD's even after switching from PoW to Pos.
⠀
Choose the improved blockchain bit.diamonds! Read more about us on Medium.
DMD coins issuance plan
⠀
The DMD coin is one of the oldest cryptocurrencies on the market. An important feature is that it retains its original emission model. Thanks to this mechanism, the token is five times more scarce than Bitcoin.
⠀
It is worth noting that DMD is one of those coins that has not just survived but has also grown significantly since the creation of all blockchain platforms at an early stage of development (2013), and the coin holders still trade and actively support it.
⠀
DMD does not issue coins based on the algorithm. All coins are created with the initiation of the blockchain and distributed among the holders of DMD coins on an individual basis. The final supply of coins is 4,380,000 tokens. The issue of tokens looks like this:
⠀
DMDv1 & DMDv2: July 13, 2013 – August 2017
DMDv3 Phase1: September 2017 – February 2018
DMDv3 Phase2: March 2018 – August 2020
DMDv3 Phase3: September 2020
DMDv4: release 2021
⠀
The DMDv4 reward logic will recreate a similar curve for roll out undistributed coins and add on top a unique coin reinsert logic that allows for endless rewards even with a small finite supply.
⠀
DMD is one of the oldest coins on the cryptocurrency market, which is still supported by the developer and has an issue model based on an unusual distribution algorithm.
⠀
Learn more about the DMD coin on the website https://bit.diamonds/
⠀
The DMD coin is one of the oldest cryptocurrencies on the market. An important feature is that it retains its original emission model. Thanks to this mechanism, the token is five times more scarce than Bitcoin.
⠀
It is worth noting that DMD is one of those coins that has not just survived but has also grown significantly since the creation of all blockchain platforms at an early stage of development (2013), and the coin holders still trade and actively support it.
⠀
DMD does not issue coins based on the algorithm. All coins are created with the initiation of the blockchain and distributed among the holders of DMD coins on an individual basis. The final supply of coins is 4,380,000 tokens. The issue of tokens looks like this:
⠀
DMDv1 & DMDv2: July 13, 2013 – August 2017
DMDv3 Phase1: September 2017 – February 2018
DMDv3 Phase2: March 2018 – August 2020
DMDv3 Phase3: September 2020
DMDv4: release 2021
⠀
The DMDv4 reward logic will recreate a similar curve for roll out undistributed coins and add on top a unique coin reinsert logic that allows for endless rewards even with a small finite supply.
⠀
DMD is one of the oldest coins on the cryptocurrency market, which is still supported by the developer and has an issue model based on an unusual distribution algorithm.
⠀
Learn more about the DMD coin on the website https://bit.diamonds/
Difference between DMDv3 and DMDv4
⠀
This year, the DMD Diamond platform has changed the block confirmation system from DMDv3 to DMDv4, which has allowed us to reach a new level of development. But many new users know what the key difference is because at first glance it is obvious that both consensus algorithms are based on the PoS mechanism.
⠀
PoS is a "new mining" and allows you to create new blocks in a faster, cheaper and less energy-consuming way (more environmentally friendly). But even in this system, there were disadvantages that needed improvement.
⠀
The main differences between DMDv3 and DMDv4:
⠀
◼️ Along with the transition to DMDv4, the Diamond platform switched to an EVM compatible codebase, which allows supporting smart contracts, is fully compatible with Ethereum and EVM.
⠀
◼️ The DMDv4 system has a higher throughput than DMDv3, which reaches at least 400 transactions per second (we expect more in further optimisations).
⠀
◼️ In DMDv3, we used the PoS/Masternode consensus. In DMDv4, we implement the world’s first asynchronous HoneyBadger BFT consensus on a smart contract, blocks are created in a cooperative instead of competitive way. All active validators can contribute transactions and create the block together, which makes a consensus without a leader. So, we increase the level of decentralization even more by add on top a dPoS like a node election mechanism.
⠀
Thus, the transition to DMDv4 turned out to be more effective for the operation of the DMD Diamond blockchain. Nevertheless, we continue our development, developing new and improved solutions for our network.
⠀
Stay tuned for future updates of bit.diamonds, and join our DMD DAO!
⠀
This year, the DMD Diamond platform has changed the block confirmation system from DMDv3 to DMDv4, which has allowed us to reach a new level of development. But many new users know what the key difference is because at first glance it is obvious that both consensus algorithms are based on the PoS mechanism.
