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Review on Bitcoin Diamond by Finley Tyler
Bitcoin Diamond uses blockchain technology. After the hard fork on block 495…
Bitcoin Diamond uses blockchain technology. After the hard fork on block 495,866, a new blockchain branch was created. This will work just like the main Bitcoin blockchain but with major adjustments. The cryptocurrency employs Proof-of-Work algorithm that strongly relies on miners to confirm transactions, add them to the public ledger, and release new cryptos to the network.
Pros
- One of the main problems that have characterized Bitcoin is centralization of mining. While the initial idea of decentralization is hinged on mining, the ever-growing demand for more hashing power requires users to acquire high-performance ASIC mining equipment. This places the ability to mine Bitcoin in the hands of ASIC equipment manufacturers. However, Bitcoin Diamond is ending this trend.
Cons
- To mine Bitcoin Diamond, all that you need are standard graphic cards and installing them on your computer or laptop. This means that even people without a lot of money to invest in ASIC chips can also mine the Bitcoin Diamond network. This mode of operation has earned BCD a lot of trust across the globe.
