Founder and COO Chirag Jetani about Diamante’s vision for high-speed and secure blockchain solutions
In a recent in-depth interview with BeInCrypto, Chirag Jethani, Founder and COO of Diamond Blockchain, shared his ambitious vision for advancing blockchain technology across multiple sectors. With a rich background in Web3, Jetani discussed Diamante Blockchain's unique capabilities and strategic positioning worldwide.
The discussion explored a variety of topics, including the challenges of scalability and speed in blockchain technology and Diamant's approach to creating a sustainable and efficient ecosystem.
Described as a “Layer-1, modern hybrid blockchain platform,” Jetani explained how Diamante Net is set to redefine financial transactions with seamless interoperability.
The main capabilities of the Diamante network
At its core, Diamante Network is differentiated by its layer-1, hybrid blockchain infrastructure, designed to address some of the most pressing issues faced by traditional blockchains: scale, speed and environmental impact.
By implementing Federated Byzantine Agreement (FBA), Diamant improves the speed of transaction processing without compromising security, a critical feature of modern enterprises and financial institutions.
This strategic choice in consensus mechanisms allows Diamante to significantly outperform conventional blockchains.
“Our latest deployment has reduced energy consumption by 40% through optimized consensus algorithms,” Jettani highlighted.
In addition, Diamant's architecture supports a variety of applications from financial services to supply chain management, making it a versatile platform for various industries seeking blockchain solutions. The robust design ensures that the network is efficient and secure as the scale increases, opening a new level in blockchain technology.
The role and impact of the DIAM coin
Central to the Diamant ecosystem, DIAM Coin is a utility token designed to streamline operations and increase user engagement within the Diamant network. DIAM Coin serves a number of functions, from facilitating transactions with discounted fees to providing unique features within the Diamant suite of apps.
“DIAM Coin facilitates transactions, facilitates premium ecosystem features and facilitates user engagement,” explains Jetani.
DIAM Coin is especially critical in powering Diamond's core applications like PayCircle, CreditCircle, MudraCircle and MetaCircle. For example, in PayCircle, DIAM is used to process transaction payments and reward mechnaisim, expanding its use and acceptance from around the world.
Moreover, the economic model of DIAM Coin is systematically designed and a certain part of the coins used for transactions will be burned, thereby reducing the total supply and increasing the scarcity. This method supports the long-term value proposition of the coin, aligning with the goals of ecological growth and sustainability.
“The strategic integration of DIAM will significantly increase its usage and engagement on these platforms,” said Jetani.
Key dApps and their contribution to the ecosystem
Diamante Network's robust ecosystem is powered by decentralized applications (dApps) that leverage the core capabilities of blockchain to deliver unique solutions across various sectors.
Leading these innovations are PayCircle, DiamCircle, MudraCircle and MetaCircle, each designed to seamlessly integrate with DIAM Coin, enhancing the blockchain utility and user experience.
PayCircle: Facilitating Bitcoin, Fiat and Crypto transactions
PayCircle serves as both a comprehensive financial app and a super app that facilitates blockchain-based transactions, supports fiat transactions and facilitates multi-currency digital asset trading. The app offers AI-collected and customized rewards and returns based on the transactions of individuals and businesses.
This dApp uses DIAM Coin to efficiently handle transaction payments, burning a portion of the coin to improve network stability and ensure sustainable supply. Chirag Jetani outlines the broader vision for PayCircle:
“We are increasing the adoption of our merchant network by expanding our platform with our native digital asset DIAM and service as a robust payment method.”
MudraCircle: Developing CBDC solutions with DIAM Coin
MudraCircle focuses on Central Bank Digital Currency (CBDC) solutions, with DIAM Coin playing a vital role in payment processing, network access and governance engagement.
This dApp improves the flexibility and interoperability between different digital currencies, enriching the financial ecosystem and giving users access to discounted transaction fees and exclusive features.
MetaCircle: Facilitating transactions in the virtual world
MetaCircle, housed in a virtual environment, uses DIAM Coin as the primary currency to purchase digital assets such as virtual real estate and exclusive Metaverse experiences. The integration of MetaCircle's virtual banking features simplifies asset management and financial transactions, making virtual financial services seamless and user-friendly.
Jetani noted, “MetaCircle uses DIAM Coin to create a universal virtual economy, where users can make transactions as easily as they would in the real world.
These dApps drive growth and participation in the Diamant ecosystem, providing additional resources and incentives through DIAM Coin and accelerating the ecosystem's growth by leveraging a network effect that attracts more users and stakeholders.
Comparative advantage over competitors
Diamante Network stands out from other blockchain platforms by combining speed, security and environmental friendliness.
Federated Byzantine Agreements (FBAs) are used for communication, guaranteeing faster transaction speeds and greater security than traditional Proof-of-Work (PoW) and Proof-of-Stake (PoS) systems with power inefficiencies. This is achieved by using FBAs.
Diamante combines blockchain technology with artificial intelligence (AI) to provide predictive and analytical capabilities that automate complex processes. This integration reduces manual intervention and improves the platforms. It also offers:
Better efficiency, lower costs, faster decision making
In addition, Diamante allows for smooth communication with other blockchain networks, which greatly increases the reach and utility of the platform.
Diamant stands out in an industry often criticized for its environmental impact due to its commitment to sustainability, which is another part of its strategy.
“Our latest initiatives include participating in carbon credit markets and exploring renewable energy sources for our data centers, achieving a net zero carbon footprint by 2025.
This demonstrates Diamante's commitment to being an environmentally responsible business.
Diamant's global strategy and future vision
As Diamante Network sets its sights on global expansion, its eyes are focused on markets such as the UAE, the US and India, sectors ripe for digital transformation with blockchain and AI technologies.
“We are ready to expand into new markets, focusing on areas such as digital finance, smart contracts, dApps, gaming, CBCC and more,” said Jetani.
A key component of Diamant's strategy involves understanding and adapting to the unique cultural, economic and regulatory landscapes of these regions. This includes conducting extensive market research, forming strategic partnerships with local entities, and engaging directly with regulatory bodies to ensure compliance and build trust.
Dynamic community and strong partnership
Diamante has been actively involved in various collaborations, partnering with various Web3 projects and crypto events. Through these collaborations, the company is paving the way for seamless technology integration.
Diamond's dynamic community of over one million demonstrates its strong commitment to building a strong technology ecosystem, leading the evolution of Blockchain, AI and Web3.
Through these efforts, Diamante aims to adapt its technology to local needs, thereby facilitating ease of entry and strong adoption.
Looking ahead, Diamante will not only expand geographically but also focus on integrating new technologies such as AI, IoT and Metaverse with blockchain solutions. Future roadmaps include launching blockchain-based platforms for industries such as pharmaceuticals to combat counterfeiting and enhance transparency.
“Our future plans are focused on using blockchain and AI to solve pressing global challenges in sectors including healthcare, finance and supply chain management,” Jetani commented.
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