DMD 3.0 to DMD 4.0 Core Code Upgrade

DMD Diamond Foundation would like to put to a vote the DMD4.0 (major core code update) proposal.

DMD 3.0 has been in place for over a year now (launched September 2017) and introduced several major improvements to the protocol’s capabilities and functionality (Extended wallet functionality, Critical bug fixes and the implementation of the Layer 2 Masternode network, to name but a few highlights). The above has significantly increased the protocol’s adoption and exposure, which has put it on the radar of many crypto users, enthusiasts and large investors.

However, the blockchain paradigm and technology is still evolving at a rapid rate. This means, even in the short period DMD 3.0 has been live, there are several improvements we need to implement to retain our status as a leading cryptocurrency on the cutting edge of technology. It is critical and in line with our mandate to remain at pace, or ahead of the technology, in order to maximise the commercial utility and benefits.
What’s more, DMD 3.0 has some database stability and database corruption issues that need to be resolved (whilst these do not have a financial impact on our users, unnecessary user intervention is required to remediate the issues).

In addition to the added capabilities, and blockchain stability improvements, the proposal also seeks to implement another critical element — the introduction of the new governance system. The new governance system will not only lead to further protocol decentralisation (congruent with the Diamond foundation commitment outlined in the DMD 3.0 White Paper) but will also allow for increased and improved engagement with the community and code developers. This, in turn, will accelerate the exposure, acceptance, and adoption of the diamond protocol (another prime mandate).

In order to achieve those three objectives for DMD 4.0, the proposal is as follows:

- Introduction of a new state of the art codebase that will make the network much more stable, robust and secure. In addition, the introduction of a new platform-agnostic Web Wallet, (Android, iOS, PC, Mac, etc).

- Introduction of the new DMD budgeting process. The proposal is to change the current block reward ratio (POS 35%/MN 65%) to (POS 30%/MN 63% /Development Budget 7%). All funds accumulated in the development budget will be eligible to fund community proposals that will improve and enhance the Diamond protocol. Submitted proposals will be assessed and put to a vote and those accepted will receive the required funding.

- Introduction of a Governance System. Essentially this would result in a transition to a decentralized autonomous organisation, with decision achieved through Masternode participation and voting.

- Introduction of new staking mechanics to allow for offline staking. This would negate the requirement to have a user wallet online in order to earn PoS rewards. The sheer simplicity of revolutionary staking mechanism will drive adoption amongst newcomers and dispel the myth that crypto is exclusively for tech-savvy individuals.

- Introduction of smart contract functionality. This would allow for the development and execution of Decentralized Apps (dApps) on the Diamond blockchain. This is the prime requirement voiced by all developers we cooperate with. They are interested in pursuing the creation of Unique Digital Assets. Whilst the development of the dApps is driving the requirement for smart contracts, there are countless other possible use cases for smart contracts that would drive the value and popularity of the protocol. This will in turn help us achieve our goal of being a true utility coin.

Other points to note:
* Exchange Impact — We have already discussed the proposals with Bittrex who would be happy to assist us with the process of transitioning from one codebase to another.
* On implementation, there would be a coin swap in the ratio of 1:1
* The expected time of delivery is June 2018

What will not be changing at DMD 4.0 (in support of the core values)
* DMD continues to have a limited coin supply
* The coin rollout speed remains as defined in the DMD 3.0 White Paper.

Development of DMD 4.0 can commence as soon as the proposal is approved by the community via voting.

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