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Author Topic: [ANN] Diamond (DMD) Evolution v 2.0 | Hybrid Security | 25% PoS  (Read 999192 times)
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CEO Diamond Foundation


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April 22, 2014, 10:06:06 PM
 #1






     
                   
     
                   
฿

Diamond Wallet version 2.1.0.4

Diamond Wallet Windows Installer + Database
Diamond Wallet for Windows
Diamond Wallet for MAC

Source Code

Github Changelog


Raspberry Pi 2 & PRO, IoT Devices


Blockchain Data:

How To - blockchains and bootstraps

Blockchain || Windows April/2017
Blockchain || for MAC by davembg April/2017

Bootstrap || CryptoChainer


Replace all files except wallet.dat in
AppData > Roaming > Diamond (hidden) folder.


Diamond Multipool
Mining on the pool is through NiceHash or Yaamp
Mine: Scrypt, SHA256, Scrypt-N, X11, X13, Keccak, X15,
Nist5 and NeoScrypt.

Mining Field (US&EU)
0% Fee, Payout Fee applies, PROP, DDoS protection, IRC support

CryptoPools (USA)
1% Fee, Payout Fee, PROP, MPOS with NOMP stratum, IRC support

Cryptopia's MineShaft (NZ)
(no information on the pool fees, mechanics or limits)

danbi's pool
1% Fee , PROP, stratum & pushpool



Mining software: http://bit.diamonds/#miningsoft


   


- Android Wallet with ability to stake
- Diamond Stabilisation Mechanism
- Easy Invest Feature

Achieved
- Coin Control
- ABE Block Explorer
- Paper Wallet
- Multipool
- Diamond OS
- Diamond Cloud Mining



Bounties are paid with the Foundation's funds:
           
- Android Wallet with ability to mint.









How to solomine HR's Guide
Quote

Suggested diamond.conf network topology
for a proper configuration for different types of node usage:

- DEFAULT configuration

Example entries in the config file:

listen=1
noirc=1
addnode=213.136.80.93
addnode=37.187.176.193
addnode=167.114.184.20
addnode=213.136.86.202
addnode=213.136.86.205
addnode=213.136.86.207
addnode=84.39.96.180
bantime=600





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April 22, 2014, 10:06:35 PM
 #2

new design coin rollout picture 2015.06.28


coin rollout pic 2015.05.14



VISUALIZATION OF DIAMOND ROLL-OUT PLAN
(TOTAL COINS AND POW/POS COINS PER MONTH)




RED LINE = new coins each month produced by POW (numbers on right side)
GREEN LINE = new coins produced each month by POS (numbers on right side)
TOTAL COINS (numbers on left side)
numbers on bottom of graphic are the months (the graphic represent a 30 year timeline)

i think for now market price is driven by insta-selling miners
daily *1500 diamonds have to be bought if people would sell instant

but keep a closer eye on coin specs and check how coin roll-out will develop over next 30 years

beginning with total coins 450000 a 50% POS will be simultaneous active with the 1 DMD POW reward each block
and start the diamond rush (BLUE CIRCLE) on pic

if u analyze that u can see that this POW mining paradise only last a few months
(to be exact until 1 million total diamond are existing)
later most of coins are produced by POS  (GREEN ARROW) and to do so u need to have diamonds

everyone who sell 1 diamonds instant lose like at least 2 diamonds.....
because every diamond u mine now would at least double if u keep holding and pos it over time

the whole design of diamond is to be a wealth storage coin aimed to be a good investment

i  hope this visualization of coin specs long-term effect of  on coin roll-out
can help u realize how valuable diamonds will be once POW is reduced by 90%
and high POS will be main source of coin creation

that coins are required to create more coins (POS)
will be the reason for lower availability of coins on exchanges and increasing prices
remember only coins in ur wallet gather coin-age and can generate POS rewards






FAQ:

Post your questions about coin mechanics and ideas behind it.
I try to answer each day a few here.


Q: Grøstl algo as in the coin of the same name, myriad or something new?

