Bitcoin Diamond (BCD) : Another Successful HardFork | Todays Crypto Events (26th Nov)

We have seen a lot of Bitcoin Hardfork in the past 4 months, some of which created a massive hype in the market that lead to a crash in prices of Bitcoin as well as the Altcoins.

But this particular HF didn't seem to do anything bad for the traders infact it just straightaway gave profits to the BTC holders on 24th November when the Block height was reached at 495866. During this time the BTC Holders were credited with Bitcoin Diamond (BCD) on the basis of 1:10 ... Yes thats right !! For 1 BTC, holders received 10 Bitcoin Diamond now before you feel very happy let me tell you one thing and that is the supply, the max supply of BTC is 21,000,000 whereas of Bitcoin Diamond it is 210,000,000 which is 10 times more than BTC therefore the the 1:10 credit is fair.

Now BCD hardfork was not meant to compete with Bitcoin in any manner therefore I can say that it was a friendly hardfork.

What is Bitcoin Diamond ?

Bitcoin Diamond which is also known as BCD is the latest successful Bitcoin HardFork that was completed at the Block Height 495866.

According to their official website

Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and therewith a new chain will be generated as the BCD. 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. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue unaltered, but 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”.

What was the reason for the Hardfork and who was behind it ?

According to the Bitcoin Diamond Foundation the higher amount of Transaction fees & slower rate of transfer for Bitcoin doesn't fulfils the needs of crypto holders of today adding to this these are some of the problems stated by them

Lack of privacy protection
Slow transaction confirmations
High threshold for new members

Now coming to Devs , there are currently 2 devs who are also known by newsbtc

There is no information about the devs so I've got nothing to talk about them besides that they have claimed to be the Dev of BCD

How BCD is better than BTC ?

Protection of Privacy : Encrypting the amount and balance to protect the holders privacy
Fast Transaction Confirmations : Bitcoin Diamond has a block size of 8MB as part of a massive on-chain scaling . Therefore there is high capacity for transactions to be stored and cleared quickly. The speed of generating blocks is five times and the ultimate goal is to improve the transaction confirmation speeds for the whole BTC blockchain.
Lowering the Cost for Participation Thresholds : The total amount of Bitcoin Diamond is 10 times of Bitcoin which means reducing the cost of the new participations and lowering the thresholds

Here is a comparison chart of BTC with all the other Hardforked BTC Coins

Who is Supporting BCD ?

Well there is not much to say here but on their website they have a Disclaimer that states

Disclaimer: the Bitcoin Diamond Organization (btcd.io) cannot take responsibility for third party providers, such as the listed exchanges, wallets, sites and pools. All links hosted on our domain are by community members and third parties and by clicking on any of the listed links you are accepting the risks of using the third party domain and taking responsibility for any losses, damage or other issues using said domain. Crypto-currencies are inherently risky and investors and users must remain vigilant.

Although in the below pic you can see all the exchanges and wallets that are supporting BCD

When you carefully see the list you will immediately notice that most of the exchanges are situated in Asia. Well I won't speculate anything about that.

Todays Crypto Events | 26th Nov, 2017

NEO (NEO) : Winners for the first NEO dApps competition announced
To know more : Click here
Billionaire Token (XBL) : Listing on Coinexchange.io
To know more : Click here
Ethos (ETHOS) : Ethos Lunch + MeetUp + Live Q&A in Meppel, The Netherlands
To know more : Click here
MonetaryUnit (MUE) : 6,000,000 coins burnt
To know more : Click here
Vertcoin (VTC) : Listing on UpBit exchange
To know more : Click here
Loopring (LRC) : Smart Contracts could be released anytime
To know more : Click here

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cryptokenny247 (36) 7 years ago

The reason for bitcoin diamond is a little redundant, as there are already crypto out there that do the job bitcoin diamond is looking to do. All be it they are using bitcoin blockchain but I think they are doing it via bitcoin to gain the most traction possible.

$0.27

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