Bitcoin Gold (BTG)
Posted on April 2, 2018
The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole.
By changing Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Gold blockchain. Thus, Bitcoin Gold will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations.
A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision.
– BTG allows everyone to mine it since you can use your GPU
– It is more decentralized than Bitcoin
– Bitcoin Gold has a unique address format, so you can’t accidently send BTG to a BTC wallet
Bitcoin Gold Weaknesses
– BTG’s only use is to be a currency, but it’s not available on some of the most popular wallets like Coinbase.
– The Bitcoin Gold network will have scalability issues once it becomes more popular since it has the same block size limit than Bitcoin and similar limitations that have created great backlogs on the BTC network
The Bitcoin Gold is up and there are currently 252 active nodes.
In the future, the Bitcoin Gold team plans to implement: Core protocol, Lightning network, Bech32 addresses, Sidechains, Cross-chain atomic swaps and a Decentralized exchange. No dates have been announced.
Bitcoin Gold’s governance is the same as Bitcoin’s and all its forks. When the BCG development team wants to change something in the protocol, the miners can decide whether to run it or not. If enough accept it, it will become the norm. If not enough accept it, the development team can abandon their change or create a new fork.
Bitcoin, Bitcoin Cash and Zcash.
Bitcoin Gold is in partnership with a variety of exchanges, wallets, mining pools and explorers.
BCG is traded mostly on Bithumb, Bittrex, Binance, Bitfinex and Huobi.
Bitcoin Gold is a blockchain layer.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations