The platform will be finalized, and a lot of written here may become irrelevant over time. We decided that it’s high time to write how to work with the platform, and in short-what it is at the moment. Most likely, with significant platform changes, the article will be edited for current realities, or a new one will be written.
To skip the instructions for registering and purchasing CDC, and go directly to the description of the platform, click here.
In this article, we will consider all the details of the Cdiamondcoin platform, show how to buy CDC, and then a diamond
First of all, we are asked to log in to your Metamask account. Without this, interaction with the platform is impossible. This is like a guide, a kind of browser for interacting with the Internet. If you need a browser to use Facebook, Youtube and other sites, then Metamask is needed to interact with the Cdiamondcoin Marketplace. This «fox» allows you to directly connect to the blockchain and interact with it.
Enter the password, click «connect» and get to the main page of the marketplace. Here you can watch a video about the platform, see information about diamonds that are already presented or will soon appear. At the moment, different diamonds are quoted on the platform, starting from 0.05 carats and ending with 0.62 carats. A stone of 0.05 carats corresponds to 1 CDC, and 0.62 carats costs 44.5778 CDC.
On first sight, it might seem that the platform is «simple» and questions immediately arise: «How could it be developed for a whole year?» In fact, everything is not so simple. The marketplace was created and operates on the technology of a new generation – blockchain technology. Everything is done in such a way that the user can perform the necessary action with 1 button, but a huge number of sub-actions are hidden under this button. They are not visible to the user, but they occur. At the moment, the system consists of 16 contracts that interact with each other. This is a complex machine with enormous potential. At the same time, the ordinary user doesn`t need all this. He should go to the site and take the necessary actions in 1-2 clicks. But in any case, this is far from the final product, the platform will be constantly updated and improved.
So, we figured it out. We highly recommend immediately registering After switching to the platform. Click on the appropriate field.
Then enter the mail and the necessary information.
Confirm the account by clicking on the link in the letter that came in the mail.
This is what our account looks like:
As you can see, we don`t have diamonds yet. To purchase them you need to buy a CDC. This can be done directly from your account, there is also a button on the main page. Purchase is available by using ETH. We have already transferred the required amount of ETH to purchase 1 CDC in advance. You need to send ethers to your Metamask address. To copy it to the clipboard, click here:
Select the appropriate item for purchase:
And then buy:
Confirm the transaction in Metamask
A few seconds later, as we can see, we now have 1 CDC.
We can own a stable coin, or we can exchange it for a 0.05 carat diamond. For exchange, select the stone available to us and switch here:
If this is not done, then the system will try to buy a diamond for ETH, but not for the existing CDC.
Next, we already know the transaction confirmation procedure in Metamask. Now we are available to purchase a diamond. However, first you need to go through the KYC procedure (provide passport data). The company operates in legal jurisdictions and therefore requires the provision of personal data when buying a diamond. This procedure is not required to purchase CDC.
So far, unfortunately, identity verification is not available, and, accordingly, the purchase of diamonds as well. But soon the functional will work.
Let’s talk a little more about Dpass, because when buying diamonds from 0.3 carats, it is whatis purchased.
What is Dpass? Dpass stands for Diamond Passport -a diamond passport. Each diamond for 0.3 carats or more has Dpass. In fact, this is a certain document that displays all the information about the diamond. Accordingly, by buying Dpass for CDC, the investor actually purchases this diamond. Each diamond has its own Dpass, each one is unique, because all diamonds differ from each other in certain characteristics.
As previously promised, the platform is completely transparent, since it is built on the technology of a new generation -on the blockchain. All information about diamonds (their Dpass), all transactions are in the blockchain, which is decentralized and in which it is impossible to fake anything.
A little more about the commission system. Commission on the platform for operations are charged in ETH. In other words, the user doesn`t need to buy DPT, which will then be burned. However, the system itself at the time of converting ETH to CDC, and then upon purchase of Dpass, takes DPT out of circulation. The commission is 3% for each transaction and it is calculated in euros, but is charged in DPT. What does it mean? Let us examine an example to get the entire picture.
Let`s suppose that the current DPT rate is 12 euros. A user buys 1 CDC, which costs 40 euros, for ETH. He pays a commission in ETH, but the system automatically withdraws from the turnover of DPT by 1.2 euros, because 3% of 40 euros -1.2 euros. That is, at the estimated rate, it is 0.1 DPT. Thus, when buying 1 CDC, 0.1 DPT is taken out of circulation at the rate of 12 euros for 1 DPT. Accordingly, if the exchange rate is, for example, 120 euros, then 0.01 DPT will be withdrawn from circulation. It turns out that when you buy 100,000 CDCs, 10,000 DPT will be taken out of circulation (provided that the exchange rate is 12 euros). 1,000,000 DPTs will be taken out of circulation for 10,000,000 CDCs. We believe that the principle is clear.
However, this is not all. After all, the user may want to exchange their CDC for Dpass. Here, the commission is also 3% and it is also calculated in euros, but is withdrawn from the turnover of DPT. Suppose a user wants to get a 0.5 carat diamond. For example, the price of a 0.5 carat diamond is 5000 euros. The fee of 5000 is 3%,so it’s 150 euros. If the exchange rate is still 12 euros per DPT, then the platform automatically withdraws from circulation ~ 12.5 DPT.
Thus, if a person who doesn`t even know about DPT and CDC wants to buy diamonds on the platform, he will provoke the burning of DPT, because he first needs to buy CDC, and then Dpass.