When it comes to exploring cryptocurrency, then there is no end of various interesting topics including what is a soft fork and a hard fork in a blockchain? But among many topics, Bitcoin is one such topic that excites the most. Ever since it became a well-known cryptocurrency throughout the world, it created a buzz among the people and prompted them to know about every aspect of the crypto coin. But if you are abreast of blockchain crypto news, then you must have known about the split of Bitcoin caused by the hard fork. If it reminds you of Bitcoin Cash, then let us tell you that there is another sibling of Bitcoin besides the latter coin, and it is Bitcoin Diamond. If you do not know about Bitcoin Diamond, then know it today from this blog.
Know About Bitcoin Diamond
To know about Bitcoin Diamond, you need to understand that just like Bitcoin Cash, it is also a fork of Bitcoin. It was created to fulfil the purpose of speedy confirmations of the transaction and minimal fees. To offer more decentralized mining, the algorithm SHA-256 was being removed. The history of Bitcoin Diamond dates back in November 2017 when the miners did not approve of the functioning of the Bitcoin Core Protocol. If there was any cryptocurrency who achieved immense success around the world, then it was none other than Bitcoin. However, miners were not completely satisfied with the working of Bitcoin as according to them, it did not produce results as expected in Satoshi’s original vision. They were expecting Bitcoin to be equipped with features like privacy protection, speedy transactions, and facilitating access to the new users.
Such shortcomings ignited the need for new hardfork from Bitcoin's blockchain. Akin to core goals with original or parent Bitcoin, it was aimed to become the decentralized network for assets exchange, Bitcoin Diamond wished to differ from its father cryptocurrency in terms of technicality and functionality.
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