Topic: Bitcoin Diamond has successfully forked - page 2. (Read 512 times)

What Does Bitcoin Diamond Have to Offer?
Lead: Bitcoin Diamond claims faster transactions, better privacy and lower costs. Does this make it a better Bitcoin?
Facebook: Bitcoin Diamond has successfully forked and established itself as a new cryptocurrency in its own right. What does it have to offer?
Twitter: Bitcoin Diamond emerges with faster transactions, lower costs and better privacy.
There is another Bitcoin on the block, Bitcoin Diamond (BCD), which was forked at block 495866 and assumed its very own chain has now seen the light of the day. The new cryptocurrency has been launched on 32 global exchanges according to information made available to Cointelegraph by the administrators of Bitcoin Diamond. The fork took place on Nov. 24, 2017, due to the efforts of Team EVEY and Team 007, two Bitcoin miners who Reuters report, “were not happy with some of the major downsides of Bitcoin.”
In a post made on Reddit, The Bitcoin Diamond Foundation, who are now responsible for the new cryptocurrency say, “After nine years of rapid development and therewith various problems with Bitcoin, such as lack of protection privacy, high transactions fees and slow transaction speed. Base on those defects, EVEY team and 007 team create Bitcoin Diamond.” They further add, “Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC.”
What does BCD aim to fix?
Bitcoin (BTC) has been the most popular cryptocurrency of its times. However, it is not free from flaws. BTC transactions have been taking notoriously long time to process and they have gone expensive over time. This is because BTC blocks have been limited to one megabyte in size, which translates into around three transactions per second. BCD, on the other hand, has now raised the block size limit to eight MB, this will improve transaction capacity and blocks will be generated five times faster. The cost of BTC transactions has been rising, which has been casting a shadow on its practical applications. BCD on the other hand seeks to bring down costs related to transactions. A BCD executive was quoted at a press conference as saying, “Our primary objective is to lower the cost for participation thresholds by reducing the transaction fees and the cost of participation. The total amount of Bitcoin diamond is 10 times as much of Bitcoin, which translates into reduction of the cost for new participation and reduction of the thresholds.”
Finally, at the moment BTC transactions are visible in the public domain and anyone can see data related to how much amount is in another person’s wallet and their conducted transactions as well. BCD will encrypt the amount and balance, which will afford greater privacy to users of the new cryptocurrency.
BCD Debuts on exchanges, gains currency
At the time of the writing of this article, BCD had already been launched at 33 exchanges around the world. Some of the exchanges that have embraced this new cryptocurrency include Binance, OKEX, Huobi.Pro and Bit-Z. EXX.com has also announced futures trading of Bitcoin Diamond. There are at least 6 wallets that will support BCD, which are BitGo, Bitpie, Coldlar and ATOKEN.
The Bitcoin Diamond Foundation has also announced the accession of Linke Yang, co-founder of BTCC to the foundation. Yang, co-founded BTCC, which was the first digital currency exchange in China. It is thought that the Yang’s role as BCD advisor, would come as a shot in the arm for Bitcoin Diamond and help it gain ground in China. In an emailed communication by Bitcoin Diamond Foundation, Cointelegraph has been informed that the Chinese, Italian and Korean community teams have been established. The foundation says that the North American and Australian community are ‘progressing.’  We were also informed that more ‘pioneers’ maybe joining the BCD advisor team, which is likely to boost the cryptocurrency’s R&D efforts and also lead to an increase in popularity.
The roadmap for Bitcoin Diamond
As Bitcoin Diamond starts to go mainstream, they have a plan for the future in place. We are told that the medium term plan with a time frame of December 2017 - December 2018 (Q2), which is based on communications between BCD development teams EVERY and 007 laid out the hard fork for bitcoin block at height 495866 on November 24, 2017. This gave birth to to Bitcoin Diamond. By December 2017, there are plans to have the Bitcoin Diamond mainnet, wallet, nodes code and API release as well as the open source on Github[a] in place. (Follow BIP-044, Index999). It will be possible to mine BCD either with a full node client or alternatively with a pool. There are 3 pools that will support BCD mining and mining will commence after mainnet releases. BCD will support both AMD and Nvidia based GPU mining. Finally in December, there are plans to conduct an algorithms upgrade for BCD main chain encryption, this will encrypt both the transaction and balance amounts.
Is Bitcoin Diamond a better Bitcoin?
Whether or not Bitcoin Diamond is a better Bitcoin, depends on who you ask. In recent days, there have been hard forks that have led to the emergence of Bitcoin Cash, Bitcoin Gold and now Bitcoin Diamond. The idea behind a hardfork is that a new chain emerges, and hopefully a better one. The stated and ultimate aim of Bitcoin Diamond is to become “the better coin” which does not suffer from a lack of privacy protection, slow transaction confirmations or a high threshold for new members. This will allow them to provide better solutions to financial companies worldwide.
 The total supply of Bitcoin Diamond would be 210 mln or 10 times more than that of Bitcoin. 170 mln of these coins would be on the market, while the rest would be reserved for the community in a ‘rewards pool’ for the purposes of tributes and mining. One of the criticisms that has been made about Bitcoin Diamond has been that the teams behind the cryptocurrency have remained anonymous, but we should not forget that to date the founder of Bitcoin has remained an enigma as well. Anonymity should not come in the way of adoption and at the end of the day markets will reveal if Bitcoin Diamond offers features that they think are worth their while. For now, you can pick the Bitcoin that you like.