A: groestl is a algo not developed for cryptocoins but as a general purpose security algorythm same as SHA256 (bitcoin algo)
myriadcoin & groestlcoin where the first which used this great algorythm for a crypto currency
and diamond will take a similar approach of implementation so grs able miningsoftware will be able mine dmd too
compared to scrypt it have less power useage and heat production on most GPU even below x11



Q: people ask me what will happen once POS 50% is activated with my old coinage? and how POS work exactly
A:
Quote
Quote
Once we reach total coins of ~450,000 PoS is initiated and set to 50% per annum with minimum coinage 7 days and
no maximum on coinage.

so the answer is if u buy at example now 1000 dmd
and you open wallet in 2 month 1 days for minting
(but only if the coins where send instant to your wallet from exchange
every coinage u gather at exchange is lost once u transfer coin to your wallet)

this would happen

1000*0.5/12*2=83.3
your 1000 DMD will create at this day enought POS rewards to be 1083.33 at the end of the day

1000 -> 1083.33 in 2 Months



Q:whats coinage? and what happens when u activate mint mode in wallet:

A:
Quote
every day diamond are in your wallet they gather coinage.
example 100 diamonds with age 30 days are 3000 coinage

as long as u dont transfer the diamonds
or trade in the coinage into POS (proofe of stake) rewards (=activate wallet mint mode) this coinage gathers up endless.
after u have gathered at least 7 days coinage activate the minting mode of ur wallet will trade in coinage for POS rewards.
 
the ammount of POS reward depends on how much coinage u gathered up
and whats the actual pos reward setting on network (check coin spec describtion for details (stage1 50% stage2 25% stage3 5% stage4 1%)

more details about POS:
http://bit.diamonds/community/index.php/topic,46.msg376.html#msg376

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April 22, 2014, 10:08:44 PM
 #3

Why do we need all these changes?

Not everything that seems good at the beginning is good in the long run. We had to evolve in order to reflect the needs of the contemporary market. With the old specification the coin would stop working just after several years while with the improved mechanics it will last at least several decades.

Diamond Coin from the start has been based on the premise of fairness. With the latest update, we as developers, did our best to make sure everyone could have their fair chance to participate in coin distribution.  Crypto community as a whole has expressed their concern to the arrival of ASICs that pose threat to fair and wide distribution of coins. We’ve heard your voices and acted upon.

We have decided to change algorithm from Skrypt to Grøstl which is ASIC resistant and much more power efficient solution. This important change will be particularly appreciated by the ordinary miners who will notice significant reduction in power draw and generated heat associated with mining.

As we are putting emphasis on efficiency, with time Proof of Stake (by design) will be gradually becoming the main source of DMDs. Ultimately, Diamond Coin users would be able to generate wealth with just a low powered laptop or a smartphone.

Besides, combining Proof of Work and Proof of Stake, provides excellent resistance to 51% attacks.
   
A coin distribution model has also undergone some significant improvements for the purpose of reducing rampant inflation and helping the coin to fulfill its potential according to its originally conceived concept. The first stage of the new coin distribution model which would last for, give or take, 15 months is designed to encourage greater adoption of Diamond Coin. With the mining block reward staying intact and stimulated by 50% Proof of Stake interest per annum, it gives equal opportunity to everyone interested (newcomers, existing stakeholders and serous investors) to invest in their future without the feeling of being left out.

Long lasting success is not based solely on the new updated version of Diamond Coin, but on a continuous support in the form of active marketing, network and code development.

To achieve this we have decided to form a foundation that would coordinate all aspects of coin development in a transparent and comprehensive way. We are grateful to all the donors who supported Diamond Coin throughout the past months, however, to sustain and ensure ongoing development of all aspects of the coin we had to come up with some other solution.

Diamond Coin was never premined nor instamined, so we never had a benefit of issuing bounties, paying for infrastructure upkeep or gratifying code developers for their hard work. All the work and countless hours we’ve put into it were fueled purely by ideology.

Together with the new update we will launch the Diamond Coin Foundation which will be funded by contributions of 0.05 DMD that would be added on top of the mining reward blocks. This contribution in no way will affect your rewards, and just by using the coin you will ensure the steady progress of its development. As mentioned before, transparency is our priority and you will know when and what exactly the contributed coins are spent on.

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April 22, 2014, 10:30:05 PM
 #4

so.. i'm mining dmd right now on the scrypt chain.

will these coins be valid after block 400000 on the groestl chain?
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April 22, 2014, 10:43:31 PM
 #5

Grøstl algo as in the coin of the same name, myriad or something new?
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April 22, 2014, 10:44:10 PM
 #6

Looks great! Let's go DMD!  Grin

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April 22, 2014, 10:48:40 PM
 #7

Grøstl algo as in the coin of the same name, myriad or something new?

groestl is a algo not developed for cryptocoins but as a general purpose security algorythm same as SHA256 (bitcoin algo)

groestlcoin was the first which used this great algorythm for a crypto currency
and diamond will take a similar approach of implementation so grs able miningsoftware will be able mine dmd too

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April 22, 2014, 10:49:24 PM
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Great to see DMD moving forward with this latest update.

This is a solid coin with a good name and honest beginnings.

