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If you’ve ever engaged in discussions about the viability of blockchain, at least one doubting Thomas would have challenged you to indicate a real-life project beyond the most apparent bitcoin use case. In case of possible further challenge, an irrefutable instance of this is the Diamond Boyz Coin, DBZ project. Leveraging the technology of the distributed ledger, the project aims to offer what extends beyond just the financial ecosystem.
Over the years, blockchain has served as a priceless tool for the identification of the provenance of items, as well as tracking its movement right from its source to the final destination. With a range of frameworks working alongside smart contracts, it makes this possible. Also, considering the fact that the values assigned to jewellery and other luxury items ranging from diamonds, gold, etc, all vary, depending on the historical background of such ever-increasing. However, leveraging blockchain technology, validating their provenance, as well as increasing their value, are now easier than ever. Besides, with the blockchain providing a more transparent diamond marketplace, and from available data of over 1.6 million diamonds stored on the distributed ledger, these money-related a reasonable premise for the Diamond Boyz project to actively explore this space.
Are you curious about what this project comprises? This review will cover everything you need to know about the DBZ project — what it is, its features and options, potential benefits, as well as what you should expect as the project progresses. With no further ado, let’s delve right into it.
What is DBZ?
In simple terms, DBZ, the acronym for Diamond Boyz Coin, is a P2P token established as a flexible and multifaceted tool to make the transactions, distribution, as well as verification of jewellery more seamless. Besides, it also doubles as a utility and social access token, which users can adopt to pay for social events, such as nightclubs, etc. With diamond at the focal point of its operation, it aims to make the transaction of jewellery more transparent and more accessible to a vaster range of jewellers.
As you probably know, diamond is one jewellery whose value is pretty unpredictable, and this has resulted in a significant discrepancy between the diamond market and the money-based markets. This precious stone is somewhat different from others in the sense that it doesn’t allow for the creation of a single trademark, with most of its value declarations private. In fact, diamonds are not dependably equivalent to one another, which is potentially inimical to the concept of liquidity pertinent to this jewellery. With most of its exchange being carried out by fiat currencies, the task can be somewhat unrealistic as well as inaccessible to various dealers.
This project DBZ transitioned to a future model of web-based exchanged, and using a budgeted resource, it is revolutionizing both the diamond and other jewellery markets as a whole. You’d probably know some faces behind this project, and DBZ has been striving to develop its brand for years in diverse ways. An example is a Jeweller, Johnny Dang, who intends to relate his experiences via the DBZ coin, by onboarding new users globally on the platform.
Relevance of Blockchain Technology
DBZ implemented the P2P framework attributed to the distributed ledger in its operations and venture. With this architecture, you can diamond as speculation, while eliminating the prevalent issue of valuation and gemological the precious stone. As we know it, blockchain, as a form of the ledger, has to do with a lot of bookkeeping, which is one of the aspects where many businesses face issues. Built on Binance Smart Chain, DBZ adopts this blockchain to service its needs.
BSC features form of smart contract, which facilitates agreements and transactions between individuals, irrespective of their locations, by considering some requirements imputed on the distributed ledger. This framework serves as an effective approach to tackling the ever increasing issue of distance between the traditional valuation of diamond and money related markets, whose functioning vary fro, each other. This also guarantees safety across the entire transaction.
In essence, if you own a diamond, and intends to sell, or exchange the precious stone, and want to do this through an accessible method, you, as well as other relevant individuals can converge and co-exist in this Decentralized ecosystem. Of course, for diamind transactions, there are DiamondCertifiation, issued by geomological labs to describe some features and attributes of the precious stone. DBZ works alongside the GIA Dianond certification to offer this feature in a more accessible and Decentralized manner. As an individual in such transaction, you can be rest assured that your money or diamond is safe across the entire transaction, right from the Geomological research center to the watchman, and even while transporting the precious stone.
With verification as one of the core issues facing the jewellery ecosystem, DBZ proffers a solution to the issue. And leveraging the framework as indicated above, you can track diamonds right from their source to its purchase. nightclubs are achievable via the issued digital certifications on the blockchain, which no one can tamper with. DBZ coin acts as the fuel, which powers this blockchain and makes all these processes seamless. All in all, the core of this project, and some of the features we will further discuss in this guide include the Diamond certifications, DBZ coin — its use cases, as well as its tokenomics.
The Coin $DBZ
As highlighted earlier, the Diamond Boyz coin is built on the Binance Smart Chain, which is immutable and irreversible. Aside from the ability of this distributed ledger to prevent back charges and fraud on payments, it also guarantees maximum scalability, speed, while ensuring a more negligible transaction fee. Every transaction is recorded on the DBZ ledger, and of course, they are public, each dated back to the genesis data.
DBZ coin Use Cases and Features
Here are some potential benefits, as well as features you may access by adopting the DBZ coin
Seamless Transfers
Adopting state-of-the-art and the latest blockchain technology, the DBZ coin allows you to engage in seamless transfer with the deployment of smart contracts within a few seconds. This primary feature helps its users to gain access to target funds faster, thereby establishing a more robust monetary framework globally.
Entertainment
As mentioned in the introductory part of this review, DBZ use cases are not limited to precious stones and jewellery, it also serves as the core of some form of social access. This coin offers users access to comments, videos, premier posts, nightlife, etc. In essence, it aims to give users access to a range of functionalities not only via the Smart contract procedure, but also by offering guidance to the latest social media platforms, such as Tik Tok, Instagram, Twitter, and more.
Payment and Authentication
Another use case attributed to the DBZ coin is in its potential to become a way for the verification and payments for authentic jewellery transactions as well as establish a standard practice for a more seamless and quicker remittance framework globally. As the platform walks its users towards obtaining the DBZ coin, it is also, in a way, introducing them to recent and unique approaches to interacting with the internet in a more valuable and entertaining approach.
Commitment to security
The source code attribute to the DBZ coin is publicly available. You can easily search the token address on BSCScan and examine the diverse security audits the project has gone through even before its genesis date. These audits are testaments to its commitment to security and compliance in the blockchain ecosystem. I believe as the project develops, and more people hodl the DBZ coin, more and more audits will be carried out accordingly.
Bottomline
Right from its relatively recent unveiling, the growth of the project has been apparent. The holders are growing, and the team is taking active steps in developing a more seamless and functional UI daily. As explored in this review, this project is pretty unique, and will undoubtedly transform, the ways diamond trading has always been approached. It will facilitate s a form of transparency, trust, as well as fairness in transactions both for the clients and businesses. From examining the website, I believe it’s pretty suitable for every user, irrespective of your prior knowledge of blockchain technology. With further intentions to develop an even more accessible mobile app, as well as further platform developmental efforts, you can rest assured that this project is moving straight to the top.
With blockchain at the core of its operations, combined with digital certification and smart contracts, DBZ offers an accessible means of securely transacting, as well as recording the provenance of the diamond as well as access to a vast range of social services. As a user, you can easily see the movements of a specific product record on the distributed ledger, from its source to its current location. This transparent approach even goes a long way to add value to the products across every point on the supply chain and its ultimate purchase by the end consumer.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.
DBZ Coin Review: Diamond Boyz was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
