Bitcoin has experienced different hard forks this year. Bitcoin Cash, Bitcoin Gold and a cancelled and problematic SegWit2x. If this was not enough for the community, today there was a new fork: Bitcoin Diamond (BTD). The new chain has split from Bitcoin at block number 495,866.
“Bitcoin Diamond is a fork of Bitcoin that occurs at the predetermined height of block 495886. 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,” reads the official statement from EVEY team.
Main Characteristics of Bitcoin Diamond
Each hard fork in the Bitcoin Blockchain had a different characteristic. Bitcoin Cash offered faster transactions and cheaper fees. Bitcoin Cash has bigger blocks compared to Bitcoin. They have 8 MB and 1 MB blocks respectively. In this way, Bitcoin Cash can process more transactions with lower fees.
Bitcoin Gold main idea is to make Bitcoin decentralized again. Bitcoin Gold claims that Bitcoin mining is centered in some few big mining companies. Nowadays, an individual trying to mine has difficult problems in order to be profitable. In addition to it, ASIC hardware software required to mine Bitcoin is very expensive.
Bitcoin Diamond claims that after nine years, Bitcoin couldn’t solve the intrinsic problems it has. The issues in the Bitcoin network that Bitcoin Diamond tries to change are various and different. High fees, slow transactions and issues with the privacy.
“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”.
Bitcoin Diamond will encrypt the amount and balance in every single transaction to protect customers’ privacy. The block limit has been raised to 8 MB, allowing more transactions to be processed per block. In this way, transactions will cost less and the network will work faster. In addition to it, the speed of block generation will be increased five times. Another feature is that the Bitcoin Diamond will lower the cost for participation thresholds.
Who Backs and Who Has Created Bitcoin Diamond?
Team Every and Team 007 are behind this project that aims to solve the unsolved issues from the Bitcoin network. The company is organized under the name of The Bitcoin Diamond Foundation and they are located in Singapore.
Some exchanges will be adding Bitcoin Diamond to their platforms. Between them we can find AEX.com, CEX.com, coinbene, kex, BITSUN, OKEX, BTCBOX, HasToken, Huobi and Coinwhale. The wallets that will support Bitcoin Diamond are BitGo, Bitpie, AToken, Ledger and others.