What is Bitcoin Gold?
Only a few months after the Bitcoin Cash hard fork, the Bitcoin blockchain is experiencing another community-driven hard fork known as Bitcoin Gold (BTG). Buy Bitcoin Gold (BCG) India with BuyBitcoin.
Bitcoin Gold hopes to change the paradigm around mining on the Bitcoin blockchain. According to the founders, the Bitcoin blockchain has become too centralized. Large companies with huge banks of mining computers now mine the vast majority of Bitcoin. For the founders of Bitcoin Gold, having large companies control the Bitcoin network defeats the purpose of a decentralized ledger and peer-to-peer currencies.
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Difference Between BTG and BTC
BTG is basically a version of BTC with little variations. It is a hard fork of BTC, seeking to bring back decentralization in the crypto world. Here are some of those variations.
- While BTC uses PoW algorithm, BTG uses Equihash
- BTC miners use ASICs while mining BTG only requires Graphical Processing Unit (GPU)-based hardware.
- BTG is more decentralized than BTC
- BTG level of difficulty adjusts after every block found while that of BTG adjusts after a set time.
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Bitcoin Gold Mining
Satoshi’s original idea was to create a decentralized digital currency that could be used for peer-to-peer transactions. Anyone with a computer would be able to mine BTC and use them to pay for good and services online. This has since changed as some individuals began developing supercomputers to mine BTC rendering individual computers useless. The concentration of ASIC miners in a few regions where electricity cost is low has given a few people undue advantage diluting the decentralization idea.
BTG hope is to bring back this decentralization. BTG developers have adopted a different scheme of work from the PoW framework. They have opted to use a new algorithm called Equihash that does not require the expensive miners. Instead of miners solving mathematical problems that are confirmed through a PoW scheme, the BTG network instead uses Equihash.
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Miners begin working on the next block once the previous one is verified and added on to the blockchain. There is no set time as is in BTC. Reward per block is 12.5 BTG, just like BTC.
Buy Bitcoin Gold (BCG) India
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