Friday 24 November saw the arrival of a brand new Bitcoin fork, but the 4.2 billion coins it has emerged with are already raising a number of questions.
Bitcoin Diamond launched at block 495866, with the aim to transition from proof-of-work to proof-of-stake once the mining process is completed, which means after just 10,000 blocks.
A strangely complex unveiling on Bitcointalk laid the path for the latest Bitcoin doppelgänger, which differs from other incarnations, like Bitcoin Cash and Bitcoin Gold, in that it has very little in common with Bitcoin itself.
There is very little known about what Bitcoin Diamond actually aims to achieve, besides a 28-exchange support figure. It seems the groundwork is being managed and executed by an anonymous team of developers, alongside an anonymous ‘Bitcoin Diamond Foundation’. Despite this clear presence, it still occurs that user queries regarding access to coins are met with a standardised response.
Those who want to unlock their Bitcoin Diamond balances should approach wallet providers themselves, according to the developers. Perhaps this is in hope that the combined pressure might force the Bitcoin habitat to adjust to accomodate this latest fork.
That very process is gradually taking place with Bitcoin Gold; the network’s previous fork is breaking the mould and gaining genuine momentum on the markets.
Data compiled by Coinmarketcap suggests all-time highs of $526 could very well be surpassed if the current level of interest persists. Over the past 24 hours alone, Bitcoin Gold has gained in excess of 40%.
These movements in the cryptocurrency world are interesting – with Bitcoin Diamond having little in common with Bitcoin besides the name, it may seem like new cryptocurrencies are trying to use the ‘Bitcoin’ name to get ahead. Whatever you may think, it’s clear that interest in digital currencies is continuing to grow.