The crypto space has seen many projects, blockchains, and coins being staked as the next big thing after Bitcoin and while a lot of projects try to gather the interest of users, many are unable to sustain it.
In such a scenario, DMD Diamond has been a consistent force in the crypto sphere that has gone through multiple phases of development. DMD v2 concentrated on extending the coin rollout from 8 years to over 45 years, making the transition from a flat line to a model similar to Bitcoin, constantly decreasing the rewards over time. DMD v3 focused on master node technology as the foundation of future services running on a blockchain.
The platform is all set for the launch of DMD v4 based on an Ethereum-like EVM smart contract-abled core logic that would act as a base Layer 1 for projects.
DMD Diamond’s “true decentralization” approach
DMD Diamond is a fully decentralized community-driven blockchain project, one of the oldest in the crypto space. The project has been active since 2013 and has been consistent in its contribution to the blockchain industry. The goal of the platform is to provide developers the technology to build their products on a more efficient, truly decentralized blockchain.
DMD Diamond’s core values consist of complete decentralization as it is a community-driven project without any corporations backing it. The project recognizes that interoperability between blockchains is a major pain point and therefore is creating a heterogeneous interoperable multi-blockchain environment. The design and structure of the blockchain are built around the idea of sustainability in a holistic sense, this includes eco-friendliness in operation, “recycling” abandoned coins back into circulation, and creating a sustainable node rewards system.
Tapping into the world’s first EVM-able blockchain
DMD Diamond v4 is the world’s first EVM-able blockchain with the HBBFT (Honey Badger Byzantine Fault Tolerant) cooperative consensus mechanism which has lower energy consumption as there is no mining required.
It also has instant transaction approval as there is no need to get any confirmation from all the nodes; this is because only ⅔+1 validators are required to confirm the transaction. The consensus mechanism also has a dynamic block time as the creation of a new block can start after just 1 second of the previous one, this also enables it to have no empty blocks.
Any malicious nodes are easily identified and eliminated resulting in a more robust and secure blockchain capable of processing more than 400 transactions per second in contrast to the 10 for Bitcoin blockchain or 20 for Ethereum.
The Active Validators are not only selected on a randomized basis but also depending on their staked DMD with a (minimum of 10k and a maximum of 50K) and their trust score which depends on a decentralized consensus from others.
DMD v4: An anticipated launch
DMD v4 is Turing-complete and also supports smart contracts and Solidity making migration from existing dApps easy. It also uses Open Ethereum node client software and offers full EVM functionality. It gives the platform a base Layer 1 for any kind of blockchain project that can be smart contract coded. The combination of an EVM-able blockchain with the HBBFT provides users with several industry-first features and also offers an advantage so that can benefit from using this over other EVM chains.
This upgrade also adds a DAO governance layer wherein all validators owners ( and indirectly all delegated stakers) decide about all proposals of contract updated funding requests or changes of ecosystem parameters. If a user does not like how their validator votes they can just move their delegated stake to a validator who votes as per their preference. This ensures all DMD coin owners have a say in the decision-making process.
DMD coin and its use cases
The DMD coin has a total supply of 4.38 million and is one of the oldest in the blockchain space. It retains its original coin emission model with a fixed mintage and with its limited supply of 4.38 million, it is 5 times more scarce than Bitcoin.
It is highly distributed and all DMD v3 holders can claim DMD v4 coins within the first 3 months of the new release. The reinsertion algorithm of the DMD v4 solves the issue of the lost coin problem as all 4.38 million coins would be placed in 4 pools or pots:
- Claiming pot: The number of DMD v4 coins in this pot is equal to the total number of DMD v3 coins in circulation at the moment of the DMD v4 launch
- Delta pot: 4,380,000 (the coins in the Claiming pot) is one of the sources of the epoch rewards
- Reinsert pot: 50% of the DMD v4 that is left unclaimed goes into this pot and is used as another source of epoch rewards along with the Delta pot. If any validator remains inactive for 10 years the coins staked on them (both their own and the ones staked by others) are sent into this pot.
- Governance pot: The other 50% of the remaining DMD v4 that is left unclaimed goes into this pot and another 10% of the epoch rewards also land here. The DAO of the DMD v4 holders will vote and decide on how to use the coins to promote DMD projects as well as allocate funding for developing new projects in the DMD v4 ecosystem.
Final word
DMD has been a part of the crypto space for a while now, and their new update as a Layer 1 blockchain solution provides dynamic block times, instant final transactions, improved random numbers creation logic, and front-running prevention logic due to the cooperative consensus logic which results in no forks. Their radical decentralized and DAO-focused approach makes them the top choice for building.
Once the mainnet launch is completed, DMD aims to focus on being supported by multiple upcoming decentralized multi-chain protocols. This also lets projects on the chain interact across other chains, utilize stablecoins, and transfer their tokens to and from their chains.
The platform’s approach is that of creating a heterogenous, interoperable, multi-blockchain future that exists side by side with Bitcoin and Ethereum, backed by their strong community.
For more information on DMD Diamond, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.
