The latest addition to the Bitcoin world is the Bitcoin Diamond. This has followed other Bitcoin alternatives which have been created before like the Bitcoin Gold and Bitcoin Cash. Bitcoin Diamond has been launched by Team EVEY and Team 007.
Is the new Bitcoin Diamond better than Bitcoin?
Team EVEY and Team 07 were not satisfied by the problems associated with Bitcoin. It’s important to note that both were miners at Bitcoin. Some problems like network problems, high transactions fees and slow processing speed of transactions did not please this teams. Bitcoin has also been lacking privacy something which is making people come up with better-developed cryptocurrencies. That’s why they started exploring the possibility of a better version which has come as Bitcoin Diamond.
According to a statement released by EVEY team member: “Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the encoded height of block 495866. Those who will mine using the new currency that will generate blocks with the fresh proof-of-work algorithm and will endlessly make and enhance protection for account transfers and privacy based on original structures of Bitcoin.”
He continued to say that: “The original Bitcoin blockchain will continue unchanged. A new branch of the blockchain is what will be cut off from the original chain. The process will share the same history with Bitcoin until the branching part where it will become a unique block as it diverges. This process lets the creation of the new Bitcoin Diamond.”
Benefits of Bitcoin Diamond
With Bitcoin Diamond, you are assured better privacy protection and faster processing of transactions. The protection will be enhanced by the encryption of the amount and the balance. According to one of the developers of the software: “In Bitcoin Diamond, there is plentiful capacity for each person’s transactions. Transactions processing speed will be five times faster than that of Bitcoin. Our main aim is to improve the transactions speed for the entire Bitcoin blockchain.”
He went on to state that the total amount of Bitcoin Diamond is more than ten times that of Bitcoin. That would reduce the cost of new participants. Bitcoin Diamond is known to have been backed by many exchanges. Immediately after EXX.COM published the announcement of the online BCD good spot and futures trading exchanges have announced the same. It’s estimated that BCD would fork today when its block reaches a height of 495866.