Project Overview: BitDiamond
It’s quite hard to deny that the past months of 2021 in the cryptoverse have witnessed a pattern in the flow of assets in the Bitcoin, Ethereum, and altcoin blockchains of the cryptoland – with several Bitcoin’s interchanging and renewing mini-cycles inside what’s being considered actually a major, underlying bull-trend.
The depreciation of some asset prices – except ones that purely originated from King Bitcoin’s fluctuations – has often been reversely correlated with corresponding price appreciations in other crypto assets, therefore proving that – in so many cases – there’s no real capital outflow from crypto to fiat, but mainly a redistribution of the allocations from some assets to others in the space.
Given this fundamental insight, there is great market potential and need for a cryptocurrency that would represent an authentic store of value, against most fluctuations in the market, thus shielding its holders in the short, medium, and long term, while shifting them to a more investor-oriented approach in their investing decisions.
And that’s where, according to its founders, BitDiamond could vie for the title of being “that” store of value. Let’s find out together why.
On a Mission To Educate, Engage and Expand…
Compared to most new projects that have been launching recently, the adventure of the BitDiamond team has started out in a reassuring, community-focused way, not preceded by any presale event and through a fair-launch mechanism that took place on May 1, 2021.
Since its inception, the project’s declared focus and mission has been three-sided – leveraging the power of the “3Es” – Engage, Expand and Educate”, with the latter being, according to this author, one “ethically-charged” goal worth spending a few words about.
On one hand, the “Educate” part of BitDiamond’s mission brings a whole new upstanding flavor to the project, which also aims to transparently convey to the broader public (and mainly to the newcomers, who usually hang on the lower side of the crypto literacy spectrum) the fundamental principles of the crypto world in general.
To this end, the BitDiamond team proactively updates its official blog (which also serves as the main source for announcements and news related to its products and services) through a series of articles called “Staying SAFU” and “Cryptobits”, each aimed to cover the topics of crypto safety and the milestones that make up our cryptoverse (AMMs, NFTs, etc…).
That said, the heart and core value of the BitDiamond ecosystem relies mainly on its capability to engage in the remaining two “Es” of its mission – “Engage and Expand” – through which the team has concentrated its efforts in an attempt to bring to fruition a suite of innovative, gamified products for its user-base – and that’s where we will focus our attention next.
BitDiamond’s Infrastructure and DApps
The BitDiamond platform offers a vast array of Gamified Decentralized Applications (powered via the Moralis tool, which granted the platform serverless DApp deployment capabilities). These DApps revolve 360 degrees around BitDiamond’s main BEP-20 token ($BTDMD).
We will get deeper into the features of the $BTDMD in the tokenomics section but before delving into the numbers, it’s crucial to understand what the BitDiamond team has been capable to build so far (and, by the way, a more in-depth & complete guide about each NFT features, stats, and characteristics that will be mentioned below can be found here).
There are several sections and DApps that are being featured on the BitDiamond platform:
The Treasure Hunt DApp
That’s the main DApp of the BitDiamond ecosystem. With the Treasure Hunt DApp the BitDiamond team wanted to recreate the kind of childhood excitement of a typical “Treasure Hunt” game… but on the blockchain.
Basically, it’s a game where users can «hunt for treasure(s)» on the blockchain by simply clicking on the “Hunt” button inside the homonym section. Every hunt will then mint an NFT with an algorithmically derived image and characteristics based on probability. Each characteristic will have attributes that will generally increase a user’s chances of getting a rare item by holding so-called “game modifiers”, which yield various boosts.
These game modifiers will be either NFTs or they’ll relate to other blockchain characteristics (e.g. like the user’s balance of the BTDMD token held on the platform).
The combination of all the modifiers that a user owns will produce a total score that will be carried through when a user plays a Treasure Hunt game – therefore holding more game modifiers will produce a higher chance of getting a better, rarer result.
The Treasure Box
As we’ve learnt earlier, the treasure hunting activity will randomly generate treasure NFTs. One cool thing is that there will be over 12,000 different possible combinations of characteristics for each NFT, making each combination truly unique. That said, each randomly generated Treasure NFT will become part of the user’s “Treasure Box” – a section where all the items that the user has already hunted for are collected.
