Bitcoin Gold - New Currency May Come on October 25
After Bitcoin Cash (BCH), which originated from the Bitcoin network (BTC) on August 1st, another currency could emerge on October 25th.
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Called Bitcoin Gold (BTG), this new criptomoeda will be distributed to all Bitcoin holders and should start trading in exchanges around the world starting November 1st.
In order to receive your BTGs immediately you will need to be in possession of your Bitcoins' private key.
BTG has nothing to do with another probable coin that will also come up in November, on 23rd, Bitcoin 2X, which will be the result of the hard fork occasioned by the SegWit2X developers, as we explain in detail in this article.
Bitcoin Gold intends to completely change the mining algorithm that currently exists in Bitcoin. The idea is to leave the SHA256 algorithm, which requires ASIC supercomputers to be processed, for Equihash, which will require GPU computers.
With this, BTG proponents believe that it will be possible to keep the mining process more decentralized. That is, the verification and validation of the transactions in the network can be done by less sophisticated processors and, consequently, by more technology users.
The original Bitcoin mining is currently dominated by large mining companies because of the scale required to perform this type of activity and is about 80% concentrated in the hands of Chinese entrepreneurs.
Bitcoin Gold's Twitter account has more than 2,600 followers, while the Slack communication channel has more than 400 members. Despite this, analysts question the ability of the team or the individual behind the initiative.
Until now, Bitcoin Gold has not provided a test network for miners interested in the network to conduct the necessary mining tests.
In addition, unlike the Bitcoin Cash network, BTG still uses in its code the same BTC mining difficulty adjustment scheme and shows no signs that it will include an Emergency Difficulty Adjustment (EDA) which will serve to readjust the difficulty of mining the blocks in the BTG network.
The new network also does not yet have protection against repeat attack. These and other questions raise doubts in the community of the seriousness and scope that this hard fork will achieve.
The news.bitcoin.com site was able to interview an anonymous Bitcoin Gold developer using the nickname "H4x3".
According to the BTG spokesman, the idea behind this hard fork is to implement the vision of Satoshi Nakamoto, the legendary and mysterious creator of Bitcoin, which is "one CPU, one vote." He criticized the monopoly of Chinese company Bitmain, a manufacturer and distributor of mining equipment that is currently used to mine BItcoin. "This is very hostile to Bitcoin and is unacceptable to anyone who understands the importance of decentralization in Bitcoin," he said in an excerpt from the interview.
The developer said Bitcoin Gold could be viewed as a backup plan if the original Bitcoin mining network was destroyed for some reason. "This same rationale has been used as one of Litecoin's value propositions, however, Bitcoin Gold is better than Litecoin because it has the same BItcoin distribution and procurement rule. The custody of Litecoin is much more closely distributed, which makes it unsuitable for universal use as a reserve of value and reserve currency, "opined" H4x3. "
He also pointed out that the project is still under development and that the team is open to receiving comments and suggestions. "We are committed to being as transparent as possible as long as we respect the reasonable privacy expectations of the people involved in this open source project," he said.
According to a report published by CoinDesk, a specialist news agency in the cryptocoins sector, the person behind the project is Jack Liao, CEO of Hong Kong-based LightningASIC mining company.
Source: https://www.criptomoedasfacil.com/bitcoin-gold-nova-moeda-pode-surgir-em-25-de-outubro/
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