The developer of the virtual currency