Bitcoin Cash, Bitcoin Gold... what is next? How about Bitcoin Diamond? Yes, today, cryptocurrency markets are awaiting the new cryptocurrency fork. What is Bitcoin Diamond and how is it better than Bitcoin? Let's see.
24 November, AtoZForex – Following the long 9 years of Bitcoin development, we have witnessed a creation of a number of Bitcoin “alternatives”, such as Bitcoin Gold and Bitcoin Cash. The latest new addition to the Bitcoin family is the Bitcoin Diamond. Bitcoin Diamond is a new cryptocurrency that has been launched by Team EVEY and Team 007. Here, we discuss what is Bitcoin Diamond and its benefits.
What is Bitcoin Diamond - A better version of Bitcoin?
The two teams of miners, who were not satisfied with the flaws of the original Bitcoin, have launched the new cryptocurrency, Bitcoin Diamond. Even after the long path of development, Bitcoin still did not get rid of its original network’s issues – high transaction fees and slow transaction speed. It also still has some lack of privacy protection, which appears as one of the major reasons for miners to create new, more developed cryptocurrencies.
The Team EVEY and Team 007 have worked together and rolled out Bitcoin Diamond, or BCD. According to the official statement from the EVEY team member:
“Bitcoin Diamond is a fork of Bitcoin that occurs at the predetermined height of block 495866. 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.
The original Bitcoin blockchain will continue on unaltered, and 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””.
The team has also shared that they have launched official Bitcoin Diamond website.
Bitcoin Diamond Benefits
According to one of the team members, Bitcoin Diamond offers a number of benefits. These include superior privacy protection and faster transaction confirmations. Bitcoin Diamond also will offer the encryption of the amount and balance, which contributes to the protection of the customers’ privacy.
One of the Bitcoin Diamond developers shared:
“Bitcoin Diamond has raised the block size as part of a massive on-chain scaling approach. There is ample capacity for everyone’s transactions. The speed of generating blocks will be increased five times. The ultimate goal is to improve transaction confirmation speed for the entire BTC blockchain.”
He further added the Bitcoin Diamond will reduce the cost of participation thresholds:
“The total amount of Bitcoin Diamond is ten times as much of Bitcoin which will reduce the cost of the new participation and lower the thresholds.”
Following on this, it is known that Bitcoin Diamond has been backed by numerous exchanges. Moreover, after EXX.COM has published an announcement of the online BCD spot good and futures trading, other exchanges have also announced the online transactions. These include huobi.pro, okex.com, coinnest.com, gate.io, bitsun, bibox, btctrade, Aex.com, Cex.com, Coinbene.com, Rightbtc.com, and some other.
The Bitcoin Diamond will fork today when the block reaches the height of 495866.
Think we missed something? Let us know in the comments section below.