Review on Bitcoin Diamond by Joeann Rosenburg

How Does Bitcoin Diamond Work? Bitcoin Diamond, or BCD, is a fork of the bitcoin blockchain. The fork will occur at block 495866. Once that block occurs, a new BCD chain will be generated. At this point, BCD miners will begin creating new blocks with a new proof of work algorithm. There’s a total supply of 210 million Bitcoin Diamonds. The price will be set at a rate of 1 BTC = 10 BCD. That’s a 10 times higher total supply than the original bitcoin blockchain. Even hard forks like Bitcoin Cash all have a fixed limit of 21 million units – after all, there’s only 21 million bitcoins in existence. What’s the point of Bitcoin Diamond? Which problems does the currency seek to solve? The website identifies three main areas of concern: Lack of privacy protection Slow transaction confirmations High thresholds for new members Conclusion Bitcoin Diamond is a fork of the original Bitcoin blockchain. The fork aims to improve bitcoin in two major ways: it plans to add additional encryption to each transaction, and it plans to increase the default blocksize limit to 8MB. Ultimately, Bitcoin Diamond seems to have more in common with Bitcoin Cash (BCH) than legacy Bitcoin (BTC). It’s also not totally clear who’s behind the project, how the blockchain fork works, or what type of additional encryption is being used. There’s no Bitcoin Diamond whitepaper, for example. There are also 210 million Bitcoin Diamonds, which is 10 times more than any other version of bitcoin. Again, it’s not totally clear how this works – whether they’ve actually created more bitcoins, or if they’re just using a smaller denomination. Anyways, stay tuned for the launch of Bitcoin Diamond at block 495866.