Bitcoin Diamond

Bitcoin Diamond appeared in November 2017 as a Bitcoin hard fork. Official site https://btcd.io/  Bitcoin Diamond, which emerged with classic crypto money claims. These are better than credit cards, better and faster than cash.

Soft Fork :

Soft fork crypto is a system that is backward compatible and does not change the block chain..

Hard Fork :

These are major updates that are not backward compatible and change the block chain. This does not have to obey everyone to bifurcation. If the entire network does not accept the new system, the old system continues its path with two separated bifurcations.

In 2017, two Bitcoin miners, Team Evey and Team 007, decided to change the network’s Bitcoin Core protocol. They thought they could do better than Bitcoin worked. Evey and 007 chose the Bitcoin Diamond with improved protocols. Team Evey and Team 007 wrote changes to the Bitcoin protocol, which they intend to achieve. Bitcoin Diamond fork (forku) took place on November 24, 2017.

When it first came out, Bitcoin Diamond was criticized for not being introduced too much by its manufacturers. In addition, Bitcoin Diamond manufacturers have not introduced themselves. Kendierini Team Evey and Team 007, two Bitcoin miners introduced themselves as a group.

Unlike Bitcoin, Bitcoin Diamond Brings;

Faster processing times: Most crypto currencies are trying to reduce the time it takes to complete transactions. The Bitcoin network can only perform approximately 2-7 operations per second. Payment processing services such as Mastercard and Visa can process thousands of transactions per second. The Bitcoin Diaond (BCD) team claims that their money is faster.

Lower transaction fees: A fee is charged for each transaction in the Bitcoin network. In recent years, fees for transactions have increased. With Bitcoin Diamond, you can pay less.

Reaching more new users: Bitcoin has become very expensive. Today (14.09.2018), a Bitcoin is worth more than $ 6,500. This makes it very difficult for new users to get a Bitcoin. The producers of BCD think that Bitcoin should be for everyone, not just the money.

What are the similarities between BCD and BTC operations? What are the differences?

Bitcoin (BTC) / Bitcoin Diamond (BCD) Process Similarities:

Bitcoin and BCD are networks where users can store and transfer information. All this information is stored in large databases called block chain. A block chain is a very long list of all transactions made on the network. Block chain data is stored between thousands of computers called nodes.

New transactions are placed in groups called blocks and are controlled by nodes to ensure they are valid before they are added to the block chain. Miners play an important role in the processing of both the Bitcoin network and the Bitcoin Diamond network. Both platforms require a 10-minute time to process a transaction information block.

Both networks want to use a lightning network to accelerate processing time. Team Evey and Team 007 have announced that Bitcoin Diamond will start using lightning networks on July 31, 2018, and the Bitcoin Diamond was updated and switched to a lightning network on the same date.

Lightning Network :

The Lightning network allows users to create mini-networks where real-time operations can move away from the main block chain. Since the bitcoin block chain is very large and requires 10 minutes for each process confirmation, the lightning network is improved. The Lightning network works in a similar way to smart contracts as in Ethereum. These processes are then checked and added to the main block chain as a whole. This allows transactions to be done very quickly.

Bitcoin and Bitcoin Diamond Differences:

Larger block size: Standard Bitcoin blocks have 1MB of process information. Bitcoin Diamond blocks up to 8MB. This means that the Bitcoind Diamond network has eight times more information while it has the same block duration (10 minutes) on both platforms.

Higher total supply: The total bitcoin supply is 21 million coin. Total Bitcoin Diamond supply is 210 million. The Bitcoin Diamond (BCD) team thinks that a larger supply will keep the price of each coin accessible to all users.

Easier mining: Miners receive crypto money for their tasks in the block chain. These tasks require a lot of computing power. The miners in the Bitcoin network use powerful equipment called ASIC miners to complete their tasks. ASIC mining is usually done in large warehouses with hundreds of machines. They produce loud, expensive and very heat. This means that most members of the Bitcoin community cannot generate Bitcoin. Team Evey and Team 007 think it is unfair to bring mining to almost all users.

Is Bitcoin Diamond Reliable?

Block chains are a very safe way to store and transfer information. Large companies such as credit cards, Google and Facebook store our information on a limited number of central servers. If these servers are attacked, our information may be compromised. The block chain emits information from thousands of different computers, making cyber attacks harder and safe.

One of the main security features of block chain technology is encryption. Custom personal information is stored using computer code. Some Bitcoin critics think that sufficient user information is not encrypted. For example, all transactions and quantities are visible to anyone using the Bitcoin network. This can easily track the real identity of users for public and other organizations. The team behind Bitcoin Diamond wanted to encrypt more user information in the first place. However, they decided to add more privacy to Bitcoin Diamond later on. They thought that public authorities would impose restrictions or prohibitions on cryptocurrency based on confidentiality.

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