Whenever a coin has to re-launch, it doesn’t always have to be a bad thing. Surely there are plenty of reasons why a re-launch would be in order, for example if a new developer takes over, or if the community steps in. DiamondCoin has re-launched, so let’s take a look!
In DiamondCoin’s case, it appears as if the community has taken over both the development and maintenance for this crypto currency. An interesting move, as a community usually knows best what is needed in order to further the coin.
A new wallet for DiamondCoin has also been released, version 1.0.4, which enables Proof-of-Stake. Make sure to upgrade your DMD client as soon as possible, in order to prevent any future issues.
There have been no major changes to the coin settings themselves for DiamondCoin : no pre-mine, no rollback on the blockchain, difficulty still re-targets after every block, and the block rewards are still as they were when DMD launched in July of 2013. The random lucky bonus blocks have been removed however.
The changes that have occurred, include a reduction of the Proof-of-Work stage of mining, down from a few more years to roughly 15 months left. After that, the Proof-of-Stake stage will kick in, which explains why the new DiamondCoin client has PoS enabled.
Another major change comes in the form of the mining algorithm used. DiamondCoin used to be a Scrypt coin, but once the update kicks in, it will switch over to the Groestl algorithm, which is more energy efficient, and also ASIC resistant (for now).
Mining pools have been set up for both Scrypt and Groestl mining, so you don’t have to switch just yet, but you might want to have a go with the Groestl mining pools to see the results for yourself.
A DiamondCoin Foundation will be formed in the near future, because, and I quote, “ that would coordinate all aspects of coin development in a transparent and comprehensive way. We are grateful to all the donors who supported DiamondCoin 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.“
“Together with the new update and a trigger at total coins of ~400,000 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.”
DiamondCoin can be purchased or sold at the Cryptsy exchange, and a listing on MintPal seems to be imminent “soon”.
It will be interesting to see how these updates and changes will work out for DiamondCoin. I really wish them the best of luck with the further development of this coin, as I like to see as many coins succeed as possible.
DiamondCoin donations can be sent to : dTjMMwT1SPYPur2vcFTyEs6SCeXMvQq1sE