Hello Diamonds, a blockchain-powered diamond platform, has said it will shift from the Ethereum network to Wormhole, Bitcoin Cash’s new contract platform. The company said its plan is to provide a platform for seamless investing in precious minerals, while offering the world’s first fully diamond-backed cryptocurrency.
The new deployment is centring around Hello Diamonds’ stablecoin, called DiamCoin, the first token to be 100 percent backed by physical diamonds.
The company said the move away from the Ethereum blockchain came after accusations that the platform was able to keep up with the required throughput for large-scale applications. It said Bitcoin Cash blocks are validated faster and have the ability to scale, while still maintaining low transaction fees.
“The Ethereum network has grown so big, and over the last year we have seen thousands of ICOs and other tokens being built on it,” said Patrick Makedonas, ecosystem developer with Hello Diamonds said. “As a result, when all of these new tokens want to send big volumes in separate transactions, or if it is a busy time for the network, the Ethereum network simply slows down to a point where it is not efficient.”
He claimed that the fee for a single transaction on the Bitcoin Cash blockchain is 85 percent lower compared with an Ethereum transaction.
“Bitcoin Cash’s ability to handle high transaction volumes with low transaction fees is highly relevant for our ecosystem,” said Jeremy Dahan, CEO of Hello Diamonds. “Moving forward we have to be certain that the solutions that we choose can cater to our users.”

by Guy Matthews
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