TopicStarter: Bitcoin-Diamond –
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Bitcoin Diamond (BCD) is a fork of Bitcoin; at predetermined block height 495866, the new chain was created. As the original Bitcoin (BTC) blockchain continues on unaltered, this new cryptocurrency now operates on its own chain called �Bitcoin Diamond�. With Bitcoin Diamond, miners will begin creating blocks using a new proof-of-work algorithm which better serves Satoshi�s original goal of keeping Bitcoin decentralized. Bitcoin Diamond offers several technical advancements in scalability along with anti-replay protection and wallet enhancements. With these changes to the Bitcoin protocol, Bitcoin Diamond seeks to achieve Satoshi Nakamoto's vision for a peer-to-peer electronic cash system that�s accessible and usable to everyone, regardless of economic status or country of origin.
After nine years of rapid development, Bitcoin can no longer meet the demands of its rising numbers of clients. Bitcoin has high transaction fees, slow transaction confirmations, and high thresholds for new miners. Furthermore, Bitcoin has still failed to adopt scaling solutions such as SegWit, with well over half of current Bitcoin transactions still using the older, less efficient protocol. As adoption for digital currency continues to outpace Bitcoin�s ability to scale, there is a danger that Satoshi�s digital cash will eventually fall behind other payment platforms.
Bitcoin Diamond addresses these flaws by implementing several technical improvements from the very start. By combining Segregated Witness with an 8 MB block size, BCD is capable of performing over 100 transactions per second or 4.8 million a day, over 10 times the current speed of BTC. BCD prevents the centralization of mining power by using X13 Proof of Work, a mining algorithm that is resistant to ASICs and friendly to GPUs. In addition to these starting enhancements, the BCD development team is working on an implementation of Lightning Network as well as wallet clients across multiple platforms.
Bitcoin Diamond was forked off of the Bitcoin (BTC) blockchain on November 24, 2017 at block-height 495866 after Team EVEY and Team 007 recognized Bitcoin�s shortcomings and decided on upgrades to improve upon its original framework. Bitcoin Diamond developers have incorporated a new proof-of-work algorithm and will continue to enhance original Bitcoin features with greater speed, protection and scalability.
Bitcoin Diamond raised the block size limit to 8 to 32 MB as part of a massive on-chain scaling approach to create ample capacity for higher transaction storage. The transaction capacity of blocks will be increased five-fold and the ultimate goal is to improve transaction confirmation speed for the entire blockchain. With the addition of SegWit, transactions can now scale at a far greater pace than any Bitcoin chain before it. Bitcoin Diamond also offers replay protection as the format for transactions has been changed since the BCD fork. This means that BTC transactions cannot be replayed in the BCD network as a way to steal user funds.
BCD�s primary objective is to lower the cost of participation thresholds by reducing the transaction fees and increasing the supply. The total amount of Bitcoin diamond is ten times that of Bitcoin, which translates into a cost reduction for new participation and a reduction of necessary thresholds. Regardless of scalability, a chain is only as strong as its consensus. To reduce the danger of mining centralization, Bitcoin Diamond uses an algorithm that makes it incredibly difficult for single entities to command large stakes of the processing power for block validation.
While Bitcoin Diamond protocol provides faster transactions, additional scaling solutions are still required for the protocol to compete with traditional payment methods. To accomplish this, the BCD development team is working to implement Lightning Network, a "second layer" payment protocol first proposed by Joseph Poon and Thaddeus Dryja in 2016. This solution allows users to open �payment channels� by committing an amount of Bitcoin that can then be sent to other participants on the channel without being confirmed on the main chain. Using Lightning Network, Bitcoin Diamond can enable users to make instant transactions at a nearly limitless pace for a very low cost.
Satoshi Nakamoto designed Bitcoin�s mining system as a way for majority decisions to be made on a peer-to-peer basis. This Proof-of-Work used CPU power to guarantee that nodes were fairly represented with �one-CPU-one-vote�.
Satoshi decided to use SHA-256 as the algorithm for this Proof-of-work, which worked well for a number of years. However, as Bitcoin gained popularity, the mining sector has become more and more competitive. The development of Application Specific Integrated Circuits (ASICs) now means that anyone with access to the latest mining hardware can outpace traditional CPU miners with ease.
For Bitcoin to remain decentralized, a new mining algorithm must be implemented that can resist attempts by hardware manufacturers to outpace traditional miners.
