Puffery
DiamCoin, not to be confused with Diamco.in, a equivalent token by different folks, is intended to be a version of a stablecoin that is ready-to-wear to the value of a diamond. Each token will be pegged to the value of a millicarat of a diamond. So a thousand signs equals 1 carat of diamond, and 14,000 tokens would presumably equivalent a 14-carat diamond. It’s not a stablecoin in the sense that you put a certain value in and get that unchanged value out, although you are free to cash out in diamonds themselves.
Hello Diamonds has been be obedient to the diamond industry for a few years with software solutions. This is their earliest move into blockchain. Their founders, based in Cyprus, had formerly created a company called Hello Football, which helps use real-time fan figures to place a value on soccer players.
“With the help of computational linguistics and in-house algorithms, we are masterly to process and understand any set of data including natural language resources set up online. We at Hello Football strongly believe that the football diligence as a whole is ripe for a revolution. As price discovery specialists, we are introducing a new way of proper the real-time valuation of football players.”
Like the majority of token developers, Hello Diamonds were at the start looking to build on Ethereum. They even finished a token that was listed to go live in the coming months, but they’ve realized that Ethereum may not be the most superbly option anymore.
The recent introduction of Wormhole, a smart contract podium which runs on Bitcoin Cash, pushed them to switch their performance over to BCH, effectively making them the first project representing a stablecoin at all on Bitcoin Realize, and one of the earliest tokens to launch on Wormhole, with a projected launch of initial next year at the latest.
The reasons for the switch are obvious to informed caucuses at this point: fast and spacious blocks, low transaction fees, and record security.
The concept of tokens backed by physical assets stored somewhere is still comparatively untested in full. It’s even more exploratory than the idea of USDT, which assumes that the user should trust the bank account of Tether, and the having said that goes for other stablecoins as well.
In their favor, though, is the the score that Hello Diamonds has tapped a Nobel-prize winning economist, Sir Christopher Pissarides, who has mitigated design the system and advise it. The tokens will apparently be tradeable assets, denotation that regular crypto users will have opportunities to arbitrage their way into owning diamond assets. Coinciding to a video on the company’s site, DiamCoin will offer an important hedge against a full-scale diminish of the crypto market.
“Should the case be that all cryptocurrencies disappear, your DiamCoin choice never be lost. It will still hold the value of the physical diamond, which was in a vault when the purchasing was made.”
They have yet to release a whitepaper which further explicates the specs and details of the system, but this reporter has learned that they are actively applying with developers from Bitcoin.com to hasten the development of their software.
Images from Shutterstock
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