Bitcoin Diamond (BCD) expected on Nov. 24, 2017! BTC vs BCH vs BTG vs BCD
Another Bitcoin fork is coming up according to Bitcoin Diamond’s website. This new fork of Bitcoin is launched by Team EVEY and Team 007, two teams of Bitcoin miners who were not happy with the status quo.
The fork is expected to happen at block height 495866, or approximately 5:00 AM (EST) of Nov. 24, 2017.
Relevant Points of Comparison
- Bitcoin Cash (BCH): Block size is 8 MB, as opposed to BTC’s 1 MB. SegWit is NOT activated to allow ASICBoost (which allows faster mining than traditional ASIC and hence more centralized mining).
- Bitcoin Gold (BTG): The idea is to decentralize mining again. Hence, BTG uses a Proof-of-Work algorithm called Equihash, which disallows ASIC mining.
- Bitcoin Diamond (BCD): Block size is 8 MB. Yet another Proof-of-Work algorithm is used, supposedly disallowing ASIC mining. Privacy is to be emphasized via encryption of each amount and balance. Total supply will be 210 million, as opposed to BTC’s 21 million. In other words, you’ll get 10 BCD for every BTC.
Mining speed (in ascending order): CPU → GPU → ASIC → ASICBoost
Binance confirmed they’ll credit users with 10 BCD for each BTC.
BCD claims the “speed of generating blocks will be increased five times,” but the block time is still 10 minutes.
Encrypting each transaction’s amount and each user’s balance does increase privacy indeed but at the cost of transparency.
About Chain Intelligence — Based in New York City, Chain Intelligence is a technical consulting group dedicated to quality blockchain research pertaining to consensus protocols, token dynamics, product architecture, and technical viability.