Bitcoin Diamond (BCD)
Since the launch of Bitcoin Cash, many predicted that there was going to be a surge in numbers of bitcoin forks. Based on the appearance of digital currencies, that prediction has come true. Bitcoin Diamond is one of the platforms that is part of the dream come true. Bitcoin Diamond is a competing version of the Bitcoin that aims to raise bitcoin’s block size limit to 8MB. Similar to the proposals like Super Bitcoin, Bitcoin Silver, and others, Bitcoin Diamond promises to improve bitcoin in a number of different ways.
How does Bitcoin Diamond work?
Bitcoin Diamond (BCD) is a fork Bitcoin of the Bitcoin blockchain. The fork occurs at block 495866. For miners to create blocks, a new proof-of-work algorithm and consecutively develop and enhance the protection of their account privacy and transparent. At this point, miners will start creating new blocks.
What problems does BCD want to solve?
What is the point of Bitcoin Diamond? The point of BCD is the solve issues that the current platform has not been able to solve. The websites identify main areas of concern are:
- Slow transaction confirmations
- Lack of privacy protection
- High threshold for new members
The new privacy protection comes as a form of additional encryption. Meanwhile, the slow transaction confirmation problem can only be solved by raising the block size to about 8MB. This is what Bitcoin Cash did for them to be able to create fast transaction times.
- Distribution: mining and claiming
- Block time: 10 minutes
- Max block size: 8MB
- Difficulty adjustments: every two weeks
- Relay protection
- Max transactions per day
- Mining Algorithm
- Maximum Supply: 210 million
Based on these features, BCD seems to have more in common with a parallel platform Bitcoin Cash that Bitcoin itself.
Who is behind it?
Bitcoin Diamonds is led by a team of experts and development team. The team is not listed on the official website. The pseudonyms for the two developers are listed, but the third founder of the platform is unnamed. The company is organized under the Bitcoin Diamond name and they are based in Singapore.
Bitcoin Diamond uses the BCD as its currency. There are 210 million BCD, which makes it 10 times more than any other version. 170 million BCD will be presented to Bitcoin holders for the Bitcoin ecosystem support and the rest 40 million will be transferred into the community rewards pool as a tribute.