In this section of the personal dashboard, users will be able to filter the treasury items they own by rarity, power, and other characteristics that belong to Treasure NFTs.
Now you might be asking: ”That’s great, but what can a user do with Treasury NFTs once they’ve been minted?”
This question actually opens up to quite a few possibilities, which are intertwined with the other DApps on the BitDiamond platform.
the Bounties DApp
The Bounties DApp represents the instant prize feature of the BitDiamond ecosystem.
How does it work? There’s a special Bounties dashboard, where – at any given time – three specific NFTs are shown. If a user owns one of the Treasure NFTs whose features correspond to one of the bounty items being displayed, he/she’ll be able to automatically claim part of the big prize that has been accumulated over time (thanks to a tiny fee collected from users’ treasure hunts activities) and that is shown on top of the Bounties section.
- The Trove Prize DApp
The BitDiamond Trove aptly represents its name, as it handles the grand prize of the ecosystem. It is similar to the Bounty DApp in the sense that it still relies on the ability to match the Treasure NFTs that a user holds with other predetermined NFT values.
In this case, the trove is represented by the nine most rare Treasure NFTs – that means that getting these items via the treasure hunting activity will be particularly hard but also extremely rewarding. The actual grand prize is around 1,000,000 $BTDMD tokens and that amount grows over time (as we’re writing and at the token current price, 1,000,000 $BTDMD is around $7,000). So, if a user owns all of the rare-featured NFTs in the Trove section, he/she will be able to redeem them in exchange for the grand prize.
- the Staking DApp
By staking BTDMDs on-chain, stakers will be able to increase their Treasure Hunt modifier rewards (by staking enough BTDMDs) and also collect a 4% fee that’s being distributed to each token holder after every on-chain transaction involving the BitDiamond token.
- the NFT Marketplace
Inside the NFT Marketplace, users can do a number of different things: they can create NFTs using IPFS, paying only BSC gas fees. They can also list and sell their NFTs to other users. For each sale, the platform charges a regressive 2% fee, which is reduced (and can completely disappear) the higher the amounts of BTDMDs held by the user.
In-game assets are also available inside the marketplace. These can be BitDiamond Treasure Hunt tools (which are NFTs that yield various power-ups) and also Treasure NFTs that other users may want to list for trading.
- the Words of Power DApp
This is a fiction-based game with a prize on its own. Every week, the BitDiamond team will write a brand new work of fiction (think of a novel or a story) on BitDiamond’s Blog section. So a treasure hunt activity will be featured in the novel: there will be characters, there will be items, there will be power-ups for the game.
And hidden in that novel, there will be 12 “words of power” which will then be referenced to the Words of Power DApp. There won’t be any explicit mention of the specific words inside the novel, which will be “enshrouded” by riddles and clues. And if a user manages to find out the correct combination of the 12 words, he/she can insert them into the designated fields inside the Words of Power section, click on the “Transmogrify” button and claim the jackpot.
- the Leaderboard section
Last but not least, the leaderboard ranks users based on the quality of the NFTs they’ve hunted – the users holding the rarest items will be featured in the top positions.
That’s the actual suite of products that BitDiamond is offering to its users. In order to reap the greatest benefits from the platform, one token plays a pivotal role and by now you’ve probably come to the conclusion that that token must be BTDMD – therefore it’s all well and good (and just about time) to learn more about its tokenomics
As explained earlier, one of the distinctive features of the project is tied to its multiple-tokens-utility.
BitDiamond differentiates its value offering by employing several (fungible and non-fungible) tokens: the value proposition encompasses $BTDMD (BitDiamond), BTDTRS (BitDiamond Treasure), BTDART (BitDiamondART), BTDCLM (BitDiamond Claim), BTDBNT (BitDiamond Bounty) and BTDTRV (BitDiamond Trove) – with each token fulfilling a specific role inside the BitDiamond ecosystem.
So, to briefly recap:
- BTDMD is the platform’s flagship, BEP-20 token. Its main purpose is to be “the” store of value that more and more people will want to invest in and hold onto, as holding the token will yield several benefits across the BitDiamond ecosystem itself. We’ve already mentioned that, among other things, BTMD holders will benefit from Treasure DApp boosts, enjoy lower fees on the NFT marketplace and receive a portion BTDMDs after each on-chain transaction concerning the token.
- BTDTRS plays the role of “the Treasure Hunt” Non-Fungible token. Drawing an analogy from Crypto Kitties/CryptoPunks, this will be an algorithmically generated NFT that will inherit its many features, qualities, and characteristics via a random probability mechanism.
- The BTDART token will allow users to generate their very own NFTs – just like OpenSea – in a user-friendly, intuitive, and easy way but without charge
- BTDBNT represents another Non-Fungible token. These are like lottery tickets that can be redeemed for a prize whenever a BTDBNT NFT matches a treasure token owned by the user. If you’re a lucky winner, you will be able to immediately claim the corresponding prize, in a 100% decentralized, autonomous, and trustless way.
- Finally, there are BTDCLMs, which are very special NFTs : BTDCLMs are only generated in case you are eligible to claim one of the grand prizes that are put up for grabs by the BitDiamond team.
Below are some key token metrics and features about the token:
- The total supply is capped at 21,000,000 – 97% of which has been immediately added as liquidity, with a time-lock mechanism (via UniCrypt) that will release the tokens in 3-period tranches: 25% will be unlocked after one month, 25% after three months, and the remaining 50% after one year.
- There is a fixed threshold on the maximum transactable size, which is capped at 210,000 tokens (this mechanism was set up as a measure to prevent “anti-whale-dumps”)
- Each on-chain transaction involving BTDMDs incurs a 4% chain-agnostic fee, which is then distributed to the token holders.
The infographic below sums everything up pretty clearly:
The phase-split calendar outlined in the infographic below doesn’t define a clear-cut timeline, although we know the platform has already gone through Phase 1 and is currently transitioning through phases 2 – 3. The launch of the Decentralized Autonomous Organization (DAO), is bound to be the next in line and will probably be coming in the very next future.
BitDiamond is a project that, according to its founders, has been “built with the desire and intention of creating something that would have a long-term focus and aim”.
Indeed, the team’s vision appears to go hand-in-hand with the declared intentions and seems extremely coherent with the project’s setup and positive traits: BitDiamond has not done any presales, but instead has undergone a fair-launch event, followed by a locked liquidity setup; furthermore, the project has already been audited by one the most reputable auditors in the space (QuillHash) and – icing on the cake – the team’s allocation of the token is almost non-existent (a bare 3%).
On the practical side though, there’s still a realistically long way to go: the team will still have to undergo the so-called “baptism of fire”, where recently launched projects face increased competition in the cryptoverse, vying for a solid market positioning for their products.
According to this author, the gamified experience that BitDiamond offers at this time is delightfully original and rarely unprecedented in its form. While some of the platform’s DApps are canonical and commonly known (Staking, Marketplace), others like Treasure Hunt, the Trove, the Bounties, and – last but not least – Words of Power seem well suited to occupy a blue ocean niche. The synergy that these products, together, bring forward to the users is apparent – the Web App’s UI is very slick, and nothing in its design seems left to chance. User interaction is guided and gratifying, favoring a positive user experience, while playing the treasure hunter role is pleasantly addictive.
Now, the true question lies on whether the team will manage to build the necessary awareness and marketing hype, thus driving adoption around its core products and its BTDMD token, as new competitors emerge and the macro scenario evolves upholding a plausibly bullish (or unexpectedly bearish) future trend.
Community and Social Channels (as of September 28th, 2021)
For everything you need to know about BitDiamond, visit the official BitDiamond Website.
Join the conversation on Telegram to stay in the know about BitDiamond.
To keep up with the latest updates from BitDiamond, follow them on Reddit.
Get in touch and social with other members of BitDiamond’s community. Join the community on Twitter.