DiamCoin – a new digital currency – intends to be launched as a stablecoin which is tied to the value of a diamond. One DiamCoin will be tied to the value of millicarat of a diamond. This means 1,000 tokens will be equivalent to one carat of a diamond. DiamCoin isn’t a stablecoin in the sense that you will get back exactly what you invested. However, investors can also cash out their tokens in diamonds themselves.
Hello Diamonds Ventures Into the Crypto Space
Over the past couple of years, Hello Diamonds have been providing software solutions for the diamond industry. However, this is the first time the firm is moving into the blockchain space. The founders of the firm previously built a firm called Hello Football. The firm uses real-time data of football fans to place value on football players.
“The firm uses in-house algorithms and computational linguistics to understand and process any set of data, including natural language resources that are found online. The firm strongly believes that the football industry at large is due for a revolution. As value discovery specialists, they are creating a new way of perfecting the real-time valuation of soccer players.”
Hello Diamonds Is Set to Launch Its Token on the Upgraded Bitcoin Cash Network
Just like the developers of other top tokens, Ethereum was the first place Hello Diamonds looked on to build its token. They have created a token that was scheduled for launch in the next few months, but they just discovered that the blockchain of Ethereum might not be the best bet anymore.
Hello Diamonds is now dumping the Ethereum blockchain for that of Bitcoin Cash (BCH). What really pushed Hello Diamonds to make the switch to the Bitcoin Cash network is Wormhole. Wormhole is a smart contract platform that was introduced recently, and it runs on the BCH network.
The switch will make Hello Diamonds the first project to introduce a stablecoin on the BCH network. It would also be one of the first tokens to go live on Wormhole. Hello Diamonds plans to launch its token early next year, but no specific date yet.
The firm made the switch to the Bitcoin Cash network for a number of reasons. Some of the reasons include spacious and fast blocks, high security, and low transaction costs.
Hello Diamonds promises to be a unique stablecoin and transform the industry. This is because they are working with some of the best minds in the industry. The firm recently tapped Sir Christopher Pissarides – a Nobel-prize winning economist. He has helped to structure the system and advise it.
The tokens will be tradeable assets. This means that regular digital currency users will be given the opportunity to arbitrage their way into owning diamond assets. The firm also said that DiamCoin will offer a vital hedge against a full-scale crash of the digital currency market.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) is currently changing hands at $185 after an increase of more than 7 percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $3.19 billion with a trading volume of $151.31 million over the past twenty-four hours.