Recently, COINCHECK announced the delisting of three encrypted digital currencies – Monero, Dash, and Zcash. According to the Japan Times report, this move might be in response to the requirements for the improvement of the security of exchanges proposed by the Japan Financial Services Agency (FSA). Also, according to a Reuters report, the Court of Moscow gave a national order to block the use of the communicative software “Telegram” due to its refusal to provide encrypted data to the government.
Encrypting cryptocurrency transactions can lead to the concealment of transaction details which makes it difficult for third party organizations or individuals to trace the source of payments and transfers within the network ecosystem, thereby facilitating black market transactions and money laundering. Recently, The Bitcoin Diamond Foundation and its team realized that more exchanges might delist anonymous cryptocurrencies in the future, which will adversely affect all anonymous digital currencies.
Bitcoin on the other hand has become too expensive for small-scale payments due to very high fees and low transfer speed. Bitcoin Diamond’s goal is to create an application ecosystem, where economical and high-frequency real-time payments are implemented to improve the bitcoin network.
However, being an anonymous digital currency may not favor effective inspection of payment information and compliance to regulations. In order to adapt to high-frequency transactions, the developers of Bitcoin Diamond are adopting the Lightning Network where a real-time, massive transaction network will be implemented.
The Lightning Network is a second layer payment protocol that works on the blockchain. It is designed for fast real-time transactions between two parties. The main idea of the Lightning Network is to place a large number of transactions outside the blockchain which refines the off-chain transaction channels through smart contracts. Throughout the transaction, smart contracts play an important role as an intermediary, while blockchain ensures that the final transaction results are confirmed.
Due to the reasons mentioned above, The Bitcoin Diamond Foundation has decided to suspend the ongoing encryption implementation and focus on the development of the Lightning Network. The Bitcoin Diamond Foundation is also continuing to develop future improvements which will benefit its network ecosystem and compliance to regulations. All future decision-making will strongly consider approval from the BCD community and developers. Bitcoin Diamond’s version of Lightning Network is expected to be deployed on July 31, 2018, after a complete assessment by it’s developers and testers.
Team Evey & Team 007
Bitcoin Diamond Foundation
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 BCD. Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm. They will also consecutively develop and improve the transaction speed based on original features of BTC. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on 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”.BCD features：
Fast Transaction Confirmations
Bitcoin Diamond raised the block size limit to 8MB as part of a massive on-chain scaling approach. The result is ample capacity for everyone’s transactions. The speed of generating blocks will be increased five times and the ultimate goal is to improve transaction confirmation speed for the entire BTC blockchain. Another feature is adding the Lighting network for fast transactions. This does not require the trust of Payment Channels to realize a real-time, massive transaction network.
Reducing The Cost of Participation
Solving the situation of the over-priced original Bitcoin is done by increasing the total supply of Bitcoin Diamond and lowering the price, which in turn, will allow more people to participate in the Blockchain world.
Bitcoin Diamond has been launched at more than 40 global exchanges and reported by Reuters, Nasdaq, Yahoo Finance, Cointelegraph (sponsored), and other famous medias.