Twollow
  • Tech
    Digital Marketing Trends

    How To Scale Your IT Team On A Budget

    Benefits Of Cloud Print Management In The New Era Of Work

    4 Benefits Of Cloud Print Management In The New Era Of Work

    Hybrid Events

    7 Top Practises for Hybrid Events

    VPS server

    Why You Might Want to Host Your Site on a VPS or VDS?

    Close up of a restaurant manager talking to the waiter

    Advantages of Using Technology in the Restaurant Industry?

    html

    How to choose the best HTML editor?

    Types of Artificial Intelligence

    Types of Artificial Intelligence

    Huawei Watch GT2 Pro

    Huawei Watch GT2 Pro

    Huawei MatePad Pro 

    Huawei MatePad Pro 

  • Apps
    spotify fraud

    Shopify Fraud Prevention Tips Every E-Commerce Business Owner Should Know

    Nintendo 3DS emulator

    11 Best Nintendo 3DS emulator for PC, Windows & Android

    play and win online

    6 Best User-friendly APPs to Play Online Lottery

    Design Canva Templates

    How to Design Canva Templates

    link building service

    Hack someone’s Instagram Password with Easy Tricks

    Buying Instagram Followers

    The Pros and Cons of Buying Instagram Followers

    mobile app business plan

    How to Create a Perfect Mobile App Business Plan?

    app development

    Why Should You Consider React Native App Development?

    Instagram app

     What is Instagram Monitoring 

  • How To
    solar panels

    Common Solar Panel Concerns and How to Deal With Them

    imei number

    How to Check IMEI Number?

    bong

    How do you manufacture a bong?

    Central heating

    DIY Guide: How To Install A Designer Radiator

    website

    Things That Might Be Wrong With Your Website And How To Fix Them

    design a business logo

    How to Design a Successful Business Logo

    How Live Streaming works

    How Live Streaming works – Everything You Need to Know

    live stream

    How to Live Stream on Twitch

    How Can Workout Make Life Easier

    How Can Workout Make Life Easier?

  • Business
    • All
    • Finance
    Buy Cryptocurrency

    What Is Dash Cryptocurrency And Its Use Cases In Today’s Economy

    Boost Traffic to Your Store

    Boost Traffic to Your Store: 5 Tips

    When to Refinance Your Student Loans

    When to Refinance Your Student Loans

    Influencing Modern Business

    4 Factors Influencing Modern Business Partnerships

    Credit Counseling Myths

    What are the different types of Credit Card you can avail in 2022?

    Business Management

    5 Ways To Help Boost Your Business Management Career

    What You Should Do During a Bitcoin Bear Market

    What You Should Do During a Bitcoin Bear Market

    Cryptocurrency market

    What Is Crypto Exchange And How Does It Work?

    business insurance

    Your Guide to Insurance for Businesses

  • Marketing
    Best Youtube Advertising Strategies For Small Businesses

    7 Best Youtube Advertising Strategies For Small Businesses

    Social Media Marketing Tips For Beginners

    4 Social Media Marketing Tips For Beginners

    affiliate marketing

    Affiliate Marketing for Beginners: 5 Tricks to Make It Easier

    b2b marketing strategy

    What Are the Best B2B Marketing Strategies to Use?

    Content Enough to Grow Your Online Traffic

    Is Writing Amazing Content Enough to Grow Your Online Traffic?

    why video marketing is essential for your business

    Reasons why video marketing is essential for your business

    content marketing strategy

    How to create a comprehensive local content marketing strategy for your Hobart-based business?

