1 Level
5 Review
3 Karma
Review on Bitcoin Diamond by Burl Kidney
Who is doing this fork? Bitcoin Diamond As per their official website, this…
Who is doing this fork?
Bitcoin Diamond
As per their official website, this fork is the result of a collaboration between two Bitcoin mining teams, Team 007 and Team EVEY, who joined to form the aptly named Bitcoin Diamond Foundation.
Why has this fork happened?
Namely, they have stated that the reason why they have forked Bitcoin is because they don’t see the actual Bitcoin scaling and serving the needs of growing users.
They have forked BTC into Bitcoin Diamond because of following problems:
High threshold for new members
Slow transaction confirmations in BTC transactions
Lack of privacy protection in BTC
So they have decided to make a better version of Bitcoin, with better features.
How will BCD solve these issues?
Bitcoin Diamond will try to solve these issues by doing the following:
BCD will increase the total supply of coins to lower the cost of participation threshold.
BCD will tackle Bitcoin’s scalability issues and provide fast transaction confirmations by raising the block size to 8 MB. (According to Bitcoin Diamond’s website, “the speed of generating blocks will be increased 5 times. The ultimate goal is to improve transaction confirmation speed for the entire BTC blockchain”.)
BCD will provide privacy protection by encryption.
Pros
- What is this fork called? Bitcoin did another hard fork, and the coin created this time is Bitcoin Diamond and is dubbed as BCD.
Cons
- When has this fork happen? According to their official website, this new Bitcoin hard fork happened on 24th November 2017 at about 1:20 am Pacific Standard Time at block height 495866. It is a friendly fork. This means that it is not being done to compete with original Bitcoin. This new fork is done for reasons that I will explain further in this post. According to the official site: „Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and therewith a new chain will be generated as the BCD. 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. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue unaltered, but a new branch of the blockchain will split off from the original chain. It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges. As a result of this process, a new cryptocurrency was created which we call “Bitcoin Diamond”.“
