What is Bitcoin Diamond
Just as Bitcoin Gold, Bitcoin cash and super Bitcoin, electrum Bitcoin Diamond is also a derivative of the Blockchain of Bitcoin. This hard fork will occur at the height of block 495866 from Bitcoin blockchain.
When the miners started mining then Bitcoin Diamond blockchain was only bifurcated from its original blockchain. In accordance with the development team, it does not compete against Bitcoin, rather BCD improves the foundation of Bitcoin and carries legacy to it.
Recently it has become an evident that the Bitcoin introduced in 2009 has become a saturated extremely for further development. It has neither got the framework and network capabilities for inorder to incorporate with new industrial standards like light network, proofs of zero-knowledge etc.
Even bitcoin does not support creation of smarter contracts and de-centralized applications. According to their official website the Electrum Bitcoin diamond is planning to solve some of the issues.
First going to deal with the problem scalability. The Bitcoin diamond is going to solve this problem by introducing block size increasing to 8 MB against the 1 MB Bitcoin. This proves to give immense help to the segregated witness of Electrum wallet for Bitcoin Diamond.
It will definitely lower the fees as well as price by more than ten times eventually make it interesting to most newcomers who want to create economy healthy. Out of 210 million of BCD, somewhat 170 is available for purchase. Rest of 40 million is distributed among the pool community rewards, as a tribute and mining reward.
Encryption of Amount
Rather than this Electrum for Bitcoin Diamond is going to support the encryption of BCD transaction along with balance information.
Bitcoin Diamond is going to process the transactions at a faster rate than Bitcoin because of block size. Its development team claims to handle almost 4.8 million transactions every day.