Bitcoin Diamond Hard Fork to Happen Today

As time goes by, it seems like bitcoin hard forks are getting more and more popular, as miners who aren’t satisfied with what the digital currency offers, have the possibility of splitting the network in order to generate new coins. In the past, such was the case with Bitcoin Gold, Bitcoin Cash and the failed SegWit2X hard fork.

Now, Bitcoin Diamond, a new cryptocurrency was recently released by two miner teams, who were not completely happy with the downsides that Bitcoin has. With this in mind, according to the Bitcoin Diamond Foundation, who is behind this fork, the split will bring forwards several protocol changes that would improve bitcoin from their point of view.

In a recent press statement on the Bitcoin Diamond website, it was noted that: “Bitcoin Diamond is a fork of Bitcoin that occurs at the predetermined height of block 495866.”

Additionally, according to the creators of the new currency, “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. The original Bitcoin blockchain will continue on unaltered, and 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.”

So far, it seems like some of the main benefits associated with Bitcoin Diamond include an increased block size, in order to deal with the scalability issue, a 5x increased speed for block generation, and hence faster confirmation times for the network. According to the team member, the new digital currency will also offer a lower cost of threshold participation, and reduced fees.

Bitcoin Diamond will offer a total of 210 million coins, yet it is important to point out the fact that at this time, the code is not listed on a GitHub page. Additionally, there is still lack of information about how the new coin will work, and whether there are any exchanges supporting it so far. For those who are interested in the new version of BTC, it is best to wait for official wallets to offer support for the currency, in order to avoid unnecessary risk.