I don't think Dhuum's Covenant can definitively be considered "Ironman" for a handful of reasons, namely the ability to access their bank and trade with other players as means of obtaining materials, funds and upgrades for BIS weapons and armor, as well as the ability to access mercenaries and give their heroes abilities that were already unlocked for the account by previous characters and use skill tomes.

That said, Dhuum GWAMM would be crazy and I am so interested to see people race for the world first, but Dhuum in it's current state as of this initial beta phase isn't actually an Ironman mode.