Bitcoin Gold (BTG) is a cryptocurrency based on the Bitcoin blockchain, in order to shift the honor of his parent from the podium. This Fork was born on October 25, 2017 as a result of dividing the bitcoin chain. The BTG creation project was founded by the head of Lightning ASIC Jack Liao.
Causes
The platform works on the Equihash algorithm. It is this algorithm that is used in another promising cryptocurrency ZCASH. It is more optimized for GPU-item. Thanks to this, Jack Liao decided to return a single miners to the game, which practically disappeared from the market due to major players.
The Equihash algorithm allows you to “extract” this altcoin using video cards. But mining of this type of bitcoin on ASIC devices is impossible.
Recent studies show that bitcoin has lost its decentralization. His computational abilities are contained in the hands of only a few large players who significantly affect his work. You don’t need to go far for examples. BITMAIN today mines 20% of the total BTC. In their hands are two large pools. One consists completely of the top managers of this Chinese company and is the first number in the top of all mining bullets. And the second, available to the “simple mortal”, is in 7th place.
There is no such roll in the BTG system towards large players. The slogan of the new Fork is the phrase: “We will make bitcoin a truly decentralized!””. As in the case of bitcoin cache, after branching, all Bitcoin holders received a similar amount of Gold. There will be 21 million units of this token in total. And the production of one takes about 10 minutes.
Features of the fork
We have already talked above some features of Golda:
Initially, the creation of this cryptocurrency focused on simplifying mining and attracting single players for this purpose. To do this, the equicash hash.
The following equipment is necessary for Golda mining:
For mining, the processor frequency and the volume of the hard drive do not play the role.
Nearest prospects
Not so long ago, developers released a roadmap for 2018. Today, this cryptocurrency is traded at 30 sites. In an updated roadmap, BTG representatives shared prospects. In the near future, the creators of the Fork launch a project to develop hardware wallets and create an application for storing tokens in smartphones and tablets.
In order for the developers to use Bitcoin Gold in their projects, the team of this cryptocurrency will soon release libraries with open code:
In the future, the transition to the address of bech32. These addresses remove the restrictions that arise when using BASE58. In addition, they are more promising for people.
But the most important thing is Lightning Network Launch. The platform allows instant payments and saves place. She uses the Segwit protocol and will be introduced in mid -2018.
Good news from the BTG development camp came for investors. Developers in the near future launch a program for supporting bonds.
Interaction with original bitcoin
Gold is not the first fork of the original bitcoin. But unlike the creators of Cash, Jack Liao and Gold developers, they do not declare that their cryptocurrency is a real bitcoin. BTG is rather an application to BTC expanding its capabilities. GPU major are involved for this purpose.
In addition, the Gold protocol has the opportunity to emergency restore bitcoin. BTG is a friendly Fork that will not work to the detriment of “grandfather”, but together with him. But for air or cache, this altcoin can become a real competitor.
Is it worth it to invest in Bitcoin Gold?
The new cryptocurrency decided several drawbacks of Bitcoin. Therefore, it is quite possible to earn on BTG. The team of this platform does everything so that Gold has become a new “digital gold” and, if not overshadowed by himself, then at least caught up with the first cryptocurrency. And for this she has the opportunity.
Yes, after the fork, the price of BTG increased slightly, but then it collapsed twice. You should not make a tragedy out of this. Just all the owners of the “free” tokens hastily got rid of them. In addition, the oil was added to the fire from DOSS attacks to the network.
BTG fluctuations for the entire period (CoinmarketCap data.com)
The minimum cost was 113.95 USD, and the maximum limit was reached on October 23, 2017 – 524.26 USD. To date, the course is 154.95 USD.
The Bitcoin Gold platform is gradually attracting new miners, which were mostly Bitcoin. This increases the capabilities of the Gold Developers and makes the coin of investment attractive.
Instead of conclusion
Whether BTG developers were able to solve the problems of bitcoin? Partly yes. They tried to make a system of truly decentralized. But the fruits of such success can only help if everyone accepts Gold as the main coin. And this will not happen in the near future. The share of the main bitcoin, although it decreases, is still so great that all the problems of this token immediately affects other cryptocurrencies. And even the most promising of them Ripple, Dash, Cardano and Iota suffer from any problems of bitcoin. What to say there about the “child” of this cryptocurrency.
Of course, the developers do not sit still and try to make their coin attractive for investment. But she does not carry revolutionary solutions or new technologies. And if the coin is interesting only for investment and mining, then it cannot be valuable. After all, all its value depends on whether people want to give their money to her support. This is true for senior bitcoin. Which has long lost in its capabilities, but is still interesting for investment. Unfortunately, Golda is unlikely to achieve this. Although it is possible and even necessary to consider it for short -term and medium -term investments.
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