⠀
PoS is a "new mining" and allows you to create new blocks in a faster, cheaper and less energy-consuming way (more environmentally friendly). But even in this system, there were disadvantages that needed improvement.
⠀
The main differences between DMDv3 and DMDv4:
⠀
◼️ Along with the transition to DMDv4, the Diamond platform switched to an EVM compatible codebase, which allows supporting smart contracts, is fully compatible with Ethereum and EVM.
⠀
◼️ The DMDv4 system has a higher throughput than DMDv3, which reaches at least 400 transactions per second (we expect more in further optimisations).
⠀
◼️ In DMDv3, we used the PoS/Masternode consensus. In DMDv4, we implement the world’s first asynchronous HoneyBadger BFT consensus on a smart contract, blocks are created in a cooperative instead of competitive way. All active validators can contribute transactions and create the block together, which makes a consensus without a leader. So, we increase the level of decentralization even more by add on top a dPoS like a node election mechanism.
⠀
Thus, the transition to DMDv4 turned out to be more effective for the operation of the DMD Diamond blockchain. Nevertheless, we continue our development, developing new and improved solutions for our network.
⠀
Stay tuned for future updates of bit.diamonds, and join our DMD DAO!
How many coins do you need to run a node on the DMD blockchain?
Anonymous Poll
19%
5,000 DMD
58%
10,000 DMD
12%
More than 15,000 DMD
12%
You don’t need DMD coins
DMD Network initiation: how it works
⠀
DMDv4 network is a new independent blockchain that shares not a single code line and uses a totally different and far advanced codebase than DMDv3 did.
⠀
All the differences and the few industry’s first solutions that are a part of DMDv4 are well described in the White Paper. DMDv4 follows the vision of an involving DMD Diamond ecosystem that is technology agnostic using the best technology available and transform value towards the new technology.
⠀
In the case of DMDv4, the value transfer happens by making sure the coin economic setup starts with exactly the same number of unlocked coins as there are existing on the old DMDv3 chain at snapshot. And each owner of a DMDv3 snapshot balance will be able to claim his coin balance 1:1 on the new v4 chain in the first 3 months after the mainnet launch.
⠀
The percentage of coins that can be claimed will be decreasing over time and the claiming time window will end after 5 years. Not or late claimed coins will not be hard burned but instead soft burned and fuel the sustainable neverending coin circulation which is one of the major improvements of DMD that will be described in our articles in more detail soon.
⠀
Let’s discuss how the DMD network is initiated in more detail.
When DMDv4 is released, all smart contracts are initiated in the genesis block (the first block of the network), along with the information about the bootstrap validators. First few days the network runs in a semi-closed environment slowly, allowing the longterm community members to join in and set up their validators. Once a healthy amount is reached, the network opens up and becomes a true open decentralized blockchain network.
⠀
Initiating validators don’t have a currency advantage, as the reward itself is reduced for the startup phase.
⠀
So, validators act as the main tools for the operation of DMD Diamond and ensure the smooth running of the entire network.
⠀
Join the bit.diamonds network and build a new ecosystem with us!
⠀
DMDv4 network is a new independent blockchain that shares not a single code line and uses a totally different and far advanced codebase than DMDv3 did.
⠀
All the differences and the few industry’s first solutions that are a part of DMDv4 are well described in the White Paper. DMDv4 follows the vision of an involving DMD Diamond ecosystem that is technology agnostic using the best technology available and transform value towards the new technology.
⠀
In the case of DMDv4, the value transfer happens by making sure the coin economic setup starts with exactly the same number of unlocked coins as there are existing on the old DMDv3 chain at snapshot. And each owner of a DMDv3 snapshot balance will be able to claim his coin balance 1:1 on the new v4 chain in the first 3 months after the mainnet launch.
⠀
The percentage of coins that can be claimed will be decreasing over time and the claiming time window will end after 5 years. Not or late claimed coins will not be hard burned but instead soft burned and fuel the sustainable neverending coin circulation which is one of the major improvements of DMD that will be described in our articles in more detail soon.
⠀
Let’s discuss how the DMD network is initiated in more detail.
