Well it’s been a long time since we’ve done a coin review , due the fact that most of cryptocurrencies now hold up at most a few months then they are gone after developers had a major dump on its investors – 99% of cases are like that . However this one ,is different, because Diamond celebrates its 1st year in existence on the market .
Diamond has been through ups & downs from the beginning with just a simple launch and not much word from the developer or a bigger plan except, its scarcity making it very hard to attack and creating a slow mining pace assuring it a long lasting future . It is one of the first cryptocurrencies that got on marketafter Bitcoin withno premine & fair public launch, featuring Proof-of-Stake, Random Blocks and Transaction Messages .
The name “Diamond” is perfect for what it needs to express, since it’s very rare with only 4.38 million coins to be issued . Also a slow paced mining & minting process , makes it very hard to aquire large amounts of Diamonds , exactly like in real life . Also it’s trade symbol is “DMD”.
Scrypt to Groestl Algorithm Transition, Change of Development Team & More
Diamond started with a developer who didn’t do much except launching the coin that was fair and with NO Pre-mine or IPO involved . Everything was good and working for some good months without any intervention from developer , but once it appeared to be abandoned by its developer, the community started to maintain it .
They already had plans to move from Scrypt to Groestl algorithm as a form of prevention from Scrypt ASICs to attack on the network or abuse it , but the abuse had already started with the infamous bug “Time Warp Attack“. The community had to rollout the plan of algorithm change even faster then actually announce so they could fix the bug and keep Diamond alive and boosting it up to a new era of evolution with a new and more efficient algorithm”Groestl” . Being a very hard transition Diamond now have a part of it’s blockchain hashed under Scrypt Algorithm and the second new part started on Groestl Algorithm .
Now it is time for a serious Development Team to kick-in with plans for Android Wallet , Multipool with Diamond Pay-outs, UI Redesign , Merge Mining and also other plans that we can’t disclose them at the moment since , Diamond Development Team don’t like to create hype without any results at hand . They are having plans and wish to create a stability and a future for Diamond. They want Diamond to address to peoples needs and their vision of a secure, fast & easy-to-use cryptocurrency .
Their newest Diamond Wallet release confirmed the commitment to Diamond development. With this update they have introduced Fast Index feature speeding up client loading time significantly, Coin Control for wiser management of Diamonds, info tooltips and several other core code optimisations.
1 DMD reward per mined block. There will be 4,380,000 Diamonds issued. Low transaction fee – 0.001 DMD. Features Transaction Messages, Coin Control, Fast Index.
Proof of Work Block target for POW is 60 seconds. Transaction requres 6 confirmations. Mined block matures after 200 minutes. Difficulty retargets at every block.
Proof of Stake Interest rate is set to 50% annually that will decrease gradually. Block target for PoS is 600 seconds. Min stake age is 7 days. Minted block matures after 200 minutes.
Diamond Social Info
You will want to know how to reach Diamond Community and their services . Here is a link list with what websites , profiles & services Diamond has .
Merchants : serverbros.co.uk , www.noblemovement.com/marketplace , vps4.me , bitstickers.net and many more on their official website .
Diamond community have been through a lot, but now they’ve prevailed and they are still here, considering 0% premine & fair launch , its a great achievement considering that a lot of coins have failed even with IPO and Investors lot of coin’s have failed . Diamond will remain one of our favourite cryptocurrencies on the market because of its activity ,constant evolution with community effort, only 500.000 Diamonds issued so far and also because it has a 30+ years rollup plan which gives it status of Medium-Long Term Investment . In my opinion it’s a cryptocurrency that worth to be bought bit by bit . But that’s my personal view . Trade at your own risk .
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Full Name : Razvan Gabriel Paun ,
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An active member of the Cryptocurrency Community, and enjoys collecting, trading, and writing about various coins & Bitcoin latest news .