🗣 The Journey So Far: How The DMD Diamond Blockchain Exemplifies Unwavering Strength, Progressiveness and Resilience 💯.
The DMD diamond blockchain is arguably one of the oldest blockchains that have boosted progressiveness, unwavering strength, and resilience since its launch in 2013 till date. All thanks to the strong community support that salvaged the first version of the DMD diamond blockchain — DMDv1, after being abandoned by its original developers several months after its launch.
The DMDv1 majorly utilized the Bitcoin codebase but characterized a hybrid PoW/PoS algorithm model, with a finite maximum supply of 4.38 million DMD diamond coins. It further leveraged technologies of other coins such as exhibiting random superblocks and transaction comments. Despite the exciting use cases, the major bottlenecks with DMDv1 were — the fuel emission was meant to take eight years to produce the whole 4.38 million DMD diamond coins and the PoS staking consensus also came with flaws.
While the unwavering strength, progressiveness and resilience of the DMD diamond blockchain lie in the hands of its strongest community members, a group of developers among the community rose and opted to improve and upgrade the codebase for PoS staking. That birthed the DMDv2 in April 2014.
The DMDv2 was based on Mintcoin. It featured a length of over 40 years to produce all the 4.38 million DMD diamond coins instead of 8 years of constant PoS rewards, with a constantly decreasing inflation rate. The community also agreed and allowed the blockchain to switch to Groestl — a highly efficient ASIC-resistant PoW mining algorithm, allowing users to continue mining using GPU. This is similar to how ASICs took over Bitcoin mining.
That was how the DMD diamond coin made history of becoming the first cryptocurrency to successfully manage a switch to a different algorithm while retaining the blockchain, address balances and transaction history. The slower emission model and a more reliable codebase present DMDv2 to potentially become a popular store of value then. However, the community was interested in evolution and unanimously agreed to introduce masternodes, which were rapidly in vogue then.
DMDv3 came with a switch to 100% PoS/Masternode algorithm in 2017, with 65% of block rewards to masternodes and 35% to PoS stakers. Masternodes refer to nodes that store a full and constantly updated copy of the blockchain and render additional services. They are used in popular networks such as DASH and PIVX.
Masternodes were basically experimented on DMDv3, and in turn, made transactions faster and more anonymous. It reduced the required number of confirmations and offered a robust ecosystem for the DMD diamond blockchain in its entirety. However, the capacity wasn’t enough to actualise the core vision of the DMD diamond blockchain — an ecosystem with the intent to have the ability to host a variety of projects — like an alternative evolution of Ethereum, but of course with different and additional abilities to provide true added values to the blockchain space. Therefore, a much more efficient technology was needed — and that was what DMDv4 was built with.
DMDv4 is here to revolutionize the entire blockchain landscape. It completely comes with a switch from Bitcoin codebase to Ethereum. The new DMDv4 supports smart contracts, has interoperability bridges and is undoubtedly compatible with Ethereum and EVM. DMDv4 is powered by the HBBFT algorithm — making the DMD diamond blockchain the first Ethereum-based ecosystem to employ HBBFT. The DMD diamond blockchain community can therefore be regarded as trailblazers.
The HBBFT algorithm is the first fully asynchronous protocol — it has no set block time and transactions are instant finality. Through this consensus — HBBFT, DMDv4 will be able to offer a throughput of over 400 transactions per second. Blocks are produced cooperatively — all active validators can contribute transactions and seal the block together. This makes the consensus leaderless — fostering 100% DMD Diamond’s decentralized model.
HBBFT is extremely energy-efficient, allows dynamic times, offers instant transaction finality and has no orphan blocks. It helps to generate true random numbers that enable a fair and unpredictable selection of 25 validator nodes on the blockchain. This random number generation also helps to implement a front-running prevention mechanism in our ecosystem. Furthermore, HBBFT enables censorship and fork resistance on the network.
In a way to make the blockchain more decentralized, the DMDv4 HBBFT algorithm is also supported with POSDAO delegated Proof-of-Stake (dPoS) election validation mechanism, where the system randomly selects nodes who add blocks to the blockchain every 12 hours (epoch) and, in turn, get incentivize out of the candidates pool. Users can become validator candidates when others stake DMD coins on them, or when they hold a sufficient amount of DMD on their own. However, a maximum of 50,000 DMD can be staked on a single validator, thereby eliminating the risk of centralization.
Learn more — https://bit.diamonds/blog/
