DiamCoin is making a transition into the upgraded Bitcoin Cash network. The transition follows the introduction of Wormhole, a new smart contract platform running on Bitcoin Cash (BCH). Likewise, it becomes the first project to represent a stablecoin on Bitcoin Cash network. Consequently, it will become the first token to launch on Wormhole, slated for release early next year.
A transition into Bitcoin Cash network is part of an effort that seeks to take advantage of low transaction fees. The token will also be able to leverage high security on the new platform. In addition, DiamCoin will be able to make good use of fast and spacious blocks.
DiamCoin is a special type of stablecoin pegged on the value of a diamond. For that reason, the value of each token depends on the value of a milicarat of a diamond. Likewise, a thousand tokens equals 1 carat of Diamond, while 14,000 tokens is equivalent to 14-carat diamond.
Established in 2010, Hello Diamonds, the DiamCoin developer, is planning to make a name for itself on software solutions. Based in Cyprus, the firm has just made its maiden debut in the blockchain space and consequently created a Hello Football. The new company seeks to place value on soccer players by using real-time fan data.
“With the help of computational linguistics and in-house algorithms, we are able to process and understand any set of data including natural language resources found online. We at Hello Football strongly believe that the football industry as a whole is ripe for a revolution,” Hello Soccer says in a statement.
Hello Diamonds opting for Bitcoin Cash network comes as a surprise. The Token developer had initially reiterated plans to establish on Ethereum blockchain. The developer had also unveiled a new token slated for release in the coming months. However, a change of heart comes on concerns that the Ethereum blockchain will not be the best option for DiamCoin.
The introduction of smart contract platform, Wormhole, all but accelerated the change to Bitcoin Cash network. Hello Diamonds has since engaged the services of economist Christopher Pissarides. He is to help on the design of the Bitcoin Cash system.
Accordingly, the tokens will be tradable assets, meaning regular crypto users will be able to arbitrage into owning diamond assets. Likewise, DiamCoin should go a long way in offering an important hedge against any potential collapse of the crypto market.
However, the Bitcoin Cash integration should become clear with the release of a whitepaper detailing all the specs and details of the system.
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