Blockchain

Exploring Diamante Blockchain with Founder and COO Chirag Jetani

Published

6 months ago

28 May, 2024

Exploring Diamante Blockchain with Founder and COO Chirag Jetani

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Chirag Jetani discusses how Diamante Blockchain is changing the industry with unique solutions in an exclusive interview.

In this exclusive interview, we sit down with Chirag Jetani, Founder and COO of Diamante Blockchain, to delve into the unique capabilities and solutions that Diamante Blockchain brings to the market. With a focus on offering cutting-edge, 4th-generation, layer-1 hybrid blockchain-based solutions, Diamante Blockchain is enriching various industries by addressing key challenges in scalability, interoperability, and security.

Chirag shares insights into how their proprietary blockchain protocol, Diamante Net, is designed for high-speed, secure, and versatile transactions, powered by their native digital asset, DIAM. He discusses the impact of DIAM within their ecosystem and highlights the diverse applications and dApps developed on their network that cater to industries such as finance, healthcare, gaming, and more.

Join us as Chirag Jetani shares the journey of creating Diamante Blockchain, the challenges faced, and the exciting future developments that lie ahead in their mission to drive global adoption in the blockchain space.

Can you tell us about the unique capabilities that Diamante Blockchain brings to the market?

As a leader in offering 4th gen, layer-1 hybrid blockchain-based solutions, Diamante Blockchain brings several unique capabilities to the market. Our proprietary blockchain protocol, Diamante Net, is designed for high-speed, enhanced security, and versatility, enabling secure and low-cost transactions. Our ecosystem is powered by DIAM, our native digital asset built on the top of our network that supports various use cases including digital payments, tokenization, supply chain management, and a wide range of applications already being built on our network.

Our innovative blockchain and AI solutions cater to the diverse needs of various industries, from healthcare, insurance, banking, trade, and travel, while addressing the industry’s critical challenges around scalability, interoperability, and security. In addition to these, Diamante supports advanced features like Real World Assets (RWA), Decentralized Physical Infrastructure Networks (DePIN), gaming, the creator economy, and layer-2 solutions, making it a versatile and powerful platform for diverse applications.

Moreover, our commitment to sustainability and innovation ensures that our solutions are not only technologically advanced but also contribute positively to the broader ecosystem. By fusing innovation and technology, we aim to offer sustainable solutions solutions that drive efficiency and growth across different sectors.

There are several scalability and speed challenges in the current blockchain space. How do you believe Diamante addresses these issues?

With the innovative architecture, Diamante Net, and the use of the Federated Byzantine Agreement (FBA) consensus mechanism, we are able to solve the major challenges in the current decentralization space. Our network excels in terms of transactions by processing them in less than 3-5 seconds and handling around 10 million transactions daily with a throughput of over 7500 transactions per second (TPS). Our network ensures high scalability without compromising security and allows seamless interoperability across diverse applications and networks.

Could you elaborate on the role and impact of DIAM Coin within the Diamante ecosystem?

DIAM is central to our ecosystem. It facilitates secure and efficient transactions, enabling platform governance and providing access to our dApps. As a native digital asset of our ecosystem, DIAM reduces transaction fees and enhances security with its anti-spamming mechanism. DIAM also enables users to access exclusive features within our suite of applications, thereby increasing user engagement and utility.

What are some of the key dApps developed on Diamante Network and how do these dApps integrate with DIAM Coin to enhance the blockchain’s utility and user experience?

Well, we have a wide range of dApps that solve major challenges in realms such as finance (banking, payments, accounting, CBDCs), textiles, gaming, tokenization & NFTs, and exchanges.

We’ve got PayCircle, a super app to make digital payments instantly. It supports multiple currencies, both Fiat transactions and digital asset trading. The app is for both individuals and businesses—It has features like split & pay, schedule payments and set recurring payments, and more.

We also have DiamCircle which offers a platform to build dApps and is open for developers across the globe. Independent developers and businesses can integrate Diamante Net into their platforms or utilize the network infrastructure to build innovative dApps and exchange platforms.