    Why Is Digital Marketing So Important for Your Small Business?

    expand your business

    How To Expand Your Business And Set Up A Chain Of Bars

  • General
    Need Of A Website For Your Dental Practice

    Need Of A Website For Your Dental Practice

    Merchant Account

    How Does A Merchant Account Assist CBD Businesses?

    https://www.gettyimages.com/detail/photo/spa-cosmetic-products-beauty-concept-royalty-free-image/1299954303

    How to Make the Most Out of Your Spa Day?

    trading

    Is Commodity Trading Good For Beginners

    spain

    How to choose the property of your dreams in Spain

    istanbul

    Apartments for wealthy foreigners in Istanbul

    First Car

    Does Car Insurance Cover Windshield Cracks?

    aerospace industry

    Entering The Aerospace Industry

    Construction Accident Lawyer

    Construction Accident Lawyer

  • Reviews
    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

    Honey Chrome Extension Review

    Honey Chrome Extension Review – Is It Scam Or Real?

  • Featured
No Result
View All Result
  • Tech
    Digital Marketing Trends

    How To Scale Your IT Team On A Budget

    Benefits Of Cloud Print Management In The New Era Of Work

    4 Benefits Of Cloud Print Management In The New Era Of Work

    Hybrid Events

    7 Top Practises for Hybrid Events

    VPS server

    Why You Might Want to Host Your Site on a VPS or VDS?

    Close up of a restaurant manager talking to the waiter

    Advantages of Using Technology in the Restaurant Industry?

    html

    How to choose the best HTML editor?

    Types of Artificial Intelligence

    Types of Artificial Intelligence

    Huawei Watch GT2 Pro

    Huawei Watch GT2 Pro

    Huawei MatePad Pro 

    Huawei MatePad Pro 

  • Apps
    spotify fraud

    Shopify Fraud Prevention Tips Every E-Commerce Business Owner Should Know

    Nintendo 3DS emulator

    11 Best Nintendo 3DS emulator for PC, Windows & Android

    play and win online

    6 Best User-friendly APPs to Play Online Lottery

    Design Canva Templates

    How to Design Canva Templates

    link building service

    Hack someone’s Instagram Password with Easy Tricks

    Buying Instagram Followers

    The Pros and Cons of Buying Instagram Followers

    mobile app business plan

    How to Create a Perfect Mobile App Business Plan?

    app development

    Why Should You Consider React Native App Development?

    Instagram app

     What is Instagram Monitoring 

  • How To
    solar panels

    Common Solar Panel Concerns and How to Deal With Them

    imei number

    How to Check IMEI Number?

    bong

    How do you manufacture a bong?

    Central heating

    DIY Guide: How To Install A Designer Radiator

    website

    Things That Might Be Wrong With Your Website And How To Fix Them

    design a business logo

    How to Design a Successful Business Logo

    How Live Streaming works

    How Live Streaming works – Everything You Need to Know

    live stream

    How to Live Stream on Twitch

    How Can Workout Make Life Easier

    How Can Workout Make Life Easier?

  • Business
    • All
    • Finance
    Buy Cryptocurrency

    What Is Dash Cryptocurrency And Its Use Cases In Today’s Economy

    Boost Traffic to Your Store

    Boost Traffic to Your Store: 5 Tips

    When to Refinance Your Student Loans

    When to Refinance Your Student Loans

    Influencing Modern Business

    4 Factors Influencing Modern Business Partnerships

    Credit Counseling Myths

    What are the different types of Credit Card you can avail in 2022?

    Business Management

    5 Ways To Help Boost Your Business Management Career

    What You Should Do During a Bitcoin Bear Market

    What You Should Do During a Bitcoin Bear Market

    Cryptocurrency market

    What Is Crypto Exchange And How Does It Work?

    business insurance

    Your Guide to Insurance for Businesses

  • Marketing
    Best Youtube Advertising Strategies For Small Businesses

    7 Best Youtube Advertising Strategies For Small Businesses

    Social Media Marketing Tips For Beginners

    4 Social Media Marketing Tips For Beginners

    affiliate marketing

    Affiliate Marketing for Beginners: 5 Tricks to Make It Easier

    b2b marketing strategy

    What Are the Best B2B Marketing Strategies to Use?

    Content Enough to Grow Your Online Traffic

    Is Writing Amazing Content Enough to Grow Your Online Traffic?

    why video marketing is essential for your business

    Reasons why video marketing is essential for your business

    content marketing strategy

    How to create a comprehensive local content marketing strategy for your Hobart-based business?