When DMDv4 is released, all smart contracts are initiated in the genesis block (the first block of the network), along with the information about the bootstrap validators. First few days the network runs in a semi-closed environment slowly, allowing the longterm community members to join in and set up their validators. Once a healthy amount is reached, the network opens up and becomes a true open decentralized blockchain network.
⠀
Initiating validators don’t have a currency advantage, as the reward itself is reduced for the startup phase.
⠀
So, validators act as the main tools for the operation of DMD Diamond and ensure the smooth running of the entire network.
⠀
Join the bit.diamonds network and build a new ecosystem with us!
Rotation of validators on DMDv4
⠀
The block approval process looks like a list of transactions proposed by the current validators. They jointly confirm the block using signatures.
⠀
By generating random numbers, the HBBFT consensus includes a mechanism for selecting validators, while using a secure mechanism for generating a random validator. It ensures that each of them will be chosen fairly.
⠀
A good side effect is that other blockchain applications that need true randomness can use such RNG numbers, without their own RNG mechanism.
⠀
The implementation of this algorithm (HBBFT) requires a small number of validator nodes, but with a constant and reliable connection between each node. DMDv4 will use 25 nodes in the active set, and they will change every epoch (the epoch is equal to 12 hours).
⠀
So, thanks to random generation and constant rotation of validators, DMDv4 receives a secure and reliable decentralized algorithm that selects validators.
⠀
Read more about the selecting validators mechanism at https://bit.diamonds/.
⠀
The block approval process looks like a list of transactions proposed by the current validators. They jointly confirm the block using signatures.
⠀
By generating random numbers, the HBBFT consensus includes a mechanism for selecting validators, while using a secure mechanism for generating a random validator. It ensures that each of them will be chosen fairly.
⠀
A good side effect is that other blockchain applications that need true randomness can use such RNG numbers, without their own RNG mechanism.
⠀
The implementation of this algorithm (HBBFT) requires a small number of validator nodes, but with a constant and reliable connection between each node. DMDv4 will use 25 nodes in the active set, and they will change every epoch (the epoch is equal to 12 hours).
⠀
So, thanks to random generation and constant rotation of validators, DMDv4 receives a secure and reliable decentralized algorithm that selects validators.
⠀
Read more about the selecting validators mechanism at https://bit.diamonds/.
Why a high level of decentralization is importaint?
⠀
The traditional financial market is centralized, which means that there is a single management center, a central bank or a state. This entails a number of negative consequences for its participants. If the control center fails, it affects the entire system, and thus investors can lose their investments.
⠀
But since the advent of blockchain technologies, everything has changed. Blockchain has created a new decentralized financial system where every investor has the right to vote and remain independent. This provides a certain level of protection for each participant.
⠀
The DMD Diamond platform wants to achieve the maximum level of decentralization, and creates an improved blockchain, where each participant freely manages their finances and participates in the development of the project.
⠀
DMDv4 uses Honey Badger Byzantine Fault Tolerant, an asynchronous consensus model without a leader. We also add a dPoS like node election consensus (PoSDAO). In the upcoming 4.1 upgrade, we will have a true DAO that will manage development, and project support funding requests will be added too. This combination increases the level of network decentralization, where:
⠀
◼️ there is a random selection of validators every 12 hours;
◼️ awards are distributed between the validator and its delegates;
◼️ equal distribution of remuneration for large and small validators;
◼️ each user affects the decentralization;
◼️ the staking limit per validator is no more than 50,000 tokens.
⠀
In the last analysis, the DMD Diamond user gets a free and reliable financial system, where each participant can not be afraid of losing funds due to incorrect actions of the management body.
⠀
Join one of the most decentralized blockchains bit.diamonds!
⠀
The traditional financial market is centralized, which means that there is a single management center, a central bank or a state. This entails a number of negative consequences for its participants. If the control center fails, it affects the entire system, and thus investors can lose their investments.
⠀
But since the advent of blockchain technologies, everything has changed. Blockchain has created a new decentralized financial system where every investor has the right to vote and remain independent. This provides a certain level of protection for each participant.
⠀
The DMD Diamond platform wants to achieve the maximum level of decentralization, and creates an improved blockchain, where each participant freely manages their finances and participates in the development of the project.
