Bitcoin Gold (in short BTG) is now the new hard fork in the Bitcoin’s cryptocurrency line which is expected on 25th October. This project was made public earlier this July by Jack Liao. BTG will allow miners to mine for tokens in new ways. The bitcoin.com says that the new Bitcoin Gold will use Equihash algorithm already used by Zcash rather than using Bitcoin’s algorithm SHA256.
According to Bitcoin Gold website, the BTG uses User Activated hard fork technology (UAHF) for GPU mining. The miners will be able to select the block sizes for mining and the default will be 1 MB. Bitcoin Gold has made available the code of BTG in public for the review process. It has gained a lot of popularity in social media now. The complete launch of BTG network is slated on 1st November.
Bitcoin Gold’s pseudonymous lead developer “h4x” told that the project is still under development and more precise details like block height and others are still under discussion. Bitcoin Gold is even planning for an Initial Coin Offering (ICO) in which 1 percent of the Bitcoin Gold coins will go to the developers according to Bitcoin Talk website. But the details have been removed now.
As per the nature of split, every bitcoin user will get an equal amount of Bitcoin Gold associated with the relevant private key. According to the lead developer of Bitcoin Gold, the organisms get benefits by creating offspring and with Bitcoin Gold we are experimenting the same if it also holds true here in the blockchain world.
In short, the primary goal of BTG project is to replace the mining algorithm of Bitcoin with the new algorithm using GPU- Graphic processing unit. This will help in loosening the hold of big miners on the production of Bitcoins.
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Bitcoin Gold Price
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