    Why Is Digital Marketing So Important for Your Small Business?

    expand your business

    How To Expand Your Business And Set Up A Chain Of Bars

  • General
    Need Of A Website For Your Dental Practice

    Need Of A Website For Your Dental Practice

    Merchant Account

    How Does A Merchant Account Assist CBD Businesses?

    https://www.gettyimages.com/detail/photo/spa-cosmetic-products-beauty-concept-royalty-free-image/1299954303

    How to Make the Most Out of Your Spa Day?

    trading

    Is Commodity Trading Good For Beginners

    spain

    How to choose the property of your dreams in Spain

    istanbul

    Apartments for wealthy foreigners in Istanbul

    First Car

    Does Car Insurance Cover Windshield Cracks?

    aerospace industry

    Entering The Aerospace Industry

    Construction Accident Lawyer

    Construction Accident Lawyer

  • Reviews
    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

    Honey Chrome Extension Review

    Honey Chrome Extension Review – Is It Scam Or Real?

  • Featured
No Result
View All Result
Twollow
No Result
View All Result

A SOFT OR HARD FORK, WHICH DOES THE DIAMOND BITCOIN REPRESENT?

by John Morris
January 20, 2022
0
bitcoin
Share on FacebookShare on Twitter

A fork represents a separation or bifurcation of the original Bitcoin chain, which is carried out by modifications in the Bitcoin protocol and due to those modifications in the protocol, the rules that are responsible for validating the behavior of the entire network, which are none other than the consensus rules, are affected and it is up to the participants to implement them or not.

Depending on the characteristics and impact of the changes, the type of fork could be determined. And also it could be an asset to cryptocurrency for a longer run.

A soft & hard fork

Blockchain networks are governed by rules encoded in the protocol that allows nodes to validate transaction blocks in the same way and remain in consensus. These rules verify that the structure of the block and the transactions included in it, such as the size of the block, are correct.

Sometimes the consensus rules can be modified to add updates or protect the network from attacks, or changed for specific purposes, such as giving birth to a new cryptocurrency. Regardless of the reason for the modification, there are two ways to change the rules: by soft fork, or hard fork.

A soft fork refers to modifications in the protocol that modify the consensus rules and may or may not be accepted by the network participants without implying a separation into two or more parts of the original chain.

On the other hand, a hard fork refers to protocol changes that make outdated software “ILLEGAL”.

This means that if they are not accepted by a part of the intervening parties in the network, that is, they do not have the consensus of the majority, and since they are not compatible so that a single chain can be maintained referring to the one that I update the software and the one that doesn’t, which causes the chain to bifurcate, creating a new one from a particular point in the main chain.

In both soft forks and hard forks, users must participate in updating the network either by downloading new software and starting up updated nodes or by refraining from doing so, if they so decide.

Bitcoin (BTC) has been the most popular cryptocurrency of its time. However, it is not without its flaws. BTC transactions have been notoriously slow to process and have become more expensive over time.

The BTC blocks have been delimited in size, allowing only executing around 2 to 3 operations per second. In addition, while the extraction process is limited, the minimum block size increased to 8 MB; this will help improve transaction processing and will be created up blocks to five times faster.

The cost of BTC transactions has been on the rise, which has been overshadowing its practical applications.

The Bitcoin Diamond was forked from the original bitcoin on November 24, 2017. The main net was updated in December 2017 and it was only in the third quarter of 2018 that it became available in the market.

Bitcoin Diamond (BCD) is a fork that takes the existing bitcoin infrastructure and improves it to support more advanced privacy features and a new currency.

The creators of Bitcoin Diamond remain anonymous with the momentum of the coin mentored by the Bitcoin Diamond foundation. However, they obtained no offer for these coins even at their creation. Instead, bitcoin users at the time of the fork instantly became owners of the innovative BCD coins and received 10 BCD for every BTC they held at the time.