⠀
DMDv4 uses Honey Badger Byzantine Fault Tolerant, an asynchronous consensus model without a leader. We also add a dPoS like node election consensus (PoSDAO). In the upcoming 4.1 upgrade, we will have a true DAO that will manage development, and project support funding requests will be added too. This combination increases the level of network decentralization, where:
⠀
◼️ there is a random selection of validators every 12 hours;
◼️ awards are distributed between the validator and its delegates;
◼️ equal distribution of remuneration for large and small validators;
◼️ each user affects the decentralization;
◼️ the staking limit per validator is no more than 50,000 tokens.
⠀
In the last analysis, the DMD Diamond user gets a free and reliable financial system, where each participant can not be afraid of losing funds due to incorrect actions of the management body.
⠀
Join one of the most decentralized blockchains bit.diamonds!
DMD holders: benefits for investors
⠀
The DMD Diamond team invests all its professionalism and many years of experience in the field of blockchain in creating a new and improved ecosystem for crypto users. We strive to develop together with the market and be one step ahead of our competitors, constantly attracting new network members.
⠀
But global goals are not the only thing we want to achieve. It is also important for us to create favorable conditions for our participants starting from high rewards and ending with participation in the management of DMD Diamond.
⠀
What advantages does a user who buys DMD tokens and becomes a member of the network get?
⠀
◼️ Get rewards on staking.
◼️ Become a validator and earn DMD.
◼️ Participate in the management of the platform.
◼️ Make high-speed transactions.
◼️ Deploy your Dapps simply and on the best terms.
⠀
We believe that much can be achieved through joint efforts! By participating in DMD Diamond, you not only get a constant income but also help us raise the cryptocurrency market to a new level.
⠀
Read more about DMD Diamond on Medium!
⠀
The DMD Diamond team invests all its professionalism and many years of experience in the field of blockchain in creating a new and improved ecosystem for crypto users. We strive to develop together with the market and be one step ahead of our competitors, constantly attracting new network members.
⠀
But global goals are not the only thing we want to achieve. It is also important for us to create favorable conditions for our participants starting from high rewards and ending with participation in the management of DMD Diamond.
⠀
What advantages does a user who buys DMD tokens and becomes a member of the network get?
⠀
◼️ Get rewards on staking.
◼️ Become a validator and earn DMD.
◼️ Participate in the management of the platform.
◼️ Make high-speed transactions.
◼️ Deploy your Dapps simply and on the best terms.
⠀
We believe that much can be achieved through joint efforts! By participating in DMD Diamond, you not only get a constant income but also help us raise the cryptocurrency market to a new level.
⠀
Read more about DMD Diamond on Medium!
Evolution of mining systems and DMD's place in it
⠀
This year, thanks to Elon Musk, we have moved into a new era of so-called “ecological mining”. If we recall how a few years ago the idea of mining BTC seemed to be a technological advance, now PoW is a step back.
⠀
After many years of expensive mining, crypto enthusiasts began searching for a replacement for PoW with a more efficient and simple consensus algorithm. So in 2012, PoS appeared, which was presented on the PPCoin cryptocurrency. DMD Diamond did not lag behind the entire crypto market and also changed the hybrid POW / POS mechanism to PoS.
⠀
Each user received rewards according to the share of his ownership, but this is far from the level of decentralization that we would like to achieve. Therefore, we have taken an important step and switched from a competitive consensus to a cooperative one.
⠀
DMDv4 combined HBBFT (Byzantine Fault-Tolerant Honey Badger Consensus) and DPoS provided high network throughput and reliability. In DMDv4, there is no competition between validators, because the reward is distributed equally between them.
⠀
Thus, DMD managed to become one of the fastest and most decentralized blockchains on the market in 7 years.
⠀
Develop together with the bit.diamonds team!
⠀
This year, thanks to Elon Musk, we have moved into a new era of so-called “ecological mining”. If we recall how a few years ago the idea of mining BTC seemed to be a technological advance, now PoW is a step back.
⠀
After many years of expensive mining, crypto enthusiasts began searching for a replacement for PoW with a more efficient and simple consensus algorithm. So in 2012, PoS appeared, which was presented on the PPCoin cryptocurrency. DMD Diamond did not lag behind the entire crypto market and also changed the hybrid POW / POS mechanism to PoS.
