Introducing Bitcoin Gold.
Why Are Hard Forks Necessary?
With the advent of cryptocurrency, it has become inevitable for cryptocurrency forks to come up with various types of taking place regularly. Having experienced several different iterations and branches, the largest and most discussed Bitcoin forks took place in 2017. Named Bitcoin gold, the hard fork took place in October 2017. There are many reasons behind hard forks, which include scaling as the cryptocurrency customer base grows or in case of developer conflict with differences of goals whereas the stated purpose for Bitcoin gold is to make the Bitcoin decentralized again.
It may seem counterintuitive as the idea of making Bitcoin decentralized again is superficial while similar to other coins it is designed to be decentralized already is not linked with any central bank country or government body.
The peculiar reason behind the development of Bitcoin gold was not related to the question of central issuance at all but was regarding the mining process. By adopting a new algorithm for the mining process which is a so-called proof-of-work algorithm called Equihash, the Bitcoin gold developers brought the new branch of the world’s most popular cryptocurrency by market cap that would not disproportionally favor mining operations.
Democratizing the Mining Process
Being a resource-intensive process, Bitcoin mining is a lucrative and most profitable mining venture which is often pooled together as a large number of mining rigs, requiring expensive special equipment.
Those who are interested in mining for Bitcoin have to invest a huge amount of time and money to create their rigs or get passed by in the process with computers unable to compete with professional rig systems.
The Bitcoin gold was equipped by changing the algorithm by which the cryptocurrency itself is mined which intended that the process cannot be run faster on specialized equipment than it can on standard computer systems.
Distribution, Protection, Transparency
Focused on issues related to distribution protection and transparency, besides the goal of re- decentralization of Bitcoin, the developers of Bitcoin gold states that hard forking is fairly and efficiently distributing new digital asset immediately to people all over the world interested in crypto coins.
As threats from hackers and other malicious entities are constantly a concern, in the world of virtual currencies the Bitcoin gold took additional safety with protective measures from the time of its launch with an effort to help the customer’s accounts and coins are safe and secure. Replay protection and unique wallet addresses are included in this.
Bitcoin Gold On Exchanges
The availability of coins on cryptocurrency exchanges is one of the major factors helping to determine both short term and long term success for all currencies. To make transactions, the users must be able to access the cryptocurrency on exchanges.
Trading live on Bithumb, Bitfinex, Binance, Bittrex, HitBTC, Uphold, YoBit, Gate.io, Changelly, Shapeshift, BitBay, Abucoins, Change Now, Evercoin, Tdax, Bitsane, Bitstarex, QuadrigaCX, Cex.io, Okex, Anybits, BestRate, Bitmarket, Indacoin, CoinSwitch, and Unocoin the cryptocurrency was noted by the Bitcoin gold website.
Shortly, other additional exchanges are offering Bitcoin gold. available through several wallet services are those that are of the likelihood of Trezor Wallet, Ledger Wallet, Exodus, Coinomi, Bitpie, Guarda, Freewallet, BTGWallet, and Kasse. The currency has been listed on 46markets and 26 exchanges according to the website.
The Future of Bitcoin Gold
Soon, the cryptocurrency maintains ambitious plans for expansion according to the Bitcoin gold website, as the goals include open-source libraries integration with BitcoinJS, BitcoinJ, and CoPay along with academic and university collaboration and design and rebranding that includes a refreshed website
Further on the digital currency aims to integrate a lightning network with decentralized mining through P2Pool with a plan to integrate a debit card program as also other payment systems integration.
Moving on it aims at developing side chains and cross-chain atomic swaps and several meetups and developer conferences, university outreach and more. It also sights on private transactions and scholarship or research support.
Bitcoin gold is all set to conduct research on smart contracts and blockchain democracy over the long term and develop a decentralized fiat-crypto brokerage network.
Wrapping Up The Discussion
The connections between this cryptocurrency, its parent Bitcoin and a broader digital currency world are evident to Bitcoin gold developers. Subsequently, it indicates that the core improvements being worked on are of great interest in the broader Bitcoin and crypto worlds not merely for Bitcoin gold. Scalable ways to address hard forks, smart voting mechanisms as well as decentralized decision making for the development of digital currency are some of the unilaterally applicable improvements.