While our other platform, MudraCircle, provides CBDC solutions to central banks and financial institutions, MetaCircle offers virtual banking solutions that solve the major challenges in traditional banking.

We also have a few dApps currently in the alpha stage on the Diamante Net, we have

CreditCircle: Offers easy and fast loans against cryptocurrencies, allowing users to instantly monetize their crypto assets without the need to sell them.
Mintify: A platform for creating and managing NFTs with customizable metadata and royalty distribution.
ChainX: A cryptocurrency exchange platform for fast, secure, and cost-effective digital asset trading.
NodeHRM: It is a software that streamlines HR tasks, offering seamless employee management.
ChainCRM: It is a tool for enhancing business-customer relationships and helping with easy sales and leads management.
Token Tool: The platform facilitates the creation and distribution of tokens easily.

As a common space, all the dApps are developed on our network and utilize DIAM to streamline transactions and provide interactive user experience, thus increasing the utility of blockchain and AI technologies.

Diamante Blockchain prioritizes security and efficiency. Can you elaborate on how the blockchain accomplishes this?

Security and efficiency are our top priorities, no doubt! We strive to safeguard user data and assets, and maintain confidentiality over their transactions through multi-layer authentication and advanced encryption measures.

Our network, Diamante Net, is fortified with a multi-layer authentication mechanism and anti-spamming controls, ensuring that only authenticated users and stakeholders can participate in transactions. Additionally, our encryption mechanism is built upon the underlying principles of Fully Harmonic Encryption (FHE), reducing the computational requirements for encryption and decryption of data within the network. This comprehensive approach to security and encryption not only safeguards sensitive information but also enhances the efficiency, reliability, and security of our blockchain network.

Can you talk about the ways in which Diamante Network provides a competitive advantage over other blockchain platforms?

As mentioned earlier, our decentralized infrastructure powered by the FBA, Federated Byzantine Agreement consensus mechanism ensures rapid transactions within 3-5 seconds. This speed significantly outpaces many existing platforms and positions us as a leader in efficiency.

Another competitive advantage lies in the cross-chain compatibility that further distinguishes Diamante Network, enabling seamless integration with other major blockchain networks like Hyperledger Fabric and Binance Greenchain. This interoperability expands our reach and enhances liquidity, providing users with a robust and flexible platform.

Security and compliance are fundamental to our operations. We have established rigorous security protocols and a proactive bug bounty program to ensure the integrity of our network and build trust among our users. Our integration of AI enhances the efficiency and user experience of our platform, providing advanced features like predictive analytics and intelligent transaction processing.

The scalability and market traction of Diamante Net are evident in our achievements. With nearly 125 nodes ready for deployment and 217 dApps developed, we are well-positioned for continued growth. For example, in the healthcare sector, the Diamante Network ensures secure and immutable patient data management, significantly improving service efficiency and confidentiality. This application showcases our commitment to leveraging blockchain technology for solving real-world problems and reinforcing our position as a leader in the digital landscape.

As Diamante looks to expand globally, particularly into markets like the UAE, USA, and India, what strategies are you employing to navigate the regulatory landscapes of these regions?

Our legal teams employ proactive strategies involving engaging with local regulatory bodies. They understand compliance requirements while establishing partnerships with key stakeholders. Our global strategic collaborations with the Private Office of Highness Sheikh Mohamed Bin Ahmed Bin Hamadan Al Nahyan – the Royal Family of Abu Dhabi reflect our commitment to fostering high-level relationships that drive innovation and growth in multiple geographies.

Our strategic partnerships with Credshield and our compliance with global auditing standards through partners like CertiK showcase our dedication to excellence. Additionally, our technical alliances with Binamite, HyperSign, and MetaDoge Unity signify our efforts to advance our technical capabilities. Our community partnerships with Web3Connect Global and ActualOne symbolize our zeal to foster a vibrant developer community and further drive the positive impact and growth of our ecosystem.

We have established key partnerships with renowned organizations such as AWS and Azure, providing robust cloud infrastructure, and other strategic partnerships with Indian Banks’ Digital Infrastructure Company (IBDIC), QuillAudits, TransUnion and TransBnk, etc. DAOstruct aids us in building a strong developer community, while Union Bank and Ujjivan SFB support us in expanding our reach in the financial sector. These strategic partnerships and collaborations help us develop innovative applications and offer sustainable solutions.

