What is Diamond (DMD)?

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

  1. Scarce, Secure & Valuable, low fees & faster transactions.
  2. Three ways to mine DMD for additional income.
  3. 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.

  1. 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.
  2. 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.
  3. 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.

To buy DMD for any other coin or token on our exchange please click here to read the steps. If you have further questions or need to understand this in more detail, please Enter you details here.

What is OmiseGo?

Introduction to OmiseGo:

The OmiseGo whitepaper outlines five main mechanisms which together create the OMG Network.

  1. The Decentralized Exchange
  2. Liquidity Provider mechanism
  3. Clearing in-house messaging network.
  4. Asset backed blockchain gateway
  5. White label SDK

 

The Problem

  • Every day, offers are made, and goods are exchanged. At the national or global level,there are intricate networks in place to facilitate these transactions; to collect value,reallocate it elsewhere in another way, and to take a piece of a commission, acommission.Some of the most notable among these networks (as selected in the GMO Whitepaper)are Fedwire, CHIPS, SWIFT, NEFT/IMPS (in India )and ACH. You may not know or have not heard of any of these networks. However, it is very likely that you have made use of all or some of them. They operate as financial centers, brokerage operations worldwide.
  • When we send a payment we initiate the transfer as the sender, it goes to the bank using SWIFT, NEFT etc and is sent to the recipient. There is no need to have a third party to facilitate these transfers. It can all be done on the OMG network.
  • In the new world, eWallets all over the world have gained popularity but it is still not possible to have a inter-wallet transfer. For example, we cannot transfer Venmo to Alipay or PayTM to Mobikwik (in India). Using the OmiseGo white-list SDK there can be inter-wallet transfers.
  • OMG will ensure no cost goes to third parties. It will also require no trust on any 3rd party.

 

The Ewallet

  • The ewallet from OmiseGo will have a native opt-in for crypto-support.
  • Fiat currencies will also be supported.
  • Small Transfers will be using the lighting nework. Transactions will be done off-chain for rapid payments.
  • The OMG chain validates the activity of the transactions and then submits it to the Ethereum network.
  • Liquidity in the network is maintained by staking.

 

The Decentralized Exchange

  • The decentralized exchange will be used for most transactions.
  • The DEX is the central component and not the ewallet payment provider (EPP).
  • The DEX will be ideal for interwallet transfers as it will be low latency and high frequency.
  • The entire DEX will eventually be on Plasma

 

Clearing Houses for bitcoin-like blockchains

  • Bitcoin-like blockchains do not have the ability to have smart contracts .  So a oracle is needed. Clearing houses act as that oracle to clear transactions.
  • If everything is in order then the clearing house gets bonded with the OMG chain. If not, the clearing house gets slashed.

 

 

White-labeled SDK

  • Anyone can build there own wallet using the SDK given to developers.
  • By letting everyone make ther own ewallet everyone can add their own features.
  • This also will add to the liquidity to the DEX.

 

The team

  • With such an ambitious project at such an early stage, the group and the organisation are crucial. I would say that it would be difficult to see the GMO value at this point without looking first at the team behind it.
  • Omise, the company responsible for OmiseGo has existed since 2013. They operate an online payment system in Southeast Asia. Before launching OmiseGo, they had already produced a viable product, assembled much equipment, built severe relationships in their sector, and secured $20 million in funding. Besides, OmiseGo has Vitalik Buterin (Ethereum) and Joseph Poon (Lightning Network Co-Author) among its advisers. Joseph Poon is, in fact, the author of the official OmiseGo report.
  • Moreover, it is worth noting that they made a very respectable decision to limit their ICO funding to 25 million at a time when projects that are much less solid are collecting many multiples of that. It is very likely, because of their background, that they could
    have obtained a financing three times higher, if not more. Overall, OmiseGo seeks the opportunity to revolutionize the way value changes hands around the world. It remains to be seen how well they will be able to implement it, but
    the market potential is impressive.

 

OMG Token

  • Until the OmiseGo blockchain is launched, OMG is a standardised Ethereum token (ERC20).
  • When they start their Blockchain, OMG becomes a test witness for participation in the OmiseGo network. Owning OMG tokens will buy the right to validate blocks and earn fees (Miner)
  • A little less than 10% of the existing OMG was distributed to the founding members, and 20% was set aside for development costs. This assignment is under lockdown for one year. The remaining OMGs were distributed through the ICO (or rather the pre-ico, as
    they completed their funding target in the pre-sale phase).

 

Limitations

  • Ether at this time does not have Proof-of-Stake which is needed to stake OMG.
  • Interchain transfers have roll back errrors.
  • The transactions should be public but using something like SNARKS is too slow for high frequency.

How to buy OMG

How to buy OmiseGo (OMG)

Before you buy OMG you should know what it is. Click here to read about OMG written in simple English.

If you wish to skip this process send an email at [email protected] or enter your details here.

1.Make a wallet.