To restore fair mining practices, Bitcoin Diamond utilizes and has improved upon the X13 Proof-of-Work algorithm. This means that all ASICs designed for Bitcoin SHA-256 are now entirely ineffective on BCD. With X13, creating new ASIC hardware is made incredibly difficult by a high level of complexity, reducing the threat of mining centralization. X13 was specifically created for graphics card mining, a standard of hardware that is widely accessible so that competition for mining is fair for the average user.
While the X13 algorithm existed before BCD�s launch, the X13 development team has added additional improvements to BCD�s version to bolster and ensure security. This includes the SM3 hash algorithm, issued by the Chinese Cryptography Administration in 2016 as the national standard for cryptographic applications. Currently, BCD is the only cryptocurrency to utilize the X13 algorithm in this manner. As time goes on, BCD�s development team will continue to improve its mining algorithm to ensure that Satoshi�s original vision for distributed consensus remains intact.
Electrum is a lightweight Bitcoin wallet that has been developed and supported since 2011. By operating in conjunction with servers that index the blockchain, Electrum clients can run with instant startup times and low resource usage. Electrum also offers a wide range of functionality including cold storage, multisig security and integration with hardware wallets. To capitalize on Electrum�s feature-set, Bitcoin Diamond has released its own version of the Electrum wallet. After downloading the wallet, users can quickly connect to the BCD network and claim any coins that they may have earned from the November fork.
HD Wallet Generation
Hierarchical deterministic wallets, otherwise known as HD wallets, is a feature available with BCD on Electrum to create multiple accounts from a single root key. With this rule, clients only need to save a master private key, which can generate multiple sub-private keys and sub-addresses. Clients can now easily manage the balances of all accounts under this one master private key and selectively issue child keys with limited access. This helps reduce the possibility of a master private key exposure, ensuring the safety of funds.
BCD Pay app
To ensure that all users can easily perform payments, Bitcoin Diamond will be the first Bitcoin project to support an official mobile wallet. An Android wallet based on Electrum has already been released with an iOS version currently under dev
elopment. Current wallet features include wallet name modification, account switching, and QR scanning. With BCD Pay, digital currency will be made accessible to millions of unbanked individuals in emerging markets, bypassing the financial barriers that had previously excluded them from the global economy.BCD Pay Wallet is an easy-to-use app that anybody can use to send and receive cryptocurrency. Use this wallet to pay for food, gas, taxi, rentals, tickets, and other services around the world.
As of right now, the wallet supports 10 cryptocurrencies: Bitcoin, Litecoin, Ethereum, Dash, NEM, Waves, ZCoin, EOS, Horizen (formerly known as ZenCash) and Bitcore.
BCD Pay Wallet uses the latest industry standards for security and does not keep the user�s private keys.
The Bitcoin Diamond team is integral to the success of the coin and its surrounding ecosystem. The team has a wealth of experience from a variety of backgrounds. The core and management teams are comprised of board members from prominent organizations and top influencers in the cryptocurrency industry, particularly from the Asia region.
Consistent with Bitcoin Diamond�s inherent emphasis on privacy, the team has decided to remain anonymous to preserve their personal privacy. Each team member�s name is inspired by the secret identity of an action hero. If you are looking to partner with Bitcoin Diamond and require a KYC process, it is available upon request.
Users who held BTC at the time Bitcoin Diamond was created have automatically become owners of BCD. Please note that a wallet with 1 BTC will hold 10 BCD based on the supply change. Users may also earn BCD by mining with graphics cards or buying coins from an exchange or secondary market. To encourage the community to assist in the construction of BCD�s ecosystem, contributors will receive specific amounts of BCD as a reward as well.
The ultimate goal of Bitcoin Diamond is to become the �Bitcoin� that achieves Satoshi�s vision of becoming a globally accepted digital cash. With this in mind, Bitcoin Diamond will strive to provide better solutions for financial services worldwide.
This plan (Dec 2017 ~ 2018 Q2) is generated by Bitcoin Diamond Community, based on the communication with the BCD development teams EVEY and 007.
● Bitcoin Diamond is born at the hard fork at bitcoin block height: 495866.
● Bitcoin Diamond mainnet, wallet, nodes code, and API are released
● Update mainnet
● Deploy Lightning Network and BCD wallet
● Building BCD application ecosystem, including BCD mobile app
● BCD Pay launch and implementation
● Further improve Bitcoin Diamond and its functionality
Wallet download address
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