Good work guys.
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April 22, 2014, 10:53:58 PM
 #9

Now I understand the panic buy at cryptsy

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April 22, 2014, 11:10:39 PM
 #10

Now I understand the panic buy at cryptsy

With a total of only 4.38 million DMDs to be minted and only 377,425 currently mined a lot of people see this as a great long term coin to hold.

It's a hard coin to mine which makes it cheaper to buy at the current prices than to mine.

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April 22, 2014, 11:13:10 PM
 #11

Now I understand the panic buy at cryptsy

panic is to see what total coins below 400000 real mean
i mean its really hard to get them
and the low prices now are still like free diamonds

keep in mind diamond price was allready at 0.0045 in the past

and now when every diamond u buy will pos u at least a second one in the main coin rollout phase
value is like double of that easy

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April 22, 2014, 11:15:38 PM
 #12

Now I understand the panic buy at cryptsy

With a total of only 4.38 million DMDs to be minted and only 377,425 currently mined a lot of people see this as a great long term coin to hold.

It's a hard coin to mine which makes it cheaper to buy at the current prices than to mine.


~362000 dmd existing now only 1500 new carved each days
(in the rought dmd stoneage there was a time when 0 value pos block where created that the reason less coins than blocks existing today)

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April 22, 2014, 11:32:14 PM
 #13

check this
http://www.cryptocoincharts.info/v2/pair/dmd/btc/cryptsy/1-month

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April 23, 2014, 12:50:35 AM
 #14

Here's Coins Source's Latest Article Featuring Diamondcoin's New Developments:

http://www.coinssource.com/diamonds-forever/

Please feel free to leave a comment on the article. Thanks!

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April 23, 2014, 12:54:36 AM
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this was always one of the most undervalued coins out there.

i like the name above most others.
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April 23, 2014, 12:58:40 AM
 #16

What happens to the old diamond coins?

openANX - Real World Application of Decentralized Exchanges
Website |-| ANN
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April 23, 2014, 01:07:22 AM
 #17

What happens to the old diamond coins?

From FAQ (second post)


A: we keep blockchain every diamond u own in old wallet will be in ur new wallet


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April 23, 2014, 02:38:57 AM
 #18

Informative post on Coinsource.com about Diamond today.

Summary...

- after coin number 400,000, the proof of work hashing algorithm will change from scrypt to Grøstl

- new proof of stake system will pay 50% per year interest on coins held in a wallet for more than 30 days.

- total coin supply will stay the same at 4.38 million

- With a new programmer, team support and a patiently waiting core community, DMD seems ripe for a comeback.

Full article at http://www.coinssource.com/diamonds-forever/
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April 23, 2014, 05:51:02 AM
 #19

people want good news....

how about this one?
i did run new client without groestl included a few minutes ago on real dmd network
send and recieve payments and so on
everything we did was working smooth

the only reason why we keep wallet not released for now is because
we try to release all the other changes together with groestl algoswitch
to avoid additional hardfork later on

we have now still around 14 days to finish groestl implementation
which is coming from an existing blockchain isnt as easy as start a new groestl blockchain

worst case if we run into unexpected obstakles
it have still no big impact on whole project we
could everyday release without groestl allready

i want to ask u:

how important is for u that groestl is in initial wallet release included?

  • would a second hardfork a bit later with groestl and additional UI redesign be ok for u too?
  • would a releasedate with first  cointrigger later than totalcoins 400000 be ur wish if required to stay with 1 hardfork for every change?`
  • would u  prefer to have new wallet released asap without waiting for groestl and have 50% pos activated asap too and a gurantee second hardfork required later?

comunity u like to have insight in dev decicions here we go!

i wana avoid the vaporware rumor at all cost when i was in reality just using new wallet to send a real transaction a few minutes ago  Cool

your feedback is welcome

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April 23, 2014, 09:51:03 AM
 #20

First of all guys I'm impressed with your work, congrats Smiley

My personal suggestion after several coins launches, is to avoid a second fork. To the eyes of the unexperienced users it sounds always like something painful and dangerous, in particular when PoS involved (where are my old coins? will they still be valid? my old/new wallet does not sync/work etc). Usually it's also not really welcome by any exchange (and in this moment you should really work hard to get definitive wallets ready for exchanges before everything else).

So if not in time for first release I'd suggest that a delay is better than two hard forks, otherwise if you can avoid two of them then it's fine to do a first release without Groestl. In that case the negative side will be the PR, because is among the main features (with PoS and new reward) pushed for new DMD, so anyway a delay of few days would be preferable imho.

@asplinux
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