The cryptocurrency market rose to a whole new level in last few years. Out of all of them, Bitcoin has made a different place and is the most beloved cryptocurrency of most of the people. Recently Bitcoin rose to $5600 that is the maximum value of Bitcoin till date. In case you invested in Bitcoin two or three years ago then you would probably be a millionaire today. Isn’t that awesome? Today we are going to discuss the Bitcoin Gold Fork and why is it happening.
It looks like that this October Bitcoin will see two coin splits that would result in making of total new cryptocurrency. Bitcoin Gold will be forked from Bitcoin to reveal a totally new ASIC-resistant cryptocurrency.
Keep in mind and be very about this fork because it is somewhat risky and can create some problems like cyber battle due to which all exchanges rates will drop down. To be free of all the losses that you might have don’t keep much value in Bitcoin as of now, so you won’t be in much loss in case of any cyber battle.
New Bitcoin Fork – Bitcoin Gold (BTG)
As of now, the Bitcoin Gold (BTG) is considered as a new cryptocurrency called as ‘bgold’ or ‘BTG’. This is basically a fork of original Bitcoin invented in 2008 by Mr. Nakamoto. The community of Bitcoin claims Bitcoin Gold as “Bitcoin Gold is a community-activated hard fork of Bitcoin to make mining decentralized again.”
As the site of Bitcoin Gold is still under development so we don’t know much about the Bitcoin Gold in depth.
Who will do this fork and when?
The BTG (Bitcoin Coin) is technically a project run and managed by a team of developers under the CEO of a mining and manufacturing company, LightingAsic whose name is Jack Liao. But the lead developer of BTG is unknown or you can say that is anonymous under the name h4x3rotab and he/she says that “Bitcoin Gold is also a real blockchain to pilot Bitcoin upgrades.” Also according to their site, the name is unknown but the final date of launch is confirmed, that Bitcoin Gold will be unveiled on 25th October 2017.
Reason behind this fork
A group of few people believes that mining of Bitcoin has become monopolized by various multi-national companies and is now centralized as well. Due to this, they had driven this fork without any voting. They believe that ASIC miners provide a strong sack of problems for an average miner or user like me and you. To avoid all this they want Bitcoin to be decentralized again and pull out all barriers for an average user or miner.
The developers of BTG have decided to solve these barriers by decentralizing the algorithm to mine Bitcoin by changing the original protocol of Bitcoin. As you might be aware of this that Bitcoin uses SHA-256 mining algorithm as of now. But on after this fork, they will implement a totally new algorithm to mine Bitcoin that would not be used by ASIC miners and will be resistant to ASIC chips. By implementing this Bitcoin can simply be mined using cheap GPUs and this will be irrelevant to those ASIC chips and miners.
Apart from all this, the developer team of BTG claims that they need to save Bitcoin if something happens with it in upcoming years. Also, they want to compete with other cryptocurrencies such as Zcash, Monero, and Ethereum.
With Ethereum rising and moving higher with POS consensus, this could be a kind of master shot by BTG because of this fork the Ethereum miners have to then switch either to BTG or Zcash or some other cryptocurrency that is easily mined using the cheap GPUs. But they know very well that they won’t compete with Bitcoin or Bitcoin Cash in any way.
Features of Bitcoin Gold (BTG)
With its fork, Bitcoin Gold (BTG) does have too many new features but what it has are as follows:
As the BTG will be completely based on Equihash, so it can easily be mined with cheap GPUs.
As this is a direct split (fork) of Bitcoin, it will have the option of replay protection inbuilt.
The difficulty in BTG will change according as it will be a variable which a very good thing for cheap GPU miners.
Also, BTG will have pre-mined 16k coins in the pool.
There won’t be any changes in block size or its adjustments.
The BTG will also follow the same suit and algorithm as followed by BTC and the developers believe that this will be good for BTG in the future as this is a secure way.
These are some common features that are known to use. Maybe they will reveal some more features on the launch date.
The developer team did a good job by implementing this idea as the new mining algorithm will surely avoid centralization. Also, currently there’s no fork that is minable with GPU, so it’s good in the sense.
There’s no information about the developer team either on their official site or on Github as none of their developer in publically available on Github. Also, they look a little depressing because of anonymousness.
On most of the forums of Bitcoins like Bitcoin Talk Forum, it looks like this could be a great initiative from the developers about their future. For their pre-mined blocks, they would provide an ICO but it is still not clear much because their site is under construction. The only thing we need to do is to wait for 25th October 2017 and see what actually the site reveals and will tell us what the actual and final features of Bitcoin Gold (BTG). Do let us know in the comment section below about what are your thoughts and opinions about the all-new fork and split of Bitcoin into Bitcoin Gold (BTG).