What is Bitcoin Gold? The Second Hard Fork Of Bitcoin

What is Bitcoin Gold? The Second Hard Fork Of Bitcoin

There is a website with a message saying October 25 is the kickoff date for an entity called Bitcoin Gold. But would it have anything in common with Bitcoin except for the name?

Bitcoin Gold is also known as Bitcoin GPU- and it means exactly what it says, it would use graphic cards instead of ASIC to mine the new blockchain. And there is another significant difference- instead of SHA-256, the new blockchain will use the Equihash algorithm, taken from ZCash. The ICO for the new coin/blockchain was canceled, but there are expectations that the new blockchain would come with a pre-mine with low difficulty starting October 1st.

The creators of Bitcoin Gold do not describe themselves as a rebellious group of miners splitting off, in contrast to the Bitcoin Cash community. Their choice of words is that they are implementing the Bitcoin core idea on different hardware, to curb the unfair gains in the ASIC marketplace.

“We would not describe the Bitcoin Gold project as any sort of rebellion. In contrast to the hostile origins of Bitcoin Cash, Bitcoin Gold was not created with any motivation to “fire” the Core developers or split the Bitcoin community. We understand that the Bitcoin Core team is the leading source of security and innovation in the blockchain world, and we intend to support their outstanding work in a variety of ways. We do not claim that Bitcoin Gold is an “improved” protocol over Bitcoin. We would rather describe it as an implementation of the Bitcoin protocol on different mining hardware, with the same transaction history and coin distribution as Bitcoin.”

In fact, the Bitcoin Gold team believes their hard fork is friendly to Bitcoin, and it will not be stealing hashing power from the old blockchain. In truth, Bitcoin Cash is drawing in miners as sometimes the blockchain is significantly more profitable to mine.

Read more here : https://cryptovest.com/education/not-all-that-glitters-is-bitcoin-what-is-really-bitcoin-gold/

YT explaination by Scrembo Poul : https://www.youtube.com/channel/UCFRLkad3FXOJ5pyziEgDSTg/videos

Another insight of Bitcoin’s Video : https://www.youtube.com/watch?v=n9gAA_jcKFU&t=125s

Related articles and references:
Coindesk https://www.coindesk.com/first-cash-n… https://news.bitcoin.com/another-bitc… Bitcoin Gold official website: http://btcgpu.org/ https://www.coinspeaker.com/2017/09/2… https://bitcoinexchangeguide.com/bitc…

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