Bitcoin Gold is a hard fork of the bitcoin protocol devised by Lightning ASIC which is a Hong Kong based mining firm led by Jack Liao, CEO. To combat the mining centralization problem, the BTG developers are implementing a different mining algorithm altogether that will be resistant to ASIC chips called Equihash. Thus, Bitcoin Gold will be mined using GPU’s. Bitcoin Gold is a proposed digital asset. Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch on October 25, 2017.
Where did it originate?
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.
Basic statistics of BTG
• Issue date: October 25, 2017
• Abbreviation: BTG
• Total supply: 21 million
The pros and cons of Bitcoin Gold
How is it used?
Like money, cryptocurrencies including BTG can be used for trading goods and services. Blockchain-based transactions are more secure, transparent and efficient.
If you would like to know more about BTG, please refer to the official website below: