cryptonit



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bit.diamonds | artis.eco







LegendaryActivity: 2324Merit: 1053bit.diamonds | artis.eco CoinSpec FAQ April 22, 2014, 10:06:35 PM

Last edit: September 16, 2017, 01:27:21 AM by cryptonit #2











EVERYTHING BELOW IS JUST HISTORIC DATA FOR DOCUMENTATION PURPOE





Quote

new design coin rollout picture 2015.06.28





coin rollout pic 2015.05.14







Quote from: cryptonit on June 11, 2014, 08:55:36 AM 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











= new coins each month produced by POW (numbers on right side)= new coins produced each month by POS (numbers on right side)(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 minersdaily *1500 diamonds have to be bought if people would sell instantbut keep a closer eye on coin specs and check how coin roll-out will develop over next 30 yearsbeginning with total coins 450000 a 50% POS will be simultaneous active with the 1 DMD POW reward each blockand start the diamond rushon picif 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 byand to do so u need to have diamondseveryone 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 timethe whole design ofis to be acoin aimed to be ai hope this visualization of coin specs long-term effect of on coin roll-outcan help u realize how valuable diamonds will be once POW is reduced by 90%and high POS will be main source of coin creationthatwill be the reason for lower availability of coins on exchanges and increasing pricesremember 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 so the answer is if u buy at example now 1000 dmdand you open wallet in 2 month 1 days for minting(but only if the coins where send instant to your wallet from exchangeevery coinage u gather at exchange is lost once u transfer coin to your wallet)this would happen1000*0.5/12*2=83.3your 1000 DMD will create at this day enought POS rewards to be 1083.33 at the end of the dayQ:whats coinage? and what happens when u activate mint mode in wallet:A:more details about POS: new design coin rollout picture 2015.06.28coin rollout pic 2015.05.14Q: Grøstl algo as in the coin of the same name, myriad or something new?Q: people ask me what will happen once POS 50% is activated with my old coinage? and how POS work exactlyA: DMDv3 coinrollout (updated 2017-09-16)EVERYTHING BELOW IS JUST HISTORIC DATA FOR DOCUMENTATION PURPOE ◢▼▼◣

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◥◤ ✦ Diamond [DMD] ✦ ✦ ARTIS [ATS] ✦

✦ Scarce ✦✦✦✦ Valuable ✦✦✦✦ Secure ✦ ▬ Streaming Money ▬ Creating Value ▬ ◢▼▼◣

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popshot



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CEO Diamond Foundation







Hero MemberActivity: 774Merit: 554CEO Diamond Foundation Re: [ANN] Diamond Coin (DMD) Evolution v 2.0 | NEW wallet, coin mechanics, 50% POS April 22, 2014, 10:08:44 PM

Last edit: May 31, 2014, 10:03:33 PM by popshot #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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◥◤ ✦ [DMD] ✦ Diamond ✦ The Jewel of Crypto ✦

✦ popshot - CEO Diamond Foundation ✦ Diamond Charts ✦ DMD Multipool ✦ Forum ✦ ◢▼▼◣

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coinme.info



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Sr. MemberActivity: 298Merit: 250 Re: [ANN] Diamond Coin (DMD) Evolution v 2.0 | NEW wallet, coin mechanics, 50% POS April 23, 2014, 02:38:57 AM

Last edit: April 23, 2014, 12:53:22 PM by coinme.info #18



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

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/

cryptonit



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bit.diamonds | artis.eco







LegendaryActivity: 2324Merit: 1053bit.diamonds | artis.eco Re: [ANN] Diamond Coin (DMD) Evolution v 2.0 | NEW wallet, coin mechanics, 50% POS April 23, 2014, 05:51:02 AM #19



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



your feedback is welcome

people want good news....how about this one?i did run new client without groestl included a few minutes ago on real dmd networksend and recieve payments and so oneverything we did was working smooththe only reason why we keep wallet not released for now is becausewe try to release all the other changes together with groestl algoswitchto avoid additional hardfork later onwe have now still around 14 days to finish groestl implementationwhich is coming from an existing blockchain isnt as easy as start a new groestl blockchainworst case if we run into unexpected obstaklesit have still no big impact on whole project wecould everyday release without groestl allreadyi want to ask u:how important is for u that groestl is in initial wallet release included?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 agoyour feedback is welcome ◢▼▼◣

◥▲▲◤

◥◤ ✦ Diamond [DMD] ✦ ✦ ARTIS [ATS] ✦

✦ Scarce ✦✦✦✦ Valuable ✦✦✦✦ Secure ✦ ▬ Streaming Money ▬ Creating Value ▬ ◢▼▼◣

◥▲▲◤

◥◤