Bitcoin Diamond - What you need to know about the upcoming hard fork

johngreenfield (57)in #cryptocurrency • 6 years ago (edited)

What is Bitcoin Diamond?

Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495866 and therewith a new chain will be generated as the BCD. Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue unaltered, but a new branch of the blockchain will split off from the original chain. It shares the same transaction history with Bitcoin until it starts branching and coming into a unique block from which it diverges. As a result of this process, a new cryptocurrency was created which we call “Bitcoin Diamond”.

What is the total amount for Bitcoin Diamond (BCD)?

The total amount of BCD is 210 million. No more increase. 170 million BCD, 1BTC : 10BCD will be presented to the Bitcoin holders for the long-term Bitcoin ECOSYSTEM support. The rest 40 million will be automatically transferred into the community rewards pool as tributes and mining.

What problems does Bitcoin Diamond attempt to solve?

After nine years of rapid development, high transactions fees and Bitcoin no longer meets the demands from rising numbers of clients. And various kinds of problems have arisen, which mainly consist of the following aspects:

Lack of privacy protection.
Slow transaction confirmations.
High threshold for new members.

How does BCD replay attack?

The so-called replay attack refer to the fact that if a transaction is valid in BTC, then the bifurcation of BTC will also take effect, because most of their algorithms are the same. Means that if someone on the BTC launches a deal in the chain and sends the signed deal to another block chain, he will get free BTC that shares the same ratio in that block chain. In order to prevent such replay attack, a slight change has been made on trading format between BTC and BCD, to prevent the replay trading, BCD will not accept BTC deal which truly makes it independent from the BTC.

Why does BCD need to encrypt the transaction amount?

In some application scenarios, especially in many business scenarios, or scenarios that are related to sensitive data such as income of corporate individuals, the BTC holders do not want to disclose their account balances for various reasons. On the one hand, encryption of the transaction amount can protect the privacy of personal funds and avoid the coveting from unscrupulous people. On the other hand, some funds involves trade secrets of certain financial institutions, encryption can protect their money from being exposed, and further ensure the safety of their business activities.

How can I get Bitcoin Diamond?

1.Anyone who held Bitcoin at the time Bitcoin Diamond was created became owners of Bitcoin Diamond which is 1BTC : 10BCD.
2.Mining.
3.Exchange at any other secondary markets.
4.Contributors in the ecological construction of BCD will receive a certain BCD as a reward.

What wallet should I keep BTC to get BCD?

Any secured Bitcoin wallets can store your BCD before they reach the predetermined height as of block 495866. If your Bitcoin is stored by a third party, such as an exchanger, then you must inquire them about your Bitcoin Diamond. Verified wallets that support BTC and BCD side-by-side will be listed on the Bitcoin Diamond home page. The developers will publish guides for retrieving BCD from the most popular wallets.

If I have BTC in long-term cold storage, do I need to move it somewhere else to get free BCD?

No. If you have BTC in a paper wallet, hardware wallet, multi-signature address, or any other forms of secure private key storage, you will be able to claim your corresponding BCD at any time. BCD will be distributed when you move. You can search and find your BCD from your wallet.

How can I get Bitcoin Diamond after the fork?

Once the bitcoin blockchain reaches a predetermined height of 495866 Bitcoin holders can get BCD as free. After that time, you need to acquire BCD at any exchanges like other cryptocurrency, mining it as Bitcoin, or trading your goods and services for benefits.

If I have BTC on an exchange at the time of the fork, will I get my free BCD?

Cryptocurrency exchanges are custodial businesses, which means they control your private keys. When the Bitcoin Diamond fork occurs at predetermined height 495866, any exchange that is holding BTC on your behalf will also receive the corresponding BCD. While they should credit your account with the equal amount of BCD, there is no legal authority that can force them to do so. The Bitcoin Diamond home page will display the names and logos of exchanges that have promised to credit their users with BCD at 1:10. If your exchange is not shown, please consider transferring your BTC to a supporting exchange or withdraw to a personal wallet where you control the private keys.

How can I sell my Bitcoin Diamond(BCD)?

You can sell BCD at any of the exchanges listed on the BCD home page. Or you can trade with a trusted broker.

Should I buy Bitcoin Diamond?

You can receive the full benefits of this project without any additional risk simply by holding Bitcoin, the best form of money the world has ever seen.

How do I mine Bitcoin Diamond?

You can mine BCD using the full node client or you can mine with a pool. Some public mining pools that have worked with us are listed on their home page. You can check out their facebook, twitter, reddit for technical help and advice about mining BCD.