The Bitcoin fork rainy season looks set to continue with the latest entry in the series, Bitcoin Diamond (BCD), claiming to tackle Bitcoin’s ongoing issues with its own proposals for addressing the scalability conundrum.
The new cryptocurrency has been formed on the back of an apparent collaboration between two mining outfits, Team EVEY and Team 007, who are looking to address high transaction costs, slow transaction speeds and lack of privacy protection.
Lack of Transparency
The latest Bitcoin fork, which increases the rate of mining blocks by a factor of five according to at least one report is, however, cloaked in confusion as transparency issues appear to be dogging the project.
As of writing, the Bitcoin Diamond GitHub repository appears to lack any sign of community engagement – the GitHub entry is merely a few days old with one follower.
No figures appear to be coming forward to represent the project with at least two websites – btcd.io and bitcoin-diamond.org – purporting to represent it, both presenting relatively sparse information.
A white-paper in relation to the proposition is also proving difficult to track down.
Whilst the project has still a way to go to prove both its viability and legitimacy, certain elements to the proposition appear to be emerging from scattered internet sources.
Bitcoin Diamond (BCD) will apparently be distributed on a 10BCD-to-1BTC ratio. The hard fork will, as it is claimed, also result in an increase of the block size to 8mb. The implementation will invoke PoS (Proof-of-Stake) instead of PoW (Proof-of-Work) as its consensus algorithm.
A BCD derivate instrument is currently listed on CoinMarketCap, priced at $67 at time of writing and a trading volume of $24 million attached to thirteen markets.