Bitcoin Diamond (BCD) is a hard fork of Bitcoin. The fork occurring at at block height 495866, implemented changes including a new proof of work algorithm to deter attacks on the network and segregation of transaction signatures from transactions on the chain for additional capacity allowing a greater number of transactions per second on the network as a whole.
What is Bitcoin Diamond?
Bitcoin Diamond (BCD) is a hard fork from Bitcoin (BTC) that took place at block height 495,866, on November 24, 2017. The current price of Bitcoin Diamond can be checked here. If you want to follow the prices of Bitcoin, Ethereum or 2,000 other Altcoins, take a closer look at our course overview.
A hard fork is essentially a change in the source code of the software after no common consensus can be found on a change, resulting in two separate versions of a block chain. In the case of Bitcoin Diamond, the developers took the source code from Bitcoin (BTC) and modified it according to their requirements.
Since both blockchains shared the same transaction history up to a block height of 495,866, Bitcoin owners received a certain amount of Bitcoin Diamond for free. In contrast to Bitcoin Cash or also Bitcoin Gold, the distribution ratio was not 1:1. Instead, Bitcoin owners received 10 Bitcoin Diamond (1 BTC : 10 BCD) for one Bitcoin. This can be explained by the increased total amount of BCD, as we will see shortly.
What is the target of Bitcoin Diamond (BCD)?
Bitcoin Diamond was announced during 2017 by two Bitcoin miners called “Team Evey” and “Team 007”. Not only little to nothing is known about both founder (teams). It is assumed that both miners originate from the Hong Kong / Singapore region. Furthermore, it is only known about both that they were frustrated by the ASIC dominance and the utilization of the Bitcoin network and therefore wanted to develop an improved Bitcoin protocol.
The main improvements that Team Evey and Team 007 wanted to make to the Bitcoin protocol were as follows:
- a lower entry threshold for new users (since Bitcoin has become very expensive and not affordable for everyone).
- faster transactions
- lower transaction fees
- better privacy and data protection: encryption of account holdings and transactions themselves