Evening fellow Hivers! Guess all are watching the live stream of SPK Network on how to claim Larynx now, lol!
However, today I wanted to give you an introduction into a couple of cryptocurrencies that I paid a lot of attention to back in 2018 (for the most) but have lately been put on shelf due to the increase interest of the metaverse in general. What could not then be better to get a refreshed review of these two cryptocurrencies? You know, you got a lot of knowledge about something but then you put that knowledge away for a couple of years and you have almost forgot its potential, it’s like it was work put down for nothing. Then I recommend all of you to get back into the things you learned a long time ago because the work on refreshing your knowledge is so small compared to if the knowledge was brand new. I give you a review of DASH and Bitcoin Gold (BTG).
Dash
Dash is also a cryptocurrency and was original given out as XCoin back in January 2014. However, in February same year the name of the coin was changed to Darkcoin (spooky). In March 2015 it changed named again, and this was finally the final name, it was called Dash. The name was created this way because they wanted to combine Digital and Cash – and the developers focus was on total user privacy and anonymity (like many other cryptocurrencies). Dash also focuses on a useful method of payment for daily transactions, although it does still offer strong encryption and privacy features.
In one of the first days of launch 1.9 million coins where minted, which is about 10% of the total amount of the money supply that will ever be issued. The creator of Dash, Evan Duffield, attributed this to an error that was created when the Litecoin code was exposed to a fork to create Dash. The problem was solved, and Evan offered to delete those that were incorrectly generated, but the majority (consensus) chose to continue with the coins that were issued. Dash's core team (which is responsible for the development of the technology) has since 2014 grown to 60 full-time employees and dozens of volunteers. All employees in the core team are paid in Dash which is extracted from mining and is therefore not dependent on donations or sponsorships that can lead to conflicts of interest. According to CoinMarketCap, the daily trading volume hoovers around $ 300,000,000 which is quite a lot of activity compared to many other cryptocurrencies.
However, Dash is not quite like Bitcoin because it uses its own unique consensus mechanism of proof of work. It is not even like Cardano´s proof of stake (even though Dash focus on staking). So instead of requiring some transaction confirmation from many network nodes, they have these “Masternodes” that can instantly verify a transaction. Sounds to me that this work more efficiently. However, one should keep in mind that Dash is designed to be able to self-governing and self-funding, and this will then again help Dash to position as a sustainable and useful cryptocurrency for sending and receiving payments. Official site of Dash if you want to deep dive: Dash
Bitcoin Gold (BTG)
Jack Liao, the CEO of LightingAsic and BitExchange, worked on a hard fork of Bitcoin back in 2017. It should appear to be a new coin, based on Bitcoin technology and on SHA256-algorithm – basically the same as Bitcoin, and named Bitcoin Gold. The effect of this change should make it possible for individuals and companies to participate in mining of this new fork of Bitcoin, without the need for large data centers. After the Bitcoin Gold project was announced, it has grown rapidly, attracting new developers, miners, and supporters from around the world.
Prior to Bitcoin block 478558, bitcoin nodes and Bitcoin Cash (another fork of Bitcoin) nodes continued to enforce the same consensus rules to mine that the block is valid. But from this block onwards, Bitcoin Cash's new consensus rules came into force, which led to Bitcoin nodes and Bitcoin Cash nodes rejecting blocks that were mined by bitcoin software. Thus, the original Bitcoin blockchain continued to add a new block every 10 minutes on average, Bitcoin Cash started on a new chain of blocks, like a fork of Bitcoin.
Bitcoin Gold does pretty much the same thing as Bitcoin Cash again, changes different consensus rules, same as Bitcoin Cash did, and with that we've got another new cryptocurrency, lol. This happened on block 491407 for those who are particularly interested. Everyone who had Bitcoin got the same amount of Bitcoin Gold automatically (a snapshot was made of 1:1). Satoshi thought that "everyone" should mine new blocks with a Personal Computer (it did work), it does not work anymore - large data halls are required. Bitcoin Gold is "back to basics". However, keep in mind that the main focus of Bitcoin Gold was to reduce the influence of miners who use specialized equipment known as ASICs. The team behind Bitcoin Gold stated their goal: “make Bitcoin decentralized again”. Deep dive into Bitcoin Gold here: Bitcoin Gold
That is what you get of reviews today, these cryptocurrencies make their point and I believe that this post describes their main function and why they are created. Stay tuned for my future posts about cryptocurrencies, there are more to come – next one out will be Monero (XMR) and Nem (XEM).
Please feel free to add any useful information on the above cryptocurrencies in the comment section below. Thank you for your time and efforts on the Blockchain!
Cheers
-Olebulls