Bitcoin Diamond aims to provide better privacy features. By encrypting each transaction and balance, it intends to protect the user’s privacy. It plans to address the high transaction fees of Bitcoin by using 8 MB SegWit blocks. It also plans to reduce the cost of participation by capping the coin at 210 million.
Bitcoin Diamond (BCD)
What is Bitcoin Diamond?
Bitcoin Diamond (BCD) is a hard fork of Bitcoin. It occurred at the predetermined block height of 495866. A new branch of the blockchain will split off from the original chain. With replay protection put in place, older version nodes would not be accepted by this newest version. BCD is a split cryptocurrency from the BTC.
Bitcoin Diamond miners will use a new proof-of-work algorithm GPU based mining. Optimized X13 algorithm is supported by both AMD and Nvidia. Note that X13 is more tuned towards AMD graphic processor. SegWit supported blocks with a max size of 8 MB shall be created. Consecutively, development of enhanced features would take place.
What is the total amount of BCD?
The total amount of BCD would be at 210 million. No more plans to increase it.
- 170 million BCD would be distributed. For every 1 BTC held, one can claim 10 BCD.
- The remaining 40 million transferred as ‘rewards pool’ (tributes) and mining to the community.
|Max Supply||21 Million||210 Million|
|Distribution||Mining||Mining, Claimed (1:10)|
|Mining Algorithm||SHA256 (ASIC)||OPTIMIZED X13 (GPU)|
|Block Time||10 Minutes||10 Minutes|
|Max Block Size||1 MB||8 MB|
|Blockchain Size||~145 GB||~135 GB|
|Difficulty Adjustment||2 Weeks||2 Weeks|
|Max possible Transactions/Day||~1.2 Million||~4.8 Million|
|Replay Protection||Not required||Yes|
|Date of existance||2009||Nov 2017|
- Nov.24th: Forked at block height 495866.
- Late in Dec: Mainnet update.
- 2018 Q2: Finish main chain encryption.
- 2019 Q1: Building BCD application ecology.
- 2020 Q1: BCD with encryption of both the transaction and balance amounts.
Note: Bitcoin Diamond doesn’t take responsibility for damages caused by 3rd parties. For more info.
The teams behind the Bitcoin Diamond cryptocurrency have remained anonymous. Two team members with pseudonyms EVEY and 007 have been at the forefront. If BCD is able to successfully address lack of privacy protection, slow transaction confirmations and high thresholds for new members, it would certainly turn into a viable alternative. Additional privacy features would be of great use for business transactions. With GPU mining, BCD aims to address the mining centralization in the case of Bitcoin. With the hard fork already succeeding, it is to be seen how well BCD would establish itself.