Creating something so unique in its functionalities couldn’t have been easy. Can you share some challenges you faced while creating Diamante Blockchain?

Creating Diamante Blockchain was both challenging and rewarding. One of our main challenges was ensuring scalability without compromising security.

Building a skilled and dedicated team was essential. We brought together experts in blockchain, finance, cybersecurity, and AI, aligning them with our vision of revolutionizing various industries. Encouraging a collaborative culture and clear communication helped us navigate technical complexities and regulatory challenges effectively.

Achieving cross-chain compatibility with major networks like Hyperledger Fabric and Binance Greenchain required significant technical expertise and innovative solutions. Additionally, integrating AI to enhance efficiency and user experience added another layer of complexity.

Through strong leadership and a united team effort, we overcame these obstacles, resulting in a robust and versatile blockchain platform that stands out across multiple sectors.

Looking ahead, what are the big upcoming developments or innovations within the Diamante ecosystem? What does the future look like for Diamante?

Our goal is to make Diamante Blockchain a world leader in innovation across various industries with our strong network, Diamante Net. To do this, we’ll keep improving our technologies to ensure fast and secure transactions and better compatibility with other blockchains.

We’ll create tailored blockchain solutions for different sectors and engage the global community to foster innovation and find new opportunities. Forming strategic partnerships, upholding top security and compliance standards, and integrating advanced AI and data analytics are key parts of our plan.

Additionally, we are working closely with legal bodies across the globe to increase the adoption of blockchain. These efforts will help us build a groundbreaking blockchain ecosystem that promotes global adoption and drives innovation.

To learn more, visit Diamante Blockchain, Socials, and DiamCircle, and its Socials.

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Blockchain

Bitcoin (BTC) Price Crashes as Donald Trump’s Win Odds Dip

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Markets received nominally good news on Thursday morning, with the US ISM manufacturing PMI for July falling much more than economists expected, sending interest rates to multi-month lows across the board. Additionally, initial jobless claims in the US jumped to their highest level in about a year. Taken together, the data adds to the sentiment that the US is on the verge of a cycle of monetary easing by the Federal Reserve, which is typically seen as bullish for risk assets, including bitcoin.

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Blockchain

Terra Blockchain Reboots After Reentry Attack Leads to $4M Exploit

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Terra Blockchain Reboots After Reentry Attack Leads to $4M Exploit

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CoinDesk is a awarded press agency that deals with the cryptocurrency sector. Its journalists respect a rigorous set of editorial policiesIn November 2023, CoinDesk has been acquired from the Bullish group, owner of Bullisha regulated digital asset exchange. Bullish Group is majority owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant digital asset holdings, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, are eligible to receive options in the Bullish group as part of their compensation.

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Blockchain

$6.8M Stolen, ASTRO Collapses 60%

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

In the latest news in the blockchain industry, there has been a turn of events that has severely affected Terra and its users and investors, with the company losing $6.8 million. The attack, which exploited a reentry vulnerability in the network’s IBC hooks, raises questions about the security measures of the once celebrated blockchain protocol.

A web3 security company, Cyvers Alerts reported that the exploit occurred on July 31st and caused the company to lose 60 million ASTRO, 3.5 million USDC500,000 USDTand 2. 7 BitcoinThe flaw was discovered in April and allows cybercriminals to make payments non-stop by withdrawing money from the network.

Earth’s response

Subsequently, to the hack employed on the Terra blockchain, its official X platform declared the Suspension network operations for a few hours to apply the emergency measure. Finally in its sendTerra’s official account agreed, sharing that its operations are back online: the core transactions that make up the platform are now possible again.

However, the overall value of the various assets lost in the event was unclear.

Market Impact: ASTRO Crashes!

The hack had an immediate impact on the price of ASTRO, which dropped nearly 60% to $0.0206 following the network shutdown. This sharp decline highlights the vulnerability of token prices to security breaches and the resulting market volatility.

