Bitcoin Gold and the future of the Bitcoin
Currently various groups decided to solve different problems within Bitcoin and perform a fork. Of is born for example Bitcoin Cash way, elder sister of Bitcoin Gold which will be the next to be born.
Bitcoin Gold is a next fork of Bitcoin which occurs October 25, 2017 . As with Bitcoin Cash, when the bifurcation occurs officially, Bitcoin homeowners also possess an equal number of cryptocurrency in Gold Bitcoin .
As with Bitcoin Cash, owners of Bitcoin found in possession of Bitcoin Gold can keep them or sell them and enjoy a "free" money is why, among other things, that we have to have in mind that exchanges and platforms gave us the share in Bitcoin Cash, as they surely do the same with Bitcoin Gold.
Bitcoin Gold is a risky proposal that aims to back decentralizing Bitcoin, mining the algorithm of mining will be changed so that this can be profitable and clandestine using even video or GPU cards; it won't be unique fork that we will soon will also find SegWit2x, which seeks to increase the size of the blocks of Blockchain to 2MB.
Bitcoin Gold is a protest of the growing power and centralization of the miners. Bitcoin miners used computers ASIC specialized increasingly more powerful to undermine Bitcoin. These ASICs are extremely expensive, need lots of energy and maintenance and benefit greatly from economies of scale, resulting in a greater centralization in the Bitcoin network.
Currently, a handful of miners (or mining pools) control the majority of the mining power of Bitcoin.
This is why Bitcoin Gold will change the rules of consensus for its new network using a different algorithm for mining. This change in the algorithm will prevent the ASIC to operate, resulting in which miners use easier-to-get GPU. Expected that this change lowers the centralization of miners online Bitcoin Gold.
Like Bitcoin Cash, Bitcoin Gold will be an Altcoin. In addition virtually no mining will leave the Bitcoin network to extract Bitcoin Gold, which does not threaten the network of Bitcoin in any way. There is no possibility that Bitcoin Gold "take over" or "mate" to the mother Bitcoin.
Currently not have been conducted trials in test or testnet networks, also reportedly not implemented even protection against replay attacks and they have not changed the algorithm of Proof of Work. Anyway the main developer made clear that the date would not be delayed and everything would be implemented correctly previously tested on the testnet. We hope that their work around the clock is complete and fault-free.
While Bitcoin Cash and Bitcoin Gold are technically Bitcoin forks, do not affect the Bitcoin network in any way. Are not, nor much less, a small threat, simply used much of the Bitcoin code and distribute their coin proportionally to all holders of Bitcoin.
img credz: pixabay.com
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