Over the years there have been numerous hard forks of Bitcoin because the community thought the blockchain platform failed at following through with Satoshi’s vision. Bitcoin Diamond or BCD is one such hard fork, which was created to improve upon the BCE protocol to address slow confirmation time, high transaction fee, mining centralization, scalability, and other problems of Bitcoin.
This short guide will explain what Bitcoin Diamond is designed for, the team behind it, the way it works, and the various uses and applications.
What Is Bitcoin Diamond Designed For?
Bitcoin Diamond is intended to address the common limitations of blockchain that prevent mass adoption. The team has effectively sought BCD to be the internet’s native currency with faster transaction confirmation, better exchange rates, and lower transaction fees than any credit card.
It has been designed to be used as a global currency for the purchase of goods and services across the country. Users would be able to ship anything from anywhere to their doorstep by using BCD as the mode of payment. There is no currency exchange required and each transaction shall cost less than a cent.
Bitcoin Diamond is also created to be better than traditional government-backed currency. Users would not have to worry about inflation since BCD is a fork of Bitcoin, which is the world’s most secure cryptocurrency. The team has also kept supply limited for BCD to ensure that inflation is kept under check.
Who Is The Team Behind Bitcoin Diamond?
Two Bitcoin miners in 2017 decided that they were unhappy with Bitcoin Core. Team Evey and Team 007 sought to change the network’s protocol. The improved version came to be known as Bitcoin Diamond.
Today, the Bitcoin Diamond team is comprised of various individuals from a variety of backgrounds. The management and core team is comprised of top influencers in the cryptocurrency industry, and board members from prominent organizations.
Amelie Wu is the Chief Operating Officer at Bitcoin Diamond, before which she was Director of Global Marketing and Business Development at Blockchain Linkage Network Technology. Connor Cui is the current Architect at Bitcoin Diamond. Before this, he was a software engineer at Jovision Technology and Zhejiang Dahua Tech.
How Does Bitcoin Diamond Work?
Bitcoin Diamond is a hard fork of Bitcoin, which occurs at block number 495866. A new chain is generated at this block’s predetermined height. Miners create new blocks with a new proof-of-work algorithm consensus mechanism. This allows for consecutive development and protection enhancement for privacy based transfers. BCD also takes into account all the privacy features of Bitcoin.
The Bitcoin Diamond blockchain can process up to 100 transactions in a second with the capacity of each block at 8MB of transaction data. The network has also activated Segwit. The difficulty of the network is self-adjusting and takes place every 12 hours, with the average block time being 10 minutes.
An X13 PoW algorithm is used by Bitcoin Diamond. This algorithm is ASIC resistant and deters ASIC miners while encouraging those using GPUs.
What Are Current and Future Applications of Bitcoin Diamond?
BCD is used as a currency to pay for the purchase of everyday goods and services. Numerous merchants have already partnered with Bitcoin Diamond and accept BCD as a mode of payment, with many more in talks. BCD is also used as a utility token on the Bitcoin Diamond blockchain. It is used to reward miners and incentivize participants. It is also used for payment of the transaction fee.
The foremost use of Bitcoin Diamond is to provide the world’s underserved and underbanked with a currency they can use, access, and trust. There are over 1.7 billion people in certain corners of the world that are repressed from opening a bank account. BCD attempts at being a fast and secure digital currency to free trapped capital, creativity, and intellect of the world’s emerging population.
You can even use BCD on BCD Bazaar that is an online shopping retail site developed by Bitcoin Diamond, which is to be used exclusively by BCD holders. Brands like amazon basic, Samsung, Sony. B-Cool, Blue Panda, Canon, Microsoft, and Garmin are part of it.
There are a lot of Bitcoin users that are expected to move over to Bitcoin Diamond because of its faster transaction times, easier accessibility, and lower fees. However, there are many critics to BCD as well, who claim that the coin would not hold as a valid replacement to normal money unless the team can find a way for small purchases that can be made quickly and easily.