Introduction to Diamond (DMD)
DMD Diamond is a digital currency that that allows people to send money anywhere in the world instantly, securely and at near zero cost. It is a digital currency that is designed to be a wealth storage solution with its monetary rewards system to generate even more wealth. Think of it as investing in digital gold where you receive a return on your principal if you contribute with your computing power to help secure their network. You have to make sure to follow the necessary steps while setting up your wallet with a connection to the Diamond network. Here is a link to their whitepaper for a deeper understanding.
The coin DMD was created on June 13th 2013 but few months later the lead developer disappeared with the coin left to its fate. However the Diamond community came together and lead the creation of Diamond Foundation which has been actively working towards the development of the project since then. Also this book is available on Amazon that helps explain the critical chronological events that helped shaped the entire Diamond Ecosystem as it stands today.
Main benefits of DMD
- Scarce, Secure & Valuable, low fees & faster transactions.
- Three ways to mine DMD for additional income.
- Transparency with Diamond Treasury.
Scarce, Secure & Valuable. Lower Fees & Faster Transacions
DMD coins are not pre-mined and are generated as block rewards. However there will only be 4.38 Million Coins that will ever get minted (which is approximately 1/4th the total number of Bitcoins). This cap on the maximum number of coins with a decreasing inflation makes it a very compelling wealth storage option. Diamond Foundation has chosen to stay extremely focused on what they can do best rather than trying to offer many different solutions. They have not compromised on security for scalability of the network by introducing layer 2 solutions.
Flexibility in Mining for the Diamond Network
One of the most important things about any blockchain is its mining & incentive structure. To buy a coin with the hope of price appreciation, there should be other functions of the coin that make it valuable and are easy to use for everyone. Diamond Foundation has provided three options for people to become miners of DMD and start earning rewards in return. For supporting the Diamond Network and leaving your Diamond Wallet connected with the network, you periodically get new coins.
- Proof of Work or DMD Multipool: Since Diamond Network switched over to Proof of Stake, you can no longer mine DMD through PoW (GPUs & Mining Rigs). However, you can use DMD Multipool. Using Nicehash miner, you can mine whichever currency is most profitable at the moment and change it to BTC. With DMD Multipool you can exchange those BTC to DMD and send them to your wallet. The tool is completely automated.
- Proof of Stake: With Proof of Stake mining, there is no longer a need for significant investment in hardware for greater computing power. All you need is a balance of 250 DMD and a computer to stay connected to the DMD network 24/7. This way your coins will stake & start to earn you more DMD.
- Masternode: The DMD Masternode System arrived in 2017 and in order to start earning DMD you need atleast 10,000 DMD balance in your wallet. You can use this online calculator to see what is the current ROI %.
Transparency with Diamond Treasury:
5 Masternodes have been granted to the Diamond Foundation. The DMD income from these are consolidated into one address which can be checked in a block explorer: dNuDbQZjEFgmWfARhWqht6daFa1DLF64Uj. All the funds are split accordingly: 30% – Promotion; 30% – Community Projects; 40% – Code development. This is one of the things that sets DMD apart. As for other coins, instead of controlling a few Masternode funds, their teams are either paid by pre mined coins or through a % of network reward blocks.