1 Level
6 Review
2 Karma
Review on Bitcoin Diamond by Lanelle Journey
In terms of the total supply, it seems that 170 million BCD will be available…
In terms of the total supply, it seems that 170 million BCD will be available on the market, while the remaining 40 million will be reserved for a “community rewards pool as tributes and mining”.
Ultimately, the creators of Bitcoin Diamond emphasize that their currency is not a competitor to bitcoin. They describe it as a fork with upgraded technology that preserves the original features.
The new privacy protection comes in the form of additional encryption during the transfer. Meanwhile, the slow transaction confirmation problem is solved by raising the blocksize to 8MB – which is what Bitcoin Cash did to create fast transaction times.
Why does Bitcoin Diamond emphasize additional encryption on transactions? The company claims additional encryption is needed “in some application scenarios, especially in many business scenarios”. Some people like privacy.
What about a wallet? Bitcoin Diamond doesn’t have any official wallets. However, if you hold your bitcoin keys, then you can transfer those keys into Bitcoin Diamond when a wallet is officially launched.
Pros
- What is Bitcoin Diamond? Bitcoin Diamond is one of several competing versions of bitcoin that have emerged in recent weeks. Just like similar proposals Bitcoin Silver and Super Bitcoin, Bitcoin Diamond promises to improve bitcoin in a number of different ways.
Cons
- Who’s Behind Bitcoin Diamond? Bitcoin Diamond’s development team isn’t named. The pseudonyms for two developers are listed, while the third founder goes unnamed. The two named developers include Every and 007. The company appears to have organized under the name The Bitcoin Diamond Foundation. They list their location as Singapore. In a press release, the dev teams are listed as Team Evey and Team 007 – so it appears this is a collaboration between teams of developers as opposed to individuals.
