After nine years of rapid development of Bitcoin, Bitcoin Diamond, a new cryptocurrency, was recently launched and the innovators dubbed it as the ‘fruit of their long research’ and development.
China, 9th November
Bitcoin Diamond, a new cryptocurrency was recently launched by Team EVEY& Team 007, two teams of bitcoin miners who were not happy with some of the major downsides of Bitcoin. After nine years of rapid development and various issues that the miners faced with Bitcoin, such as lack of privacy protection, high transaction fees and slow transaction speed, the teams finally collaborated and rolled out Bitcoin Diamond.
Bitcoin Diamond or BCD will solve the known downsides of Bitcoin, according to Bitcoin Diamond Foundation, the collaborative venture.
“Bitcoin Diamond is a fork of Bitcoin that occurs at the predetermined height of block 495866”, said an EVEY team member while also launching the official website http://www.btcd.io/index.html.
“Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC. The original Bitcoin blockchain will continue on unaltered, and a new branch of the blockchain will split off from the original chain. It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges. As a result of this process, a new cryptocurrency was created which we call “Bitcoin Diamond””, he commented.
According to the team member, Bitcoin Diamond has various benefits, such as better privacy protection, encryption of the amount and balance which protects customers’ privacy and faster transaction confirmations.
“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”, said another team member.
He also added that Bitcoin Diamond will lower the cost for participation thresholds. According to him, it will reduce the transaction fees and the cost of participations. “The total amount of Bitcoin Diamond is ten times as much of Bitcoin which will reduce the cost of the new participations and lower the thresholds”, he told the press.
About the Company
Bitcoin Diamond (BCD) is a fork of Bitcoin based on Bitcoin protocol and a new cryptocurrency.
To know more, visit http://www.btcd.io/index.html