Bitcoin Diamond (BCD) is Bitcoin’s hard fork that occurred on November 24, 2017, and resulted in the creation of an entirely new blockchain while the original Bitcoin network continued on unaltered. Those users who had any bitcoins stored on their BTC wallets at the time of the fork have received the new cryptocurrency at the ratio of 10 BCD to 1 BTC. Such a ratio is a result of an increased total supply of coins, as BCD has the limit 10 times bigger than BTC (210 million BCD vs 21 million BTC). BCD is available for trading on many top exchanges including Bithump, OKEx, Binance, and Huobi Global. The new network has the same transaction history as the original one before the fork, and after branching, transaction history splits into two different directions. After the fork, BCD miners started creating new blocks of increased size using an alternative proof-of-work algorithm X13. The main goal of creating new cryptocurrency was to reduce transaction fees that reached their highest in that period due to the increased interest towards Bitcoin with its spiking price. When the project was just launched, it aroused many questions, as there was neither white paper, nor a shaped community, nor even an account on GitHub. However, despite the scarcity of the information, the price spiked from 62 USD to 94 USD in less than 24 hours. It turned out to be an all-time-high index for BCD. It was followed by a few short-term spikes, but the price has only slowly declined ever since. Soon after the launch, the project’s team released the source code on GitHub and significantly improved communication processes on social media reducing concerns and getting rid of scam labels. According to the project’s white paper, one of the core Bitcoin’s issues that the new cryptocurrency aims to resolve is slow transaction speed. Bitcoin block size is only 2-4 MB and it is capable of processing 7 transactions per second at the maximum. For comparison, VISA processes 1,700 TPS at the average on a daily basis with the potential to handle up to 24,000 TPS. Bitcoin Diamond increases the block size up to 8 MB. This cannot help it reach VISA’s indices, but it still offers a ponderable improvement on the Bitcoin’s network as BCD is capable of performing 100 TPS. Another technical improvement that Bitcoin Diamond’s team has implemented in order to increase the network capacity is the Lightning Network. With this second-layer payment protocol, users can create dedicated channels and conduct transactions between each other at the speed of lightning with near-to-zero fees within the deposited amount. Once the channel gets closed, all transactions are uploaded to the main network as a single bunch. Apart from these technical improvements, Bitcoin Diamond also aims to make mining accessible for regular people. The new cryptocurrency is based on X-13 which is a modification of the Proof-of-Work algorithm underlying Bitcoin. This algorithm facilitates the mining process on graphic cards (GPUs) and complicates the process for the specialized mining equipment (ASICs) preventing big companies from monopolizing the market and giving the mining power back into the hands of end-users. For those willing to mine Bitcoin Diamond, the core client is available for downloading on the project’s official website. An important thing to know here is that together with the client, you will have to download the whole BCD blockchain to your PC to turn it into a node. This may require a substantial amount of hard drive space. For more steady rewards it is recommended to join one of the mining pools oriented on BCD. The list of such pools can be found on the project’s official website as well. Also, on the website, the page dedicated to the project’s team says nothing about the founders. It claims that the team has decided to remain secret following their project’s focus on the anonymity. However, it provides links to the LinkedIn profiles of other team members with a relevant background in the industry.
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