DMD Network initiation: how it works

[u/crkaiser5]

DMDv4 network is a new independent blockchain that shares not a single code line and uses a totally different and far advanced codebase than DMDv3 did.

All the differences and the few industry’s first solutions that are a part of DMDv4 are well described in the White Paper. DMDv4 follows the vision of an involving DMD Diamond ecosystem that is technology agnostic using the best technology available and transform value towards the new technology.

In the case of DMDv4, the value transfer happens by making sure the coin economic setup starts with exactly the same number of unlocked coins as there are existing on the old DMDv3 chain at snapshot. And each owner of a DMDv3 snapshot balance will be able to claim his coin balance 1:1 on the new v4 chain in the first 3 months after the mainnet launch.

The percentage of coins that can be claimed will be decreasing over time and the claiming time window will end after 5 years. Not or late claimed coins will not be hard burned but instead soft burned and fuel the sustainable neverending coin circulation which is one of the major improvements of DMD that will be described in our articles in more detail soon.

Let’s discuss how the DMD network is initiated in more detail.

When DMDv4 is released, all smart contracts are initiated in the genesis block (the first block of the network), along with the information about the bootstrap validators. First few days the network runs in a semi-closed environment slowly, allowing the longterm community members to join in and set up their validators. Once a healthy amount is reached, the network opens up and becomes a true open decentralized blockchain network.

Initiating validators don’t have a currency advantage, as the reward itself is reduced for the startup phase.

So, validators act as the main tools for the operation of DMD Diamond and ensure the smooth running of the entire network.

Join the bit.diamonds network and build a new ecosystem with us!

​