Diamante Blockchain FAQS



Q1: What is Blockchain Technology?

A1: Think of it as a decentralized public digital ledger where transactions, once recorded, cannot be altered retroactively without altering every aspect of a very complex software programme structure. The immutability of a blockchain lends it a level of security missing in any other form of digital data cache available for popular use. The transactions recorded in a blockchain can occur across many computers, and, depending on the specific type of blockchain in use, the records can be viewed by other parties as well for verification and future reference. More information can be found on this wiki link: https://en.wikipedia.org/wiki/Blockchain


Q2: Why Blockchain for Diamond Industry?

A2: A Blockchain system in the diamond industry lends it an increased accountability and security against malpractices.

The Diamante blockchain offers efficient and accurate supply chain operations, and follows the process right from the mining of rough diamonds, through the cutting, polishing, setting, and shipping of the end product till finally delivered to the customer.

The immutability and transparency of the database makes each stage in the supply chain visible to the members and clients at any point in time. This increased accountability, however, does not compromise with privacy, and enables easy tracking by the network participants and customers without giving away personal details of any actor.

The feature of permanence of records and source accountability has earned Diamante Blockchain global trust.


Q3: What is Diamante Blockchain?

A3: Diamante blockchain is a leading-edge digital platform powered by the most reliable Diamond supply chain technology. It offers the members and clients of this consortium a greater transparency to every stage of movement of precious gems and sets of gems in the supply chain. You can learn more about Diamante Blockchain at: www.diamanteblockchain.com


Q4: How long has Diamante Blockchain been in existence and what is the roadmap of the project?

A4: Diamante Blockchain is the brainchild of the leading minds of the Diamond Industry, envisioned in the beginning of 2016. The project went on the floor from Jan 2018. Find the detailed roadmap of the project in this link: www.diamanteblockchain.com


Q5: What is the Purpose of Diamante Blockchain?

A5: Diamante Blockchain promises to uphold the authenticity of the Gems and Jewelry industry. The intention is to protect as well as to maintain the passion amongst the people who are associated with this industry, and enable them to gather a unique and unparalleled experience of Authenticity.

Diamante Blockchain provides full transparency and builds concrete trust in the diamond supply chain through blockchain network. We guarantee the implementation of the highest standards in the diamond supply chain management and are eager to offer first-rate professional conduct.


Q6: What is Diamante Consortium?

A6: Diamante Consortium is a global Diamond Organization backed by blockchain technology where each and every part of Diamond industry can participate to facilitate Diamond industry related trade for diamond supply chain management as a Consortium member.


Q7: What is the Purpose of Diamante Consortium?

A7: Diamante Consortium aims to cover and include every part of the diamond industry i.e. individuals, as well as enterprises who will benefit from the Diamond blockchain network in the supply chain management. Also, this gives the individuals/organizations of the diamond industry an opportunity to participate in and play an involving and integral role in Diamante Blockchain.


Q8: Who can join Consortium?

A8: Individuals as well as companies related to Diamond supply chain can be a part of this consortium. Detailed categories are listed on: https://www.diamanteblockchain.com/consortium.html


Q9: Who would manage Diamante Consortium?

A9: There would be no single entity managing Diamante Consortium. The members of the consortium would manage it after an internal transparent process.


Q10: How to join Consortium?

A10: Consortium can be joined for free by just filling out a simple KYC form in this link: https://www.diamanteblockchain.com/register.html


Q11: What are the various features of Consortium?

A11: The many features of Consortium can be accessed here: https://www.diamanteblockchain.com/consortium.html


Q12: Why Traceability?

A12: Diamonds can be tracked right from its rough stage in the mines, through the initial levels of being cut and polished, then set and shipped, to its final stage where they are delivered as finished jewelry to the ultimate customers. With Diamante Blockchain network tracking, any diamond present in the supply chain can be accurately and easily traced by the members. Diamante Blockchain Network allows permanent records of all the assets present in the system for future use. This helps to maintain the trust of the customers and members of the Diamante Blockchain Consortium.


Q13: Why unified marketplace?

A13: Diamante Consortium offers a complete marketplace where everyone within the consortium can do various kinds of trading transactions. All the transactions done within the network will be safe, secure, and transparent in nature. It provides a first-of-its-kind marketplace for Gem & Jewelry industry where each network participant or the consortium member can interact & establish trade by means of a smart contract. Smart contract enabled trading mechanism will be verified by other network participants to determine the Authenticity of the transactions. Hence, it eliminates the possibility of any kind of fraudulent activity that could prevail in the diamond industry. All the members in this consortium, irrespective of their geographical location, can benefit from this unified singular marketplace through blockchain network.


Q14: How can you trade in the unified marketplace?

