Bitcoin Forum
December 14, 2017, 12:53:11 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Bitcoin Gold Launches Tomorrow  (Read 238 times)
minerich
Jr. Member
*
Offline Offline

Activity: 42


View Profile
November 11, 2017, 07:00:01 PM
 #1


Bitcoin Gold Launches Tomorrow

After weeks of preparation, Bitcoin Gold (Bgold; BTG) is finally launching tomorrow,  November 12, 2017.

Bitcoin Gold is the second project to fork away from the Bitcoin blockchain to create a new coin this year; on August 1, Bitcoin Cash (Bcash) was the first. Where Bcash attempted to offer an on-chain scaling solution by increasing Bitcoin’s block size limit (while removing the Segregated Witness code), Bgold is an attempt to counter Bitcoin’s mining centralization.

The most important difference between Bitcoin and Bitcoin Gold is a new proof-of-work mining algorithm. Instead of SHA256, the new coin uses the memory-hard Equihash proof-of-work function that’s also used in the privacy-focused altcoin Zcash. This means that specialized ASIC hardware that has come to dominate Bitcoin’s mining ecosystem will not be able to mine Bgold.

Although Bgold is launching this weekend, the fork “officially” occurred on October 25. Anyone who held bitcoin (BTC) on that day (specifically, when Bitcoin block 491406 was mined) will have an equivalent amount of BTG attributed to their private keys. These private keys can be imported into a dedicated Bgold wallet, which, starting tomorrow, will allow users to spend the coins. (But note that this does not come without risks and tradeoffs: If you’re not sure what you’re doing, it’s best not to ignore BTG until you do.

Block 491407 on the Bgold blockchain will be the first block to deviate from the Bitcoin protocol. In other words, this will be the first block where Bgold splits off to become its own currency. However, somewhat controversially, the first 8000 blocks will be privately mined by the Bgold team. Only after these 8000 blocks will Bgold’s mining difficulty ramp up to normal levels, and will anyone be allowed to mine the coin. The resulting 100,000 BTG worth of block rewards will pay for project development and more.

Other changes implemented by Bitcoin Gold are mostly to ensure a smooth split away from Bitcoin. This includes a new difficulty re-adjustment algorithm named “DigiShield” that adjusts the mining difficulty each time a block is found — instead of once every two weeks. Bgold also includes strong replay protection, ensuring that no users spend BTC when they mean to spend BTG, and vice versa. Additionally, BGold implemented a new address scheme, preventing users from spending BTC to BTG addresses and vice versa.

Bitcoin Gold will be supported by a relatively large number of exchanges, including major players like Bitfinex, OKex and HitBTC. Several of these exchanges are effectively supporting BTC/BTG trading already through futures markets. Ignoring an initially inflated price, these futures have traded at around 0.02 BTC in recent weeks, with a notable surge to about 0.042 BTC over the past few days. If this holds up, 1 BTG would be worth almost $250, and Bgold would immediately become a top-5 altcoin on websites like coinmarketcap.com.
1513212791
Hero Member
*
Offline Offline

Posts: 1513212791

View Profile Personal Message (Offline)

Ignore
1513212791
Reply with quote  #2

1513212791
Report to moderator
1513212791
Hero Member
*
Offline Offline

Posts: 1513212791

View Profile Personal Message (Offline)

Ignore
1513212791
Reply with quote  #2

1513212791
Report to moderator
"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513212791
Hero Member
*
Offline Offline

Posts: 1513212791

View Profile Personal Message (Offline)

Ignore
1513212791
Reply with quote  #2

1513212791
Report to moderator
CrypticGambit
Full Member
***
Offline Offline

Activity: 168



View Profile
November 11, 2017, 07:04:13 PM
 #2

Oh, this is why it is pumping the lunch hype. But those who buy now will get dumped on so hard, they are fools if they think the price is sustainable. Thanks for the information

Jet Cash
Hero Member
*****
Offline Offline

Activity: 728



View Profile WWW
November 11, 2017, 07:13:58 PM
 #3

It looks as if I missed out, my last Bitcoin acquisition was on the 2nd of November. Oh well. it wasn't particularly large anyway.

*****  Bitcoin mailer domain name for sale *****
BitcoinMailer.com
click on the domain link to buy it for $95
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!