⠀
Each user received rewards according to the share of his ownership, but this is far from the level of decentralization that we would like to achieve. Therefore, we have taken an important step and switched from a competitive consensus to a cooperative one.
⠀
DMDv4 combined HBBFT (Byzantine Fault-Tolerant Honey Badger Consensus) and DPoS provided high network throughput and reliability. In DMDv4, there is no competition between validators, because the reward is distributed equally between them.
⠀
Thus, DMD managed to become one of the fastest and most decentralized blockchains on the market in 7 years.
⠀
Develop together with the bit.diamonds team!
Why is DMD rewarding?
⠀
Profitability is one of the most important user criteria in choosing a project. But the DeFi market is progressing, the needs of users are changing, which means that the requirements for platforms are also changing.
⠀
Participants are increasingly paying attention to the purpose of the project, whether it harms the environment, what it contributes to the overall development of the blockchain or the financial system. We want to tell you exactly how DMD Diamond is useful for participant, the market, as well as for the whole world.
⠀
◼️ For the participant. If you become a validator and a DMD Diamond staker, a participant can get high passive rewards. DMDv4 also has a clever system of vaults, or “pots”, which returns lost tokens to circulation.
⠀
◼️ For the market. The DMD Diamond project uses the HBBFT cooperative protocol and the DPoS protocol to confirm transactions, increasing the level of decentralization of the entire DeFi market.
⠀
◼️ For the whole world. While PoW projects are switching to renewable energy sources to reduce CO2 emissions, DMD Diamond has completely abandoned PoW and switched to the HBBFT consensus algorithm, which is energy-intensive and does not affect the environment in any way.
⠀
DMD Diamond improves everything with which it interacts.
⠀
Get maximum benefit with bit.diamonds!
⠀
Profitability is one of the most important user criteria in choosing a project. But the DeFi market is progressing, the needs of users are changing, which means that the requirements for platforms are also changing.
⠀
Participants are increasingly paying attention to the purpose of the project, whether it harms the environment, what it contributes to the overall development of the blockchain or the financial system. We want to tell you exactly how DMD Diamond is useful for participant, the market, as well as for the whole world.
⠀
◼️ For the participant. If you become a validator and a DMD Diamond staker, a participant can get high passive rewards. DMDv4 also has a clever system of vaults, or “pots”, which returns lost tokens to circulation.
⠀
◼️ For the market. The DMD Diamond project uses the HBBFT cooperative protocol and the DPoS protocol to confirm transactions, increasing the level of decentralization of the entire DeFi market.
⠀
◼️ For the whole world. While PoW projects are switching to renewable energy sources to reduce CO2 emissions, DMD Diamond has completely abandoned PoW and switched to the HBBFT consensus algorithm, which is energy-intensive and does not affect the environment in any way.
⠀
DMD Diamond improves everything with which it interacts.
⠀
Get maximum benefit with bit.diamonds!
The oldest projects in crypto and their fate
⠀
The blockchain market becomes more and more popular and it is filled with various crypto projects, many of which, unfortunately, simply disappear over time. What is the reason?
⠀
The work of the DMD Diamond project began in 2013 and continues to this day. Surprisingly, according to statistical sites, more than 80 projects created in the same year died after 2-3 years.
⠀
As it turned out, many projects were simply “abandoned” by their owners, and the trading volume gradually decreased to zero. Although there were also those who were able to increase the market capitalization to millions, they did not break out into the leaders.
⠀
Long-distance competitions are the best indicator of the success of the project. For example, the Quark cryptocurrency began its journey in 2013, like DMD Diamond, but today its market capitalization is 2 times less.
⠀
Yes, there are such powerful projects as Bitcoin and Litecoin, which started their journey a little earlier and became leaders. But even now, despite their popularity, they have a number of problems.
⠀
The key to the success of the DMD Diamond platform is that we keep up with the crypto market and offer the best conditions to our investors. For 8 years, we have achieved huge results and do not stop there!
⠀
Become a part of bit.diamonds and share the success with us!
⠀
The blockchain market becomes more and more popular and it is filled with various crypto projects, many of which, unfortunately, simply disappear over time. What is the reason?
⠀
The work of the DMD Diamond project began in 2013 and continues to this day. Surprisingly, according to statistical sites, more than 80 projects created in the same year died after 2-3 years.
