Bitcoin Gold is a project launched in 2017 created by separating from the Bitcoin block chain. It consists of a free code cryptocurrency developed by volunteer enthusiasts, which is known as a crossroads of the Bitcoin block chain. as a purpose to restore the mining functionality with the common graphics processing units (GPU), instead of continuing to use mining with specialized ASIC (custom chipsets), which is used to exploit Bitcoin.
Mining is a key feature of Bitcoin and other cryptocurrencies from the beginning, the technology used to extract coins has been advancing by leaps and bounds, but the hardware has become expensive and prohibitive for most fans, so Bitcoin Gold (BTG) aims to fix this monopolization of mining by professional companies by changing the algorithm used to solve blocks.
Although in essence Bitcoin Gold is very similar to Bitcoin, since both have the same 10 minutes transaction processing time and both have a maximum supply of 21 million BTG coins in circulation, Bitcoin uses the SHA-256 algorithm to extract new ones. blocks and transactions, while Bitcoin Gold uses Equihash, both are work test algorithms, which means that they require the miner to solve a difficult cryptographic puzzle to extract a block. However, while Bitcoin miners enjoy a clear advantage when using expensive and specific mining equipment called ASICs, there is no such advantage with Bitcoin Gold.
One of the first updates to the Bitcoin Gold project was the repetition protection. A repetition is possible because both the original block chain and the newly branched block chain contain the same transaction history, as a result, malicious users could replicate a transaction from one chain of blocks to the other, effectively receiving double the cryptocurrency. Bitcoin Gold implements the repetition protection that makes the transactions of one chain of blocks invalid in the other.
This project has suffered not one, but two separate attacks of 51%, this type of attacks makes it possible to manipulate the blockchain ledger in which transactions are recorded, more than 388,000 BTG (with an approximate value of $ 18 million dollars ) were stolen from several cryptocurrency exchanges, so the network had to go through a successful update, and it seems to recover pretty well from these setbacks.
Bitcoin Gold is still young, but future plans indicate that the developers aim to keep pushing to make Bitcoin Gold an independent cryptocurrency. They say it will develop new features about the Bitcoin blockchain, but the exact details remain to be seen.
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