One of the safest website to create a wallet is myetherwallet.com Since OMG is a Ether token (ERC-20) it can be stored on this wallet along with ether.

  • To make a wallet go to myetherwallet.com and click on new wallet tab.
  • Enter your a password and click create new wallet.
  • Save your private key and write it down on a seperate piece of paper.

For detailed instruction on How to Open an Ethereum wallet click here.

 

2. Buy Ether on local Ethereum.

1. Once we have created and saved the private key of the Ether Wallet we need to buy some ether which we can convert into OmiseGo (OMG). localethereum.com is a decentralized P2P platform to buy Ether anywhere in the world.

3. Switching Ether to OmiseGo (OMG)

Now that you have ether you can switch that to any other coin. In this case we will be switching it to OmiseGo (OMG).

  1. Go to switchmycrypto.comSelect ether

 

 

 

2. Choose ether on left side. Choose OmiseGo on the other side.

Buy OMG

 

 

 

3. Enter your wallet address (Your ether wallet address is the one which starts with 0x) and other details. As this is an ether token the recipient address, OmiseGo (OMG) address, and the sender address, your ether address, are the same.

omg address

 

 

4, Sending the ether. (Guide on how to send ether.)Sending eth and Entering TXD

 

 

5. Enter the transaction id(found after sending ether) and click send invoice.

 

4. Viewing your OmiseGo (OMG)

  1. Go to myetherwallet.com and after unlocking your wallet click on view wallet info.

2. Click on Load Custom Tokens. As the symbol for OmiseGo tokens is OMG click on ‘Click to load OMG’.

show token omg

3. You should be able to see your OMG token here.

We will do this whole process for you if you think it is confusing. Enter you details here.

Crypto Regulation in India

Cryptocurrency is a new & complicated asset class with implications for all individuals, business and governments – akin to the internet. Not a single person in the world today can fully understand all of these implications and act accordingly – be it to build a business, to invest or to regulate. It is very difficult to keep up with the news & comprehend every new concept developing in this space. Coming up with a regulatory framework for such an asset class has proved to be very challenging for the governments all around the world. The purpose of this article is to elaborate on the current state of crypto regulation in India and why it matters.

In India there is an abundance of need and greed for quick money like many other countries. The inherent complexity in understanding of cryptocurrencies or the lack of talent to educate the masses coupled with an extremely volatile market leads to a vulnerable investor base. Such a market very often becomes an attractive playground for scams to dupe retail investors with get rich quick ponzi schemes. Add to this the cross border nature of cryptocurrency transactions which is being exploited to launder money. Before we talk about regulation and legal implications of crypto, it is important to understand the context and the backdrop that calls for these regulations.

“The internet was the first thing that man built which humanity doesn’t fully understand” -Eric Schmidt of Google

After years of reaping benefits of the internet, it is only now that we are seeing increasing regulations for data privacy and manipulation by the tech giants. If we couldn’t see this coming with the internet, what are the chances that we can successfully regulate blockchain & cryptocurrencies – the layer of internet that can directly transfer money – or one that is money.

The market penetration of crypto in India, though increasing very quickly is still very low. RBI first acknowledged and cautioned India against the use of virtual currencies in December 2013. Ever since then, RBI has continued with their prohibitive stance against the usage of virtual currencies of any kind and in a press release on April 5, 2018 they outrightly banned all entities regulated by them from dealing with individuals or businesses that venture into cryptocurrencies. The Indian rupee may never enter the crypto ecosystem if this ban is not lifted. The infographic below provides a quick timeline of events urging regulations for and against crypto in India.

The timeline of important events surrounding the regulatory landscape of Crypto in India

Some of the cryptocurrency exchanges in India have done a good job of following anti-money laundering and foreign currency exchange laws of the country by enforcing a strict KYC process. But all the Indian authorities have been very slow in setting up a regulatory framework and providing educational resources to the people of India regarding the risks and promises of cryptocurrencies. Though their fear of the country’s financial ecosystem being seriously undermined are very well grounded, the lack of any pro-active measures apart from an outright prohibition is appalling. On the other end however, the government’s tax authorities have been very quick to go after cryptocurrency traders in trying to quantify their profits & tax liabilities.

The anti-money laundering & cyber-criminal fight is a major battle being fought all over the world. The United States and the European Union serve as very good examples to help devise a strict regulatory policy & weed out all the illicit actors. A few studies have been done to quantify the data on cyber-criminal (ransomware, dark web, hacks, etc) and non cyber-criminal activities (money laundering) and it was found that the US were able to prevent them far better than the EU by being pro-active and enforcing strict licensing requirements for exchanges such as Coinbase & Gemini.

India being a developing economy, has additional concerns of capital flight, lack of resources and threat of financial instability that need to be tackled but we sincerely hope for a regulatory framework that leaves room for innovation & one that can attract the right talent to help steer the economy into the digital age. All eyes are now on further direction by the RBI as we approach the Supreme Court hearing on September 11th, 2018.