A14: DIAM is the native digital asset of Diamante blockchain. This digital asset can be used for carrying out the transactions taking place within the network. Participants of this consortium who already hold existing DIAM can trade diamonds from other network members in a much faster and secure way. The customers would be able to trade with DIAM globally as well as acquire diamonds and diamond-related products from unified marketplace. Fiat currencies would also be integrated into the unified marketplace as Diamante Blockchain wants to keep traditional trading practices available as well to the market players to create an inclusive trading environment.


Q15: Is there privacy for members trading within the unified marketplace?

A15: The Diamante blockchain offers complete transparency, keeping in mind a high-end security similar to banks. All the transactions within the consortium will be maintained and confined within the terms of trade privacy, assuraning consortium members of their data being secured and private. By creating a tamper-proof, permanent digital record for every diamond registered on the platform it will streamline existing manual processes, create new efficiencies in the blockchain, and provide consumers with further assurance that their diamond is natural and conflict-free.


Q16: Who would be able to apply for line of credit?

A16: Members of Consortium would be able to apply for line of credit to trade within the consortium which would have been much more difficult to acquire from the physical world for trading within the diamond industry.


Q17: How will the rating system work?

A17: The ratings would be mapped via high-end technical and financial algorithms that would help the consortium in approving the line of credit to its members.


Q18: What is AI based rating system?

A18: Diamante blockchain sets the possibility to use Artificial Intelligence and machine learning algorithms to map the financial, technical and trade related data of consortium members. The ratings earned by the members gives them ease of trading within the consortium, as well as acquiring line of credit from Diamante Blockchain.


Q19: When will the unified marketplace be launched?

A19: The unified marketplace is set to be launched in the final quarter of 2019


Q20: What are the fees for joining the consortium?

A20: Joining of consortium is free of charge and can be done by completing the process of KYC on Diamante Blockchain website.


Q21: What are the benefits of joining the consortium on early basis?

A21: Certain early bird benefits will be awarded to consortium members that will let them avail prime features of the Diamante blockchain network. Also the Prime members would have a say on how the consortium would be managed.


Q22: Does Diamante Blockchain follow any compliance?

A22: Diamante Consortium abides by the following regulations:

Kimberly Certified norms - Kimberly Certified norms prevents the entry of conflict diamonds into the mainstream market of rough diamonds.

Anti-money laundering (AML) - This consortium follows a set of laws and regulations which is designed to eliminate the practice of income generation by means of illegal actions.

USA Patriot Act - Diamante consortium abides by the regulations of the US Patriot Act which was passed on 11th September, 2001 by Congress to obstruct terrorist attacks.


Q23: What are the ethical standards of Diamante Blockchain?

A23: Diamante Consortium has set high standards in terms of its ethical concern. Any single user or a particular organization will not own or supervise the blockchain. It will be an open system with an independent governance structure that represents the interests of all participants. The details of the longer-term governance structure are yet to be agreed upon and will be one of the points of discussion in our ongoing engagements with industry representatives.


Q24: How would the line of credit work?

A24: The members of the Consortium are eligible for obtaining a line of credit once approved by the Consortium. The ratings would be mapped through high-end technical and financial algorithms that would help the consortium in approving the line of credit for its members. Before issuing the line of credit to the specific Consortium member, DIAM or any other means of collateral would be secured from the individual seeking the line of credit.



Diamante Net

Q1: What is Diamante Net?

A1: The Diamante NET platform is a decentralized network, consisting of peers that can operate independently of each other. Information can be transmitted from any number of servers instead of just one central source. More details can be found under: https://www.diamanteblockchain.com/pdf/Diamante-NET.pdf


Q2: What network does Diamante Blockchain Work on?

A2: Diamante Blockchain works on an uber efficient Blockchain network of its own, developed by industry leaders of blockchain technology. The Network is named as Diamante Net.


Q3: Who owns the Diamante Blockchain network?

A3: Diamante Blockchain is owned by leading minds of Diamond Industry. However, no single entity will manage the Diamante Blockchain network. It will be a consortium managed network.


Q4: How Secure is Diamante Blockchain Network?

A4: The Diamante Blockchain network is extremely secure with high-end security system implemented at every stage of the supply chain. The blockchain network offers protection against all kinds of fraudulent activities. The sensitive data is protected and kept confidential, including the information of the various clients and members of this consortium.


Q5: What is the security of Diamante Blockchain network?

A5: The Consortium members will have to complete their KYC documentation after which they will be given a rating within the consortium. The ratings will be generated by using a predefined algorithm which will take various features into consideration. Some of the features of trading within this Diamante Consortium include regularity of payments of the Consortium members as well as analysis of the regular trade practices.

Each block in the network will be verified before being added to the blockchain network of this consortium. This trade security practice of the Diamante Consortium helps in the process of establishing Authenticity of trade and transaction.



