Cryptocurrencies can be novel from the point of view that they bring their own nomenclature into existence, which makes users who do not know about these terms nervous or filled with anxiety. Add to this, the confusion that media generates surrounding certain events like hard forks, which are just a change to a protocol of a cryptocurrency that makes previous invalid blocks or transactions on the Blockchain valid. In a hard fork, there is a permanent moving away from a previous version of the Blockchain and the older version nodes would not be accepted by the newest version. So, in essence, there is a split in a cryptocurrency.
These splits are in a way a form of market democracy and supporters of various chains get a chance to take their own stance and stand. A famous hard fork for example was in Ethereum, post the DAO hack when the team of Ethereum tried to rollback transactions to try to restore the stolen funds. The resulting disagreement led to the birth of the new cryptocurrency called Ethereum Classic . Bitcoin is not immune to such hard forks either. The latest hard fork being that gave birth to Bitcoin Diamond , which was forked at block 495866 and assumed its very own chain. The fork took place on Nov. 24, 2017, due to the efforts of Team EVEY and Team 007, two Bitcoin miners who, Reuters report, “were not happy with some of the major downsides of Bitcoin.”
What Does Bitcoin Diamond have to offer?
Whether or not Bitcoin Diamond is a better Bitcoin, depends on who you ask. In recent days, there have been hard forks that have led to the emergence of Bitcoin Cash, Bitcoin Gold and now Bitcoin Diamond. The idea behind a hard fork is that a new chain emerges, and hopefully a better one. The stated and ultimate aim of Bitcoin Diamond is to become “the better coin,” which does not suffer from a lack of privacy protection, slow transaction confirmations or a high threshold for new members. This will allow them to provide better solutions to financial companies worldwide.
The total supply of Bitcoin Diamond would be 210 mln or 10 times more than that of Bitcoin. 170 mln of these coins would be on the market, while the rest would be reserved for the community in a ‘rewards pool’ for the purposes of tributes and mining.
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