The Bitcoin Diamond Foundation has announced its plans to initiate a hard fork of the Bitcoin Blockchain at block 495866.
2017 has produced numerous Bitcoin spinoffs in the form of Bitcoin Cash and Bitcoin Gold, and before the close of the year we look set to see another hard fork birth a new derivative in the form of Bitcoin Diamond.
Bitcoin Diamond, or BCD, will fork from the primary Bitcoin Blockchain at the predetermined height of 495866 which should be mined during the course of today, the 24th of November.
Whereas Bitcoin Cash is famous for upping the size of each block on the Bitcoin Blockchain to 8-megabytes and Bitcoin Gold debuted with the intent of decentralizing mining, Bitcoin Diamond aims to introduce more sophisticated privacy protection measures, as well as bear lower transaction fees and faster transaction times.
Bitcoin Diamond will be developed by two teams of Bitcoin miners – namely Team EVEY as well as Team 007.
In a press release, Team EVEY offered that Bitcoin Diamond will focus on rectifying several common complaints in the Bitcoin community, citing that “Bitcoin Diamond has raised the block size as part of a massive on-chain scaling approach. There is ample capacity for everyone’s transactions. The speed of generating blocks will be increased five times and the ultimate goal is to improve transaction confirmation speed for the entire BTC blockchain.”
Bitcoin Diamond will see a total supply of some 210 million coins. “The total amount of Bitcoin Diamond is ten times as much of Bitcoin which will reduce the cost of the new participation and lower the thresholds”, the team went on to say.
According to Bitcoin Diamond’s development team, the cryptocurrency will further leverage SegWit and will make use of replay protection.
The team asserts that the new cryptocurrency will be supported by a number of exchanges, including okex.com.
What are your thoughts? Can Diamond solve common complaints emanating from the Bitcoin community? Be sure to let us know your opinion in the comments below!