DIAM

Q1: What is DIAM?

A1: DIAM is the Native Digital Asset on Diamante Net. DIAM moves money and conducts transactions around the world quickly and securely.


Q2: Why DIAM?

A2: DIAM provides an efficient, low cost, zero turnaround time alternative to conventional settlement methods.


Q3: How efficient is DIAM?

A3: DIAM settles payments in 2-4 seconds in 1000+ node environment. Diamante Blockchain is an integrated supply chain network built to handle 3000 transactions per second, much faster than Ethereum or Bitcoin networks. All this is possible because of DIAM, the digital native asset of the Diamante network. An uber-efficient, ultra-low cost, instantaneous alternative to banks, DIAM allows any payment settlement across the globe to be done in less than 5 seconds.


Q4: How scalable is DIAM?

A4: DIAM can handle 3000 concurrent transactions (transactions per second) and over a 100 million transactions a day. At 75,000 transactions per second, the network scalability exceeded the throughput of current payment networks such as Visa. This number was achieved in a test environment, with the implementation of SegWit.


Q5: Is DIAM a Bitcoin?

A5: No, DIAM is a digital native asset of Diamante Blockchain. Diamante products which operate on Diamante Net are used for Remittance, Corporate Payment, Trade Finance, Commerce and Forex deal.


Q6: How secure is DIAM?

A6: DIAM is extremely secure with high-end security system implemented at every stage of the supply chain. It will be traded on leading world exchanges like PayBito US, Kraken, etc.


Q7: Who can buy DIAM?

A7: Any individual, company or institution can by DIAM for its respected listed exchanges.


Q8: Where to buy DIAM?

A8: At the moment DIAM is listed on PayBito US, and it will be available for purchase on various leading global exchanges in upcoming times.


Q9: Is there a minimum limit of DIAM buying?

A9: The Diamante Network requires all accounts to hold a minimum balance of 20 DIAM. This ensures that accounts are genuine and facilitates the network maintain a seamless flow of transactions.


Q10: How many DIAM would exist in the market?

A10: The Diamante Network will hold 100 billion DIAM as its root account. Subsequently, there will be allocation to different exchanges with an initial amount of say 1 million to each exchange across geographies. For instance, say 1 million DIAM will be initially funded to exchanges like PayBito India, PayBito US, Kraken etc. It is important to keep in mind the risk associated with all digital currency including complete loss of value.


Q11: Is DIAM a utility coin or a security coin?

A11: DIAM is a utility coin.


Q12: What is the difference between a utility coin and a security coin?

A12: Security coins are cryptocurrencies issued to investors in a coin sale or ICO for the exchange of their money. Crypto coins that pay dividends, share profits, pay interest or invest in other coins or assets to generate profits for the coin holders are deemed as ‘security coins. Such coins are prohibited in countries like the US and should be compliant with SEC prior to their ICO or coin sale to be able to conduct in such affairs.

Utility coins, often called app coins or user coins, provide users with future access to a product or service. Through utility coins ICOs, startups can raise capital to fund the development of their blockchain projects, and users can purchase future access to that service, sometimes at a discount off the finished product’s sticker price. Utility coins are not designed as investments; however, many people contribute to utility coin ICOs with the hope that the value of the coin will increase as demand for the company’s product or service increases. Utility token price fluctuations can be compared to those of sporting event tickets.


Q13: What are the risks associated with DIAM price?

A13: DIAM will occasionally act as a bridge between two currencies that do not have a direct market, and facilitate trade between them. This function is possible when there is a liquid market between the DIAM and each currency involved. One should be aware at this point about the risk associated with all digital currency, including complete loss of value.


Q14: What are the Fundamentals of DIAM?

A14: Fundamentals of DIAM can be found in this link: https://www.diamanteblockchain.com/fundamentals.html


Q15: What are the applications of DIAM?

A15: There are wide applications of DIAM. Diamante products which operate on Diamante Net are to be used for Remittance, Corporate Payment, Trade Finance, Commerce and Forex deal.


Q16: What is the time taken to conduct transactions using DIAM?

A16: DIAM settles payments in 2-4 seconds in 1000+ node environment.


Q17: What is the acceptance of DIAM?

A17: There is wide acceptance of DIAM. Diamante Products will be used by Global Banks, Currency Exchanges, Payment Service Providers, Corporate Houses and E-commerce Merchants.


Q18: Would DIAM be the only means of transaction in Unified marketplace?

A18: DIAM, along with other leading cryptocurrencies as well as fiat currencies will be the means of transactions in unified marketplace


Q19: Is the DIAM asset performance transparent?

A19: DIAM asset performance is completely transparent and can be live viewed under this link: https://www.diamanteblockchain.com/asset-performance.html