This incident is not the first time Terra has faced serious challenges. Earlier this year, the blockchain encountered significant problems that called into question its long-term viability. These repeated incidents underscore the need for stronger security measures to protect users’ assets and maintain trust in the network.

The recent Terra hack serves as a stark reminder of the ongoing security challenges in the blockchain space. As the platform works to regain stability, the broader crypto community will be watching closely.

This is a major setback for Terra. How do you think this will impact the blockchain industry?

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Blockchain

Luxembourg proposes updates to blockchain laws | Insights and resources

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Luxembourg proposes updates to blockchain laws | Insights and resources

On July 24, 2024, the Ministry of Finance proposed Blockchain Bill IVwhich will provide greater flexibility and legal certainty for issuers using Distributed Ledger Technology (DLT). The bill will update three of Luxembourg’s financial laws, the Law of 6 April 2013 on dematerialised securitiesTHE Law of 5 April 1993 on the financial sector and the Law of 23 December 1998 establishing a financial sector supervisory commissionThis bill includes the additional option of a supervisory agent role and the inclusion of equity securities in dematerialized form.

DLT and Luxembourg

DLT is increasingly used in the financial and fund management sector in Luxembourg, offering numerous benefits and transforming various aspects of the industry.

Here are some examples:

Digital Bonds: Luxembourg has seen multiple digital bond issuances via DLT. For example, the European Investment Bank has issued bonds that are registered, transferred and stored via DLT processes. These bonds are governed by Luxembourg law and registered on proprietary DLT platforms.
Fund Administration: DLT can streamline fund administration processes, offering new opportunities and efficiencies for intermediaries, and can do the following:
- Automate capital calls and distributions using smart contracts,
- Simplify audits and ensure reporting accuracy through transparent and immutable transaction records.
Warranty Management: Luxembourg-based DLT platforms allow clients to swap ownership of baskets of securities between different collateral pools at precise times.
Tokenization: DLT is used to tokenize various assets, including real estate and luxury goods, by representing them in a tokenized and fractionalized format on the blockchain. This process can improve the liquidity and accessibility of traditionally illiquid assets.
Tokenization of investment funds: DLT is being explored for the tokenization of investment funds, which can streamline the supply chain, reduce costs, and enable faster transactions. DLT can automate various elements of the supply chain, reducing the need for reconciliations between entities such as custodians, administrators, and investment managers.
Issuance, settlement and payment platforms:Market participants are developing trusted networks using DLT technology to serve as a single source of shared truth among participants in financial instrument investment ecosystems.
Legal framework: Luxembourg has adapted its legal framework to accommodate DLT, recognising the validity and enforceability of DLT-based financial instruments. This includes the following:
- Allow the use of DLT for the issuance of dematerialized securities,
- Recognize DLT for the circulation of securities,
- Enabling financial collateral arrangements on DLT financial instruments.
Regulatory compliance: DLT can improve transparency in fund share ownership and regulatory compliance, providing fund managers with new opportunities for liquidity management and operational efficiency.
Financial inclusion: By leveraging DLT, Luxembourg aims to promote greater financial inclusion and participation, potentially creating a more diverse and resilient financial system.
Governance and ethics:The implementation of DLT can promote higher standards of governance and ethics, contributing to a more sustainable and responsible financial sector.

Luxembourg’s approach to DLT in finance and fund management is characterised by a principle of technology neutrality, recognising that innovative processes and technologies can contribute to improving financial services. This is exemplified by its commitment to creating a compatible legal and regulatory framework.

Short story

Luxembourg has already enacted three major blockchain-related laws, often referred to as Blockchain I, II and III.

Blockchain Law I (2019): This law, passed on March 1, 2019, was one of the first in the EU to recognize blockchain as equivalent to traditional transactions. It allowed the use of DLT for account registration, transfer, and materialization of securities.

Blockchain Law II (2021): Enacted on 22 January 2021, this law strengthened the Luxembourg legal framework on dematerialised securities. It recognised the possibility of using secure electronic registration mechanisms to issue such securities and expanded access for all credit institutions and investment firms.