⠀
As it turned out, many projects were simply “abandoned” by their owners, and the trading volume gradually decreased to zero. Although there were also those who were able to increase the market capitalization to millions, they did not break out into the leaders.
⠀
Long-distance competitions are the best indicator of the success of the project. For example, the Quark cryptocurrency began its journey in 2013, like DMD Diamond, but today its market capitalization is 2 times less.
⠀
Yes, there are such powerful projects as Bitcoin and Litecoin, which started their journey a little earlier and became leaders. But even now, despite their popularity, they have a number of problems.
⠀
The key to the success of the DMD Diamond platform is that we keep up with the crypto market and offer the best conditions to our investors. For 8 years, we have achieved huge results and do not stop there!
⠀
Become a part of bit.diamonds and share the success with us!
HDD mining VS DMD Consensus
⠀
The DMD project uses its own consensus algorithm — Honey Badger Byzantine Fault Tolerant. The scientific paper it is based on was written in 2016 and its goal was to solve the following issues:
⠀
— Slow transactions
— Difficulties associated with the synchronization of blocks in a large network.
⠀
Recently, an algorithm called Proof-of-Space has been gaining popularity. For mining, you need to use a HDD and no calculations are required, only free disk space.
⠀
What is the advantage of the DMD solution against HDD mining?
⠀
🔹 Increased reliability. HDDs after a certain number of write-rewrite cycles quickly fail, while HBBFT does not have such a problem.
⠀
🔹 A cooperative HBBFT consensus makes sure a unintended fork can never happen. A competive consensus by design includes many micro forks and mechanisms to try to reorganize and unify back to avoid a chain split.
⠀
🔹 Instant finality of the transaction. You don't have to wait for multiple confirmations.
⠀
🔹 HBBFT is a industry first feature that no other EVM able blockchain implemented until yet
⠀
🔹 Detection and elimination of malicious nodes.
⠀
🔹 The possibility of implementing a dynamic block time, while with Proof-of-Space it is much more difficult to do this.
⠀
Therefore, DMD uses the Honey Badger Byzantine Fault Tolerant consensus algorithm, which surpasses its competitor for HDD mining in reliability, speed and security.
⠀
The DMD project uses its own consensus algorithm — Honey Badger Byzantine Fault Tolerant. The scientific paper it is based on was written in 2016 and its goal was to solve the following issues:
⠀
— Slow transactions
— Difficulties associated with the synchronization of blocks in a large network.
⠀
Recently, an algorithm called Proof-of-Space has been gaining popularity. For mining, you need to use a HDD and no calculations are required, only free disk space.
⠀
What is the advantage of the DMD solution against HDD mining?
⠀
🔹 Increased reliability. HDDs after a certain number of write-rewrite cycles quickly fail, while HBBFT does not have such a problem.
⠀
🔹 A cooperative HBBFT consensus makes sure a unintended fork can never happen. A competive consensus by design includes many micro forks and mechanisms to try to reorganize and unify back to avoid a chain split.
⠀
🔹 Instant finality of the transaction. You don't have to wait for multiple confirmations.
⠀
🔹 HBBFT is a industry first feature that no other EVM able blockchain implemented until yet
⠀
🔹 Detection and elimination of malicious nodes.
⠀
🔹 The possibility of implementing a dynamic block time, while with Proof-of-Space it is much more difficult to do this.
⠀
Therefore, DMD uses the Honey Badger Byzantine Fault Tolerant consensus algorithm, which surpasses its competitor for HDD mining in reliability, speed and security.
What was the first consensus algorithm we used on DMD?
Anonymous Poll
23%
Proof-of-Stake
59%
Proof-of-Work
3%
Proof-of-Space & Time
15%
Honey Badger Byzantine Fault Tolerant
The main benefits of decentralization and how we get it 🔩
⠀
Decentralization is one of the main features of cryptocurrencies. But let’s take a closer look at its advantages in terms of functionality.
⠀
First of all, decentralization gives an important feature — a coin or a project can have a creator, but, de facto, the community controls the platform. If for some reason the community does not like the way the project is developing, the project enthusiasts can easily create their own fork and continue the development of the ecosystem according to their own rules.