There are only 1000 blocks to be extracted with the PoW component. Mining expects to be the way to remove the remaining blocks, which undoubtedly contributes to users generating interest by having their cryptocurrencies in their wallets.

Conclusion

BCD is considered a hard fork since its creators were looking for three specific characteristics that would improve the conditions of the original BTC and in turn attract new followers who felt identified and attracted by the new fork, these characteristics were the following:

  1. Faster transaction times
  2. Lower transaction fees
  3. Motivation for new users

In turn, Bitcoin Diamond wants to have faster, more affordable, and simpler access than Bitcoin and hopes to achieve this by having a larger block size; having a higher total offer than bitcoin, and finally easier mining.

John Morris

John Morris

He is a tech enthusiast who loves to be updated with the latest industry trends. As a writer, his favorite area of writing is Tech, Mobile apps, Business, and Reviews.

Related Posts

Buy Cryptocurrency
Finance

What Is Dash Cryptocurrency And Its Use Cases In Today’s Economy

While the cryptocurrency market is not exactly booming like it always was, Bitcoin and all other cryptocurrencies are far from...

by John Morris
May 18, 2022
What You Should Do During a Bitcoin Bear Market
Finance

What You Should Do During a Bitcoin Bear Market

The Bitcoin community is a vast space where traders and investors alike talk about what goes on in the market....

by John Morris
April 23, 2022
Cryptocurrency market
Finance

What Is Crypto Exchange And How Does It Work?

The world “cryptocurrency” is not new to society anymore. Every year more and more people get engaged in trading activity....

by John Morris
April 20, 2022 - Updated on April 25, 2022
investing in cryptocurrency
Finance

Investing in Cryptocurrency: Risks, Rewards and What You Should Know

The cryptocurrency was created with the idea of people being able to have an alternative way to pay for goods...

by Muhammad Irfan Bajwa
April 11, 2022 - Updated on May 9, 2022

Recommended.

IRS tax

How to start a small business?

November 28, 2020 - Updated on April 19, 2022
Merchant Services

Choosing The Right Merchant Services For Your Business

September 18, 2020 - Updated on August 5, 2021
Recruiting Top Salespeople

3 Tips for Recruiting Top Salespeople

August 26, 2021
bike lock

How to Prevent Bike Theft

March 25, 2022
Competitor Research

5 Underrated Tips That Will Improve Your Competitor Research

March 17, 2020 - Updated on March 16, 2022
Phishing Attacks

Cybersecurity: Scammers Now Use Google Docs for Phishing Attacks

March 11, 2020 - Updated on July 28, 2021

Twollow is one of the leading tech and business blogs, that is dedicated towards updated Technology & Business news, reviews, Apps, how-to, smart tricks, and tweaks.

Follow Us

Categories

  • Apps
  • Business
  • Education
  • Featured
  • Finance
  • General
  • How To
  • Marketing
  • Reviews
  • Security
  • Tech
  • Uncategorized

Top Posts & Pages

  • 100+ Free Premium Minecraft Accounts & Passwords (Tested 2022)
    100+ Free Premium Minecraft Accounts & Passwords (Tested 2022)
  • How to Get Free Virtual Phone Number for WhatsApp Installation
    How to Get Free Virtual Phone Number for WhatsApp Installation
  • How Much Weight is Allowed in a 20 ft and 40 ft Container?
    How Much Weight is Allowed in a 20 ft and 40 ft Container?
  • Aircraft Maintenance Checklist
    Aircraft Maintenance Checklist

Recent Posts

Need Of A Website For Your Dental Practice

Need Of A Website For Your Dental Practice

May 21, 2022
Best Youtube Advertising Strategies For Small Businesses

7 Best Youtube Advertising Strategies For Small Businesses

May 20, 2022
Social Media Marketing Tips For Beginners

4 Social Media Marketing Tips For Beginners

May 19, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Cookie Privacy Policy

No Result
View All Result
  • Home
  • Security