What is Bitcoin Diamond

2022-01-11 区块链达人

Bitcoin Diamond (BCD) is a hard fork from Bitcoin (BTC) that took place at block height 495,866, on November 24, 2017. 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.

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.

Directly after the hard fork, Bitcoin Diamond recorded its all-time high of over 91 US dollars. Already one week later a Bitcoin Diamond was worth only 50 USD. Probably also due to the bear market in 2018, the BTD rate fell to below USD 2 in October 2018. Nevertheless, BCD is still in the top 40 by market capital (as of October 2018).

While Bitcoin Diamond has propagated four goals, it has only been able to implement three of them so far. The fourth objective, increasing data protection and privacy has been postponed indefinitely. Actually, the Bitcoin Diamond team wanted to encrypt both the account balances on the blockchain and the transaction information, such as sender, recipient and transaction amount (in a previously unknown way).

Author : Jake Simmons