Bitcoin Gold: 101 About The Second Bitcoin Hard Fork

Ayan Sarkar

Digitalization has touched the monetary world with the invention of digital currency. Digital currency or digital cash or virtual currency or cryptocurrency surely has a new name- Bitcoin Gold.

A Little Brief About Bitcoin Itself

Bitcon is worldwide cryptocurrency and digital payment system which is called decentralized digital currency. This usually works without a single administrator. The inventor is known to be an unknown person or group of people working under the name Satoshi Nakamoto and released the open-source software in 2009.

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There are certain qualities which distinguish Bitcoin from other currencies. They are surely hard to earn, limited in supply and very easy to verify. It is now one of the best medium of exchange as per statistics of February 2015 as the number of merchants accepting Bitcoin had passed 100,000.

Countdown Begins To Bitcoin Gold

Well just within a matter of few days, an alternative version of Bitcoin is coming into existence with the help of the common ‘hard fork’ process by the name Bitcoin Gold. The aim of Bitcoin Gold or BTG aims to democratize various blockchain’s lucrative mining infrastructure accordingly taking its hands out of big companies.

Anyone who owns Bitcoin will now be able to receive a new cryptocurrency. As of block 491,407 right on the Bitcoin blockchain, there is another alternative version of protocol which is being branded as Bitcoin gold (BTG). This project plans to improve Bitcoin’s technology by changing how the competition for rewards is conducted.

What exactly is Bitcoin Gold?

Launching as hard fork of Bitcoin, Bitcoin Gold is known to be the brainchild of Jack Liao. The goal of BTG is to be a better gold than Bitcoin itself. The chief way to do this is trying to solve various miner centralization right through proof-of-work change.

The mission of Bitcoin Gold is to achieve two goals

  • BTG aims to change the whole process of how mining works so most powerful mining machines can no longer be used.
  • Over time, it wants to attract more and more people to this system hoping to free the Bitcoin network from various large companies which will offer these products commanding undue influence right on the network.

Claiming to be very different from Bitcoin, Bitcoin gold is making an effort to make it decentralized again. The network so designed is offering a way for sending payments digitally around the globe which is more accessible to users.

Characteristics of Bitcoin Gold

  • Bitcoin gold cryptocurrency which is planned to be created in advance before the code is open-sourced right to the public.
  • Nearly 1 percent of the total cryptocurrency tokens are mined before the whole process goes public which will be accordingly used to pay the development team of Bitcoin gold.
  • After the distribution is over, the team claims that it will launch the digital currency so that the users can redeem the coins.

The Famous Split In BitCoin Version

As we have read above that Bitcoin Gold is the new predominant currency in the market, it is certainly very different from Bitcoin Cash. Bitcoin cash is focused on increasing the transaction but as said earlier, Bitcoin Gold will aim to tackle various problems of decentralization. There is a particular algorithm which governs Bitcoin cash and Bitcoin which had been monopolized by specialized hardware.

Conclusion

As per the information, it would not be until November 1 or a little more later that the code will be released right to the public and the first block will accordingly be mined on as per the reports of Bitcoin Gold developers. Let see whether BitCoin Gold have a tougher time clinging to life or not.

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Ayan Sarkar is the CTO of Webskitters, a renowned web development company known for serving its clientele with excellence. Being passionate about the web and mobile app development industry, he believes in inventing ground-breaking solutions for serving his clients. Sharing his views and innovative thoughts with others, he recurrently maintains his blog and believes in disseminating his technological experience and insights with others.
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