How Does Bitcoin Diamond Work
Bitcoin Diamond(BCD) is a new cryptocurrency created from the fork of the bitcoin blockchain. This fork has occurred at the block 495866 of Bitcoin and a new BCD chain has generated. At this point, BCD miners will begin creating new blocks with a new proof of work algorithm.
There’s a total supply of 210 million Bitcoin Diamonds. The price will be set at a rate of 1 BTC = 10 BCD. That’s 10 times higher total supply than the original bitcoin blockchain. Even hard forks like Bitcoin Cash all have a fixed limit of 21 million units – after all, there are only 21 million bitcoins in existence.
What’s the point of Bitcoin Diamond? Which problems does the currency seek to solve? The website identifies three main areas of concern:
- Lack of privacy protection
- Slow transaction confirmations
- High thresholds for new members
In terms of the total supply, it seems that 170 million BCD will be available on the market, while the remaining 40 million will be reserved for a “community rewards pool as tributes and mining”.