Blockchain Act III (2023): Also known as Bill 8055, this is the most recent law in the blockchain field and was passed on March 14, 2023. This law has integrated the Luxembourg DLT framework in the following way:

Update of the Act of 5 August 2005 on provisions relating to financial collateral to enable the use of electronic DLT as collateral on financial instruments registered in securities accounts,
Implementation of EU Regulation 2022/858 on a pilot scheme for DLT-based market infrastructures (DLT Pilot Regulation),
Redefining the notion of financial instruments in Law of 5 April 1993 on the financial sector and the Law of 30 May 2018 on financial instruments markets to align with the corresponding European regulations, including MiFID.

The Blockchain III Act strengthened the collateral rules for digital assets and aimed to increase legal certainty by allowing securities accounts on DLT to be pledged, while maintaining the efficient system of the 2005 Act on Financial Collateral Arrangements.

With the Blockchain IV bill, Luxembourg will build on the foundations laid by previous Blockchain laws and aims to consolidate Luxembourg’s position as a leading hub for financial innovation in Europe.

Blockchain Bill IV

The key provisions of the Blockchain IV bill include the following:

Expanded scope: The bill expands the Luxembourg DLT legal framework to include equity securities in addition to debt securities. This expansion will allow the fund industry and transfer agents to use DLT to manage registers of shares and units, as well as to process fund shares.
New role of the control agent: The bill introduces the role of a control agent as an alternative to the central account custodian for the issuance of dematerialised securities via DLT. This control agent can be an EU investment firm or a credit institution chosen by the issuer. This new role does not replace the current central account custodian, but, like all other roles, it must be notified to the Commission de Surveillance du Secteur Financier (CSSF), which is designated as the competent supervisory authority. The notification must be submitted two months after the control agent starts its activities.
Responsibilities of the control agent: The control agent will manage the securities issuance account, verify the consistency between the securities issued and those registered on the DLT network, and supervise the chain of custody of the securities at the account holder and investor level.
Simplified payment processesThe bill allows issuers to meet payment obligations under securities (such as interest, dividends or repayments) as soon as they have paid the relevant amounts to the paying agent, settlement agent or central account custodian.
Simplified issuance and reconciliationThe bill simplifies the process of issuing, holding and reconciling dematerialized securities through DLT, eliminating the need for a central custodian to have a second level of custody and allowing securities to be credited directly to the accounts of investors or their delegates.
Smart Contract Integration:The new processes can be executed using smart contracts with the assistance of the control agent, potentially increasing efficiency and reducing intermediation.

These changes are expected to bring several benefits to the Luxembourg financial sector, including:

Fund Operations: Greater efficiency and reduced costs by leveraging DLT for the issuance and transfer of fund shares.
Financial transactions: Greater transparency and security.
Transparency of the regulatory environment: Increased attractiveness and competitiveness of the Luxembourg financial centre through greater legal clarity and flexibility for issuers and investors using DLT.
Smart Contracts: Potential for automation of contractual terms, reduction of intermediaries and improvement of transaction traceability through smart contracts.

Blockchain Bill IV is part of Luxembourg’s ongoing strategy to develop a strong digital ecosystem as part of its economy and maintain its status as a leading hub for financial innovation. Luxembourg is positioning itself at the forefront of Europe’s growing digital financial landscape by constantly updating its regulatory framework.

Local regulations, such as Luxembourg law, complement European regulations by providing a more specific legal framework, adapted to local specificities. These local laws, together with European initiatives, aim to improve both the use and the security of projects involving new technologies. They help establish clear standards and promote consumer trust, while promoting innovation and ensuring better protection against potential risks associated with these emerging technologies. Check out our latest posts on these topics and, for more information on this law, blockchain technology and the tokenization mechanism, do not hesitate to contact us.

We are available to discuss any project related to digital finance, cryptocurrencies and disruptive technologies.

This informational piece, which may be considered advertising under the ethics rules of some jurisdictions, is provided with the understanding that it does not constitute the rendering of legal or other professional advice by Goodwin or its attorneys. Past results do not guarantee a similar outcome.

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