Cryptocurrencies can be innovative from the point of view of their own nomenclature, making users who do not know these terms nervous or anxious. Add to that, the confusion that media generate around certain events like hard forks, which are just a change to a crypto-currency protocol that makes invalid blocks or invalid transactions on the blockchain valid. In a hard range, there is a permanent move compared to a previous version of the Blockchain and the old version nodes would not be accepted by the new version. So, in essence, there is a split in a cryptocurrency.
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These divisions are in some so a form of market democracy and supporters of various channels have a chance to take their own stand and stand up. A famous hard fork was for example in Ethereum, post the DAO hack when the team of Ethereum (ETH) attempted to restore the stolen funds, which led to the birth of the new cryptocurrency known as Ethereum Classic (ETC), which also does not survive such forks. Bitcoin Diamond (BCD), which was forked at block 495866 and assumed its own chain.The fork was held on November 24, 2017, thanks to the efforts of Team EVEY and Team 007, two Bitcoin miners who, Reuters reported, " were not happy with some of the major disadvantages of Bitcoi n. "
What does the BCD team want?
Bitcoin (BTC) was the most popular cryptocurrency of its time. However, it is not free from its flaws. BTC transactions have taken a long time to process and have become expensive over time. Indeed, the BTC blocks have been limited to one megabyte, which translates into about three transactions per second. On the other hand, BCD has increased block size to eight MB, which will improve transaction capacity and blocks will be generated five times faster. The cost of BTC transactions has increased, which has cast a shadow over its practical applications. BCD, on the other hand, seeks to reduce transaction costs. A BCD executive said at a press conference:
"Our primary goal is to reduce the cost of participation thresholds by reducing transaction costs and the cost of participating The total amount of Bitcoin diamond is 10 times higher than Bitcoin, which translates into a reduction in the cost of new participation and reduction of thresholds. "
Finally, BTC transactions are visible the public domain and everyone can see data related to how much amount is in another person's wallet and their transactions done as well.BCD will encrypt the amount and the balance, which will provide greater privacy to users of the new cryptocurrency.
BCD debuts trading, earns money
At the time of writing the article according to the Bitcoin Diamond Foundation, BCD had already been launched in 33 exchanges around the world. Binance, OKEX, Huobi.Pro and Bit-Z are some of the exchanges that have embraced this new cryptocurrency. EXX.com also announced the futures trading of Bitcoin Diamond. The foundation also claims that there are at least six portfolios that will support BCD, namely BitGo, Bitpie, Coldlar and ATOKEN
The BCD Foundation also announced the accession of Linke Yang, co Founder of BTCC at the Foundation. Yang, co-founder BTCC, which was the first digital currency exchange in China. It is believed that Yang's role as a BCD advisor would come as a blow in the arm for Bitcoin Diamond and help him gain ground in China. In a communication sent by email from Bitcoin Diamond Foundation, Cointelegraph was informed that Chinese, Italian and Korean community teams have been established. The foundation says the North American and Australian community is "progressing". We were also informed that other "pioneers" could join BCD's team of advisers, which should boost cryptocurrency R & D efforts and increase its popularity.
Bitcoin Diamond Roadmap
As the Bitcoin Diamond begins to become mainstream, they have a plan for the future in place. We are told that the medium-term plan with a December 2017 – December 2018 (Q2) schedule, based on communications between the BCD EVERY and 007 development teams, established the hard range for the Bitcoin block at 495866 on November 24 , 2017. This gave birth to Bitcoin Diamond
By December 2017, it is planned to set up the Bitcoin Diamond mainnet, the wallet, the node code and the API as well that open source on GitHub. (Follow BIP-044, Index999). It will be possible to exploit BCD either with a complete node client or with a pool. Three basins will support the BCD mining and the operation will begin after mainnet releases. BCD will support both GPU extraction based on AMD and Nvidia. Finally, in December, it is planned to upgrade the algorithms for the encryption of the BCD main chain, which will encrypt the amounts of transactions and balances.
What is Diamond Bitcoin?
not Bitcoin Diamond is a better bitcoin, depends on who you ask. In recent days, there have been forks that have led to the emergence of Bitcoin Cash, Bitcoin Gold and now Diamond Bitcoin. The idea behind a hard fork is that a new chain is emerging, and hopefully a better one. The stated and ultimate goal of Bitcoin Diamond is to become "the best piece", which does not suffer from a lack of privacy protection, slow transaction confirmations or a high threshold for new members. This will enable them to provide better solutions to financial companies around the world.
The total supply of Bitcoin Diamond would be 210 mln, 10 times more than that of Bitcoin. 170 million of these coins would be on the market, while the rest would be reserved for the community in a "pool of rewards" for tributes and mining. One of the criticisms that has been made about Bitcoin Diamond is that the teams behind the cryptocurrency have remained anonymous, but we must not forget that the founder of Bitcoin has remained an enigma to this day. Anonymity should not stand in the way of adoption and, at the end of the day, markets will reveal whether Bitcoin Diamond offers features that they feel are worth it. For now, you can choose the bitcoin you like.
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