A high-profile cryptocurrency project by the name of Diamcoin has apparently decided to switch gears. Specifically, the project plans on switching their operation from Ethereum to Bitcoin Cash, which would make history, considering it would be the first stablecoin to exist on Bitcoin Cash.
Diamcoin intends to be a stablecoin pegged to the value of a diamond – and each token will be specifically pegged to a millicarat of a diamond. In this manner, 1000 tokens would equal 1 carat. The project was developed by Hello Diamonds, a diamond company with headquarters in Cyprus.
Bitcoin Cash has recently introduced a smart contract platform by the name of Wormhole, which clearly helped to influence the decision. In addition, many developers have pointed out that Bitcoin Cash offers higher security and lower transaction fees, which obviously factored into the decision, as well. Lead developer Jiazhi Jiang recently sat down with Bitsonline to describe Wormhole in detail:
Hello Diamonds apparently even finished a token on Ethereum, but still is looking to migrate to Bitcoin Cash for the aforementioned reasons.
It should be noted that the team has not yet even released a whitepaper. However, the team has already gained some attention due to the fact that it recently welcomed a Nobel Prize-winning economist into the fold, Christopher A. Pissarides. He was awarded the Nobel Prize in 2010 for his work concerning the “theory of search frictions”, and his research has focused specifically on macroeconomics and labor economics.