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DiamCoin, not to be confused with Diamco.in, a similar token of different people, is thought to be a version of a stablecoin that is anchored to the value of a diamond. Each token will be anchored to the value of a millicarat of a diamond. So a thousand tokens is equivalent to 1 carat of diamond and 14,000 tokens are presumably equivalent to a 14 carat diamond. It is not a stablecoin, in the sense that you put a certain value and get the same value, even if you are free to collect the diamonds themselves.
Hello Diamonds has been at the service of the diamond industry for some years with software solutions. This is their first blockchain move. Their founders, based in Cyprus, had previously created a company called Hello Football, which helps to use fan data in real time to give value to soccer players.
"With the help of computational linguistics and internal algorithms, we are able to process and understand any set of data, including natural language resources available online." We at Hello Football strongly believe that the football industry as a whole is ready for a revolution.As specialists in price discovery, we are introducing a new way to perfect the real-time evaluation of football players. "
Like most token developers, Hello Diamonds was trying to build on Ethereum. They even finished a token that was scheduled to be released in the next few months, but they realized that Ethereum may no longer be the best option.
The recent introduction of Wormhole, an intelligent contract platform that works with Bitcoin Cash, has pushed them to transfer their operations to BCH, becoming in fact the first project that represents a stablecoin on Bitcoin Cash and one of the first tokens to launch on Wormhole, with an expected launch at the beginning of next year at the latest.
The reasons for the transition are obvious to the parties informed at this point: fast and spacious blocks, low transaction costs and high security.
The concept of token supported by physical resources stored somewhere is still relatively unverified. It is even more exploratory than the USDT idea, which assumes that the user must trust Tether's bank account, and the same applies to other stablecoins.
In their favor, however, is the fact that Hello Diamonds has exploited a Nobel prize-winning economist, Sir Christopher Pissarides, who helped design the system and advise it. Tokens apparently will be marketable assets, which means that ordinary crypto users will have the opportunity to arbitrate their path to possessing diamond resources. According to a video on the company's website, DiamCoin will offer an important cover against a complete collapse of the encrypted market.
"In the event that all cryptocurrencies disappear, your DiamCoin will never be lost.It will continue to contain the value of the physical diamond, which was in a vault when the purchase was made."
They have yet to publish a white paper that further explains the specifications and details of the system, but this reporter has learned that they are actively working with the developers of Bitcoin.com to accelerate the development of their software.
Images from Shutterstock
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