Bitcoin Diamond improves on Bitcoin transactions

Hard forks on blockchain are not uncommon…not even on the oldest Bitcoin project. Bitcoin Diamond BCD is finally born as from November 24, and on block 495866, as a result of dissatisfaction of two miners who were not happy with the problems of Bitcoin BTC. There will be 210 million BCD in total with 170 presented to the Bitcoin holders. Thus, for the long-term Bitcoin ecosystem support and 40 million transferred into  community rewards pool as tributes and mining.

The team, namely EVEY and Team 007, was unsatisfied with the long time it takes to process Bitcoin transactions. Since the higher cost of transactions.

BCD markets itself as “Better Bitcoin” but time will tell if it really is while improving on challenges. Thus, on the mother Bitcoin chain and tries to be popular like BTC. It has already moved to improving on these challenges or at least started. And has listed, reportedly is listed on 33 crypto exchanges around the world.   

Bitcoin BTC maintains 1 MB block size, meaning it can manage only about three transactions per second. This has elicited problems among the community. In comparison, Bitcoin Diamond has a block size of 8 MB, which improves capacity of generating blocks. Since five times faster than BTC and wants to reduce cost of transactions and participation.

Also Read: Bitcoin is just like financial equivalent of Brexit

“Our primary objective is to lower the cost for participation thresholds by reducing the transaction fees and the cost of participation”. A BCD executive said end of last month. The total amount of Bitcoin diamond is 10 times as much of Bitcoin. Thus which translates into reduction of the cost for new participation and reduction of the thresholds.”   

Bitcoin Diamond transactions are also now visible in the public domain. As anyone can see data related to the amount of coins in another person’s wallet and transactions. Although the amount and balances will be encrypted for privacy. This, according to an updated short-term plan, will be done in the second quarter of 2018 in a planned algorithm upgrade for main chain encryption.

Bitcoin Diamond Foundation has launched BCD on Binance, OKEX, Huobi.Pro and Bit-Z among the 33 exchanges. Other exchanges include  huobi.pro, okex.com, coinnest.com, gate.io, bitsun, bibox, btctrade, Aex.com, Cex.com, Coinbene.com and Rightbtc.com. As Bitcoin welcomes the first futures product on CME Group exchange this December 18, Bitcoin Diamond community welcomed its BCD/BTC futures product on EXX.com.

The Foundation also says BitGo, Bitpie, Coldlar and ATOKEN wallets will support the coin, among other two.

Meanwhile, co-founder of BTCC — the first digital currency exchange in China — Linke Yang, has come to BCD as an advisor. He will help improve BCD in China and reportedly, the Chinese, Italian and Korean community teams have been establishing. The team also informed Cointelegraph that they could also be welcoming more pioneers in the advisory team to boost R&D efforts and popularity.

BCD team also hopes to have Bitcoin Diamond mainnet, wallet, nodes code and API release. And code on GitHub in place this December.

Read Next: BitFlyer the Japanese Bitcoin exchange enters US market

It will be possible to mine the coin  with a full node client with a pool. Since using both AMD and Nvidia based GPU mining. Three pools will support the mining.  

“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, which we call “Bitcoin Diamond”. The EVEY team member said during the launch of the BCD website in late November.

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