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Bitcoin Gold is a cryptocurrency. It is a hard fork of Bitcoin, the open source cryptocurrency. It is a open source, decentralized digital currency without a central bank or intermediary that can be sent from user to user on the peer-to-peer Bitcoin Gold network.

Bitcoin Gold
Logo-Bitcoin-Gold-RGB-300x100.png
Ticker symbolBTG
Development
Initial release0.15.0.1 / 12 November 2017 (20 months ago) (2017-11-12)
Latest release0.15.0.2 / 6 January 2018 (18 months ago) (2018-01-06)
Code repositorygithub.com/BTCGPU/BTCGPU
Development statusActive
Project fork ofBitcoin
Written inC++, Qt
Operating systemWindows, OS X, Linux
Developer(s)Hang Yin[citation needed]
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
Supply limit21,000,000 BTG

The stated purpose of the hard fork is to change the proof of work algorithm so that application specific integrated circuits (ASIC) can not be used to mine the Bitcoin Gold blockchain.[1][2][3]

HistoryEdit

Bitcoin Gold hard forked from the Bitcoin blockchain on October 24, 2017, at block height 491407.[4] 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.[5][6]

Bitcoin Gold (BTG) Hard Fork Implements New Mining Algorithm in July 2018. The actual algorithm that was developed by Zcash was based on parameter set <200,9>. Bitcoin Gold has modified this algorithm and is now adopting parameter set <144,5>. This new algorithm is called Equihash-BTG. The new algorithm requires more memory than the one that was originally developed by Zcash.[7]

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.[8] During the attack, 388,000 BTG (worth approximately $18 million USD) was stolen from several cryptocurrency exchanges. Bitcoin Gold was later delisted from Bittrex, after the team refused to help pay some of the damages.[9]

ReferencesEdit

  1. ^ Reiff, Nathan. "What is Bitcoin Gold, Exactly?". Investopedia. Retrieved 2019-07-05.
  2. ^ "An introduction to Bitcoin Gold". finance.yahoo.com. Retrieved 2019-07-05.
  3. ^ "Bitcoin Gold FAQ". Bitcoin Gold. Retrieved 2019-07-05.
  4. ^ Osborne, Charlie. "New, imminent Bitcoin Gold fork met with skepticism". ZDNet. Retrieved 2019-01-16.
  5. ^ Schroeder, Stan. "Bitcoin splits into two again, but owners don't get free money just yet". Mashable. Retrieved 2019-01-16.
  6. ^ "Meet Bitcoin Gold, Yet Another New Kind of Bitcoin". Fortune. Retrieved 2019-01-16.
  7. ^ Iskra, Edward. "Equihash-BTG: Our New PoW Algorithm". Bitcoin Gold. Retrieved 21 June 2019.
  8. ^ "Bitcoin Spinoff Hacked in Rare '51% Attack'". Fortune. Retrieved 2019-01-16.
  9. ^ Cimpanu, Catalin. "Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages". ZDNet. Retrieved 2019-01-16.