Bitcoin Gold – Make Bitcoin Decentralized Again

Decentralization

Bitcoin Gold decentralizes mining by adopting a PoW algorithm, Equihash, which cannot be run faster on the specialty equipment used for Bitcoin mining (ASIC miners.) This gives ordinary users a fair opportunity to mine with ubiquitous GPUs.

Fair distribution

Hard forking Bitcoin’s blockchain fairly and efficiently distributes a new digital asset immediately to people all over the world who have interest in cryptocoins. Other methods, such as creating coins with a new genesis block, concentrate ownership within a small group.

Replay protection

To ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection and unique wallet addresses, essential features that protect users and their coins from several kinds of accidents and malicious threats.

Transparency

Bitcoin Gold is a free open source software project that is built by volunteer developers and supported by a rapidly growing community of Bitcoin enthusiasts that stretches around the globe.

Comparison

  • Supply : 21 Million
  • PoW algorithm : Equihash
  • Mining Hardware : GPU
  • Block Interval : 10 Minutes
  • Block size (actual) : 1M (2-4M)
  • Difficulty adjustment : Every block
  • Segwit : Yes
  • Replay protection : Yes
  • Unique address format : Yes

What is Bitcoin Gold?

Bitcoin Gold is a fork of the Bitcoin blockchain that will occur on October 25, 2017. At the predetermined block height, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency will be born.

What is the purpose of Bitcoin Gold?

The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole. By changing Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Gold blockchain. Thus, Bitcoin Gold will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision.

How can I get Bitcoin Gold?

The Bitcoin Gold (BTG) initial coin distribution method is exactly the same as that used by Bitcoin Cash (BCH). All Bitcoin holders who possess BTC private keys on October 25 (block 491 407) will receive Bitcoin Gold on the rate of 1 BTC = 1 BTG (If you have 20 BTC you will receive 20 BTG). You need to control BTC private keys in order to make Bitcoin Gold transactions.

What wallet should I keep my BTC in to make sure I will receive BTG?

Any secure Bitcoin wallet that gives the user exclusive control of the cryptographic private keys is a suitable location to store your coins prior to the October 25 fork. Some wallets may offer you direct access to your BTG, while others may require you to take additional technical steps. Verified wallets that support BTC and BTG side-by-side will be listed on the Bitcoin Gold home page. We will publish guides for retrieving BTG from the most popular wallets, including Bitcoin Core, Electrum, Mycelium, hardware wallets, paper wallets, and more.

Related Post

Bitcoin miner WhatsMiner M3 from Pangolin The M3, which was released in late 2017, is manufactured by Chinese firm Pangolin Miner. The manufacturer's website not only provides detailed inf...
Nvidia GTX 1080 Ti most powerful GPU for mining Nvidia GTX 1080 Ti in mining The Nvidia GTX 1080 Ti remains one of the most powerful graphics cards in the world, and is our recommendation as the ...
ASUS GeForce GTX 1060 DUAL 6GB 192-Bit GDDR5 Video... ASUS GeForce GTX 1060 DUAL 6GB 192-Bit GDDR5 overview Powered by NVIDIA Pascal™, the ASUS Dual-fan GTX 1060 delivers cool overclocked performance w...
Biwang Electronic BW-L21 Scrypt ASIC If you remember a while ago we have talked about the 550 MHS BW-L21 Litecoin (Scrypt) ASIC Miner as an interesting alternative to Bitmain’s AntMin...

Comments

comments

Leave a Reply

Your email address will not be published. Required fields are marked *