This New Find in Bitcoin Industry will Help Home Miners of Cryptocurrencies The main aim to introduce Bitcoin Gold is to maintain the equality and remove the gap between ASIC and GPU miners
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Bitcoin has gone through two forks in past few months. This time hard fork occurred early morning on October 24. Each fork brings more and fewer changes on the network for cryptocurrency miners and users.
In August 2017, the BIP 148 got activated as a result of the new cryptocurrency generated from bitcoin. The project Bitcoin Gold is introduced by developer and miner Jack Liao, the head of mining firm LightningASIC, based in Hong Kong.
With the activation of the hard fork, a new blockchain will be created with new cryptocurrency called Bitcoin Gold (BTG/Bgold) and it will be forked from bitcoin like bitcoin cash. This fork is going to be very different from all other forks occurred in the past and a way that bought permanent changes to the mining and network.
The main aim to introduce Bitcoin Gold by Jack Liao is to maintain the equality and remove the gap between ASIC and GPU miners. It is a process to bring back the decentralized form in cryptocurrency like it was designed by the programmer Satoshi Nakamoto at the time when bitcoin was created. (the cryptocurrency cannot be controlled by anyone i.e. neither authority nor person) By removing the monopoly of ASIC users (miners) and the company's manufacturing these expensive machines. This hard fork brings the dynamic change to the cryptocurrencies market.
This revolution will be opening an opportunity for several home miners who cannot afford the expensive machines like ASIC to mine cryptocurrencies. Now they can use affordable GPU and CPU, by replacing BTC proof-of-work algorithm from SHA256 to Equihash. The same algorithm is used by many cryptocurrencies like Zcash, Ethereum etc.
Bitcoin Gold is a new born cryptocurrency created by the fork of bitcoin blockchain the original one. Bitcoin gold (BTG) will be usingPoW algorithm Equihash. The mining hardware that will be used to mine bitcoin gold is GPU with the block interval time of 10 minutes. The block size of bitcoin gold remains same of bitcoin 1MB (2-4M).
Nothing can be commented in a specific way until the Bitcoin Gold is thoroughly examined. the hard fork activation appeared with permanent changes to the network and chain and we need to see for any of the situation appears in the process.
The customers are requested to maintain the harmony and patience until the dust gets settled of the hard fork. Your bitcoins are secure with exchanges and protected from all illicit actions. Exchanges are monitoring Bitcoin Gold. If they find dealing with Bitcoin Gold and its network is profitable and safe for the users, thenthey'll surelydecide and announce the decision accordingly in favor or not of Bitcoin Gold (BTG) to its users soon.
