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Bitcoin Gold is a distributed digital currency. It is a hard fork of Bitcoin, the open source cryptocurrency. The stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units (GPU), in place of mining with specialized ASIC (customized chipsets), used to mine Bitcoin.[1]

Bitcoin Gold
Logo-Bitcoin-Gold-RGB-300x100.png
Ticker symbolBTG
Development
Initial release0.15.0.1 / 12 November 2017 (17 months ago) (2017-11-12)
Latest release0.15.0.2 / 6 January 2018 (15 months ago) (2018-01-06)
Code repositorygithub.com/BTCGPU/BTCGPU
Development statusActive
Forked fromBitcoin
Written inC++, Qt
Operating systemWindows, OS X, Linux
Developer(s)Bitcoin Gold Organization
Source modelOpen source
LicenseMIT License
Websitebitcoingold.org
Ledger
Ledger start3 January 2009 (10 years ago) (2009-01-03)
Timestamping schemeProof-of-work
Hash functionEquihash
Block reward12.5 BTG (approximately to mid 2020), halved approximately every four years
Block time10 minutes
Block explorerBitcoinGold Explorer BTG EXPLORER BTGexp.com
Supply limit21,000,000 BTG

ASIC resistant GPU powered mining provides a solution, as this kind of hardware is ubiquitous, and anyone can start mining with a standard, off-the-shelf laptop computer.

Bitcoin Gold was hit by double-spending attack on May 18, 2018.[2]

HistoryEdit

Bitcoin Gold hard forked from the Bitcoin blockchain on October 24, 2017, at block height 491407.[3] Soon after the launch, the website came under a distributed denial of service attack, and received criticism from Coinbase and Bittrex for being hastily put together, as well as including a developer pre-mine.[4][5]

May 2018 attackEdit

In May 2018, Bitcoin Gold was hit by a 51% hashing attack by an unknown actor. This type of attack makes it possible to manipulate the blockchain ledger on which transactions are recorded, and to spend the same digital coins more than once.[6] During the attack, 388,000 BTG (worth approximately $18 million USD) was stolen from several cryptocurrency exchanges.[7] Bitcoin Gold was later delisted from Bittrex, after the team refused to help pay some of the damages.[8]

ReferencesEdit

  1. ^ Osborne, Charlie. "New, imminent Bitcoin Gold fork met with skepticism". ZDNet. Retrieved 2019-01-16.
  2. ^ "According to a post on the Bitcoin Gold forums, the attacks have started taking place since last Friday, May 18.", https://www.bleepingcomputer.com/news/security/hacker-makes-over-18-million-in-double-spend-attack-on-bitcoin-gold-network/
  3. ^ Osborne, Charlie. "New, imminent Bitcoin Gold fork met with skepticism". ZDNet. Retrieved 2019-01-16.
  4. ^ Schroeder, Stan. "Bitcoin splits into two again, but owners don't get free money just yet". Mashable. Retrieved 2019-01-16.
  5. ^ "Meet Bitcoin Gold, Yet Another New Kind of Bitcoin". Fortune. Retrieved 2019-01-16.
  6. ^ "Bitcoin Spinoff Hacked in Rare '51% Attack'". Fortune. Retrieved 2019-01-16.
  7. ^ Cimpanu, Catalin. "Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages". ZDNet. Retrieved 2019-01-16.
  8. ^ Cimpanu, Catalin. "Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages". ZDNet. Retrieved 2019-01-16.