Bitcoin Diamond BCD to Bytecoin BCN Exchange

Crypto Pair Details: BCD to BCN

Bitcoin Diamond BCD

Bitcoin Diamond (BCD) is a fork of Bitcoin that occurs at the predetermined height of block 495,866 and therewith a new chain will be generated as the BCD. Bitcoin Diamond miners will begin creating blocks with a new proof-of-work algorithm, and will consecutively develop and enhance the protection for account transfer and privacy based on original features of BTC. This will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue 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”. Bitcoin Diamond coin could win over a lot of Bitcoin users with its faster transaction times, lower fees and easier access to new users. Bitcoin is a hugely popular coin but it can be quite difficult to use! Many critics of Bitcoin argue that the coin won’t be a valid replacement for normal money until users can make small purchases; quickly and easily. A network offering these features will also appeal to small businesses dealing in low priced, high-volume goods like coffee or fast food. However, in my opinion the price of Bitcoin Diamond will have to be more stable before it attracts any big-brand clients like Starbucks or McDonalds. One of the main safety features of blockchain technology is encryption. Private personal information is hidden using computer code. Some critics of Bitcoin think that not enough user information is encrypted. For example, all transactions and their amounts can be seen by anyone using the Bitcoin network. This can make tracing the real identities of users fairly easy for governments and other organizations. The team behind Bitcoin Diamond wanted to encrypt more user information. However, they have recently decided not to add more privacy features to BCD. They feel that governments will soon start passing laws that stop cryptocurrencies from hiding user data. In a statement published on Medium, the team noted Japan and Russia as examples of this trend. Bitcoin Diamond is processing much larger blocks than Bitcoin in the same amount of time. Larger blocks mean more transactions and a quicker average transaction time. Bitcoin Diamond makes it easy to mine BCD with less powerful computers. GPU mining allows more users to get involved in supporting the network and this can only be a good thing. Bitcoin is the world’s top cryptocurrency but it’s still quite difficult to use. Diamond coin’s high transaction speeds and low price could make it perfect for buying and selling small and inexpensive products like coffee or bus tickets.

Bytecoin BCN

Bytecoin is the first cryptocurrency created with CryptoNote technology. Bytecoin allows users to make absolutely anonymous money transfers through the CryptoNote algorithm. CryptoNote uses CryptoNote ring signatures to provide anonymous transactions and allows you to sign a message on behalf of a group. The signature only proves the message was created by someone from the group, but all the possible signers are indistinguishable from each other. Even if outgoing transactions are untraceable, everyone may still be able to see the payments received and thus determine one's income. By using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addresses derived from his single public key. After funds are sent to these addresses they can only be redeemed by the receiver; and it would be impossible to cross-link these payments. As a primarily peer-to-peer (p2p) payment system, Bytecoin has many of the same use-cases as Bitcoin. Created in 2012, Bytecoin is one of the earliest developed cryptocurrencies. Until recently, the team behind the coin has kept themselves anonymous. Now, though, they’ve opened up multiple communication channels, removed some layers of anonymity, and even built several local communities. Bitcoin’s PoW consensus algorithm heavily favors miners that use powerful GPU and ASIC machines over those trying to mine with CPUs. This causes the network to centralize around the more powerful miners. Bytecoin attempts to close the gap between these two classes of miners with a new algorithm, Egalitarian Proof-of-Work (PoW). Egalitarian PoW uses a version of skrypt, a proof of work function similar to the hashcash function used by Bitcoin. The difference between the two is that scrypt isn’t memory bound. Because of this, you can produce highly efficient CPU mining rigs. GPUs will always be about 10 times more effective, though. The Bytecoin project has been fairly fractured since its inception in July 2012. Previously, several isolated teams worked on the project without seemingly communicating with each other. This led to numerous forks and versions of the coin. In July 2017, the team decided to change their image and provide more transparency to the community. The team still remains pseudo-anonymous by only providing names and headshots on their webpage – no bios or social media links. But, it’s tough to expect more from a project that’s focused on privacy. The team has been busy at work refactoring their code and are planning to release a new public API on February 6, 2018. They’ll also be entering the Asian, Middle East, and African markets throughout 2018.

SOURCE: COINGECKO

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