⠀
This implies the following point – security. Decentralized solutions are more secure than their centralized counterparts. In centralized solutions, many people can turn a blind eye to small bugs and holes that may never pop up. Decentralized solutions are usually open-source, therefore, they are worked out more carefully and any problems are solved as quickly as possible.
⠀
In addition to information security, there is also financial security. If no one controls the coin, it is much harder to carry out fraud with it. For example, no one forbids the state to disperse the printing press and collapse the currency. In the case of cryptocurrencies, it is impossible to do this.
⠀
How we achieve decentralization
⠀
The DMD Diamond platform wants to provide the maximum level of decentralization and creates an improved blockchain, where each user freely manages their assets and participates in the development of the project.
⠀
DMD Diamond is an open system controlled by its participants, each participant can not be afraid of losing funds due to incorrect actions of the management body because he is a part of the management body. Securing the blockchain and deciding about future development funding — all happens by the network participants and the coin owners. There is no out of blockchain company or organisation who rules DMD Diamond.
⠀
Learn more: https://bit.diamonds
⠀
Decentralization is one of the main features of cryptocurrencies. But let’s take a closer look at its advantages in terms of functionality.
⠀
First of all, decentralization gives an important feature — a coin or a project can have a creator, but, de facto, the community controls the platform. If for some reason the community does not like the way the project is developing, the project enthusiasts can easily create their own fork and continue the development of the ecosystem according to their own rules.
⠀
This implies the following point – security. Decentralized solutions are more secure than their centralized counterparts. In centralized solutions, many people can turn a blind eye to small bugs and holes that may never pop up. Decentralized solutions are usually open-source, therefore, they are worked out more carefully and any problems are solved as quickly as possible.
⠀
In addition to information security, there is also financial security. If no one controls the coin, it is much harder to carry out fraud with it. For example, no one forbids the state to disperse the printing press and collapse the currency. In the case of cryptocurrencies, it is impossible to do this.
⠀
How we achieve decentralization
⠀
The DMD Diamond platform wants to provide the maximum level of decentralization and creates an improved blockchain, where each user freely manages their assets and participates in the development of the project.
⠀
DMD Diamond is an open system controlled by its participants, each participant can not be afraid of losing funds due to incorrect actions of the management body because he is a part of the management body. Securing the blockchain and deciding about future development funding — all happens by the network participants and the coin owners. There is no out of blockchain company or organisation who rules DMD Diamond.
⠀
Learn more: https://bit.diamonds
DMD coin: historic evolution
⠀
The DMD project has one important feature: several stages of coin development. How do they differ and what kind of coins are they?
⠀
DMDv1 and DMDv2. These are coins that were active from July 2013 to August 2017. They worked on a mixed PoW/PoS algorithm and provided network security. About half of all coins sold are v1 or v2.
⠀
DMDv3. The launch of the third version was divided into three phases, each of which began using different blocks. After the launch of this version of the coin, there was a smaller reward for mining, by analogy with BTC halving.
⠀
The DMDv3 time intervals are September 2017 to 2021. All v3 coins that will not have time to be found before the release of the fourth version will become v4 coins.
⠀
DMDv4. The latest version of the protocol coins at the moment. The DMDv4 reward logic will recreate a similar curve for deploying unallocated coins and add re-insertion logic that allows you to receive infinite rewards even with small finite stock.
⠀
Therefore, each of the versions of the coin represents a technological leap, which constituted over 8 years of impressive development of the project.
⠀
The DMD project has one important feature: several stages of coin development. How do they differ and what kind of coins are they?
⠀
DMDv1 and DMDv2. These are coins that were active from July 2013 to August 2017. They worked on a mixed PoW/PoS algorithm and provided network security. About half of all coins sold are v1 or v2.
⠀
DMDv3. The launch of the third version was divided into three phases, each of which began using different blocks. After the launch of this version of the coin, there was a smaller reward for mining, by analogy with BTC halving.
⠀
The DMDv3 time intervals are September 2017 to 2021. All v3 coins that will not have time to be found before the release of the fourth version will become v4 coins.
⠀
DMDv4. The latest version of the protocol coins at the moment. The DMDv4 reward logic will recreate a similar curve for deploying unallocated coins and add re-insertion logic that allows you to receive infinite rewards even with small finite stock.
⠀
Therefore, each of the versions of the coin represents a technological leap, which constituted over 8 years of impressive development of the project.
