It changed the proof-of-work algorithm from the SHA-256 algorithm to Equihash. The difference between the two algorithms is that Equihash is more ASIC-resistant than SHA-256, meaning that mining Bitcoin Gold profitably does not require the purchase of specialized equipment. This enables a new class of individuals and businesses to participate in Bitcoin Gold mining. The SHA-256 algorithm is a common GPU, and is accessible for a wider population than ASICs, which tend to be far more expensive and only attainable by major miners.
Bitcoin Gold is a project headed by Jack Liao, CEO of LightingAsic and BitExchange. It was announced in July 2017. The fork was implemented in October 2017. It aims to compete with Ethereum, Bitcoin Cash and GPU coins.
Bitcoin Gold offers the BTG Core Wallet which is a validating node which acts as a node on the BTG network. BTG also offers a wallet through ElectrumG which is a wallet that provides a Simplified Payment Verification process allowing users to store headers rather than an entire blockchain.
Bitcoin Gold White paper
So what is a Bitcoin Gold Fork?
Documentaries, videos and podcasts
- Cluster: Blockchain and cryptocurrencyA cluster of topics related to blockchain and cryptocurrency.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- Bitcoin CashBitcoin Cash is a peer-to-peer electronic cash hardforked from the Bitcoin blockchain.
- EquihashEquihash is a Proof-of-Work algorithm used by Zcash, Komodo, ZenCash, and numerous other cryptocurrencies.
- Cryptocurrency miningCryptocurrency mining is the process by which transactions are validated and new coins are minted in a decentralized cryptocurrency network.