diamDEXX Announces An EOS Sidechain For Its ERC-20, Diamond-Backed Token: DIAM.
As blockchain technology evolves and progresses, token creators seem to move towards multi-platform integration.
This week, diamDEXX, the issuer of the first coin to be backed by redeemable diamonds, announced its EOS sidechain. This move promises to be a game-changer when it comes to micropayments, one of the company’s main goals. diamDEXX’s token, DIAM, is pegged to the price of $1 precisely to adapt to payment systems and help disrupt traditional payment and financial systems.
Sidechains, ERC-20, and EOS
Sidechains are a specific mechanism that allows cryptocurrencies to interact with one another. They serve to add flexibility to systems, allowing for tracking and testing in-network, helping support their main chain. Through a sidechain, diamDEXX is allowing DIAM (an ERC-20 token) to freely interact with the EOS network, which supports bigger applications and doesn’t charge fees. An EOS sidechain also helps add security to the original chain, creating a perfect platform for micropayments and daily use.
DIAM’s Mission and Vision
DIAM was created with the idea of liquidising diamonds, the most crisis-resistant asset and one of the top-performing asset classes in the world. diamDEXX has stated that thanks to this, pegging their currency to $1, and establishing a redeeming system where users can get their currency’s worth in diamonds, they’re building a currency that rivals the stability and consistency of the Gold Standard Dollar. The company aims to create a borderless, low-fee platform for payments worldwide and is moving fast towards this goal, with several papers reporting on its partnership with tech giant Microsoft.
