Bitcoin Gold is a distributed digital currency. It is a hard fork of Bitcoin, the open source cryptocurrency. The stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units (GPU), in place of mining with specialized ASIC (customized chipsets), used to mine Bitcoin.
A central part of the bitcoin process, mining, is being controlled by a few manufacturers who sell their products to a select group of industrialized miners, centralizing the mining task and breaking with one of the core values of bitcoin - decentralization. ASIC resistant GPU powered mining provides a solution, as this kind of hardware is ubiquitous, and anyone can start mining with a standard, off-the-shelf laptop computer.
Video Bitcoin Gold
The fork
The hard fork occurred on October 24th, 2017, at block height 491407. The Bitcoin Gold team used 'post-mine' - a mining of 100,000 coins after the fork had already occurred. The team did this via a rapid mining of approximately 8,000 blocks at 12.5 BTG per block. The bulk of premined coins have been placed into an 'endowment', and according to the developers will be used to grow and maintain the BTG ecosystem. However, of the 100K coins, some five percent were set aside as a bonus for the team, or about 833 coins for each of the six members.
Maps Bitcoin Gold
Differences from Bitcoin
Bitcoin gold uses the memory hard equihash as proof-of-work algorithm instead of the sha-256.. But for the rest, the project follows the guidelines of the Bitcoin core project.
References
External links
- Official website
- Source code
Source of article : Wikipedia
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