Bitcoin Diamond (BCD) is a branch of Bitcoin that appears at a given block length of 495866 and will produce a different chain as a BCD. Bitcoin Diamond workers will begin constructing blocks with a distinct proof-of-work algorithm and will consistently improve and advance transaction speed based on the original BTC characteristics. It will trigger the bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will remain unchanged, but the new blockchain branch will be decoupled from the original chain. It distributes the same transaction story with Bitcoin till it commences branching and finishes up in a unique block from which it differs. As a result of this process, a new cryptocurrency was created, which we call the “bitcoin diamond”.
What is the total amount for bitcoin diamonds?
The total BCD amount is 210 million. There is no more magnification. 170 million BCD, 1BTC: 10BCD will be presented to Bitcoin holders for long-term support of Bitcoin ECOSYSTEM. The remaining 40 million will be automatically transferred to the community reward pool as tribute and mining.
What problems is bitcoin diamond trying to solve?
After nine years of rapid development of Bitcoin, high transaction fees and Bitcoin no longer meet the needs of a growing number of customers. Numerous kinds of obstacles have emerged, which mainly consist of the following features: 1. Slow approval of the transaction. 2. High entrance for new members.
Is bitcoin diamond a competitor for bitcoin?
No, Bitcoin Diamond is a stream of the Bitcoin blockchain with modernized technology that maintains the unique features of Bitcoin. Adding New Methods – Lightning Network for faster transaction speeds, more efficiently applied in the area of daily payments. Moreover, it enhances the warehouse size and charging rate of each block to an optimal state to support and increases the trading usage of the Bitcoin Diamond block storage, and reduces the creation of private blocks.
How does BCD prevent repeat attacks?
The so-called replay attack commits to the fact that if the transaction is valid in BTC, then the BTC bifurcation will also take influence because most of their algorithms are identical. It means that if someone in BTC starts a trade on a chain and sends a signed trade to another blockchain, they will receive free BTC that has the same ratio in that blockchain. To stop a re-attack, a small adjustment was made to the selling format between BTC and BCD to limit re-trading, BCD will not receive a BTC trade, which originates from its self-governing of BTC.
Bitcoin
Bitcoin is an open-source, decentralized cryptocurrency. Anyone can take the code, change it, and release their version. It is how these other coins were created.
Bitcoin security
Since 2010, about a dozen cryptocurrency exchanges have been hacked. The waste is estimated at hundreds of millions of dollars.
On the other hand, traditional banks and financial institutions have lost billions of dollars over the same time to cybercriminals.
Programmers and members of the cryptocurrency community are working hard to identify and fix vulnerabilities in their respective blockchain networks.
If blockchain enhances an agreeable currency for regular retailers, then complicated computer algorithms can take over some of the functions of the world’s central banks.
In terms of personal security, every user investing in bitcoin is advised to install a security-grade solution to protect against internet threats before accessing financial information and conducting transactions.
Bitcoin price
At the end of August 2017, the established market value for bitcoin was almost $ 5,000 per bitcoin. It is much higher than the price of gold, which at the time was about $ 1,300 an ounce.
However, 2 weeks after this peak, the bitcoin price dropped to about $ 3,000.
Those who invested real money in bitcoin in mid-August and did not leave the market before the fall lost about 40% of their investments.
Under its status as the most popular digital currency in the world, bitcoin itself has become the standard, as have the well-known currency exchanges on Wall Street, London, and Japan.
At the same time, the bitcoin rate falls when problems arise in the markets of other digital currencies. For example, at the end of August, bitcoin fell sharply as other cryptocurrencies lost support from the Chinese government after a period of frightening explosive growth in China during 2017.
The Chinese government feared the development of complex financial pyramids associated with cryptocurrency exchanges, which had their monetary units like bitcoin.
As a result, the country’s government ordered the closure of exchanges such as BTCC, Okcoin, and Huobi by the end of September 2017. It created panic on all global digital currency exchanges, which led to a rapid drop in the bitcoin rate.
Since Bitcoin has shown volatility that is not typical for gold and traditional currencies, its chances of becoming the global standard in the foreseeable future have become significantly lower.
