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Review on Bitcoin Diamond by Cryptobill Gates
The goal in creating Bitcoin is to create a completely decentralized digital…
The goal in creating Bitcoin is to create a completely decentralized digital currency that makes trading faster, cheaper, more reliable and more private than the current financial transactions. While Bitcoin has recognized these aspirations, there is no doubt that it is not perfect, and that changes could be made to improve the initial performance of Bitcoin.
Pros
- Bitcoin Diamond shares a common ground with Bitcoin's mother, and it is the anonymous nature of the founders. Bitcoin was created by Satoshi Nakamoto, a pseudonym for a programmer or a team of programmers. Similarly, Bitcoin Diamond was created by developers using pseudonyms. Like other blockchains, Bitcoin Diamond is a decentralized network that gives users a means to exchange value. Because it is separated from Bitcoin, it shares similarities with the parent's coin, though it is also different. One similarity is that it uses the Proof of Work algorithm and extracts it for transaction and block validation. Miners receive rewards to provide the computing power needed to perform verification. It is different from Bitcoin, however, because it does not use the SHA-256 algorithm.
Cons
- The stated objective of Bitcoin Diamond is to overcome three shortcomings of Bitcoin: Poor privacy protection; High threshold requirements for new members; Slow transaction speed. Bitcoin Diamond has developed, with 40 million reo be held in reserve for reserve for mining. It is also emphasized by the developers that Bitcoin Diamond was not created as a competitor to Bitcoin, but rather a dividend for Bitcoin owners, and is working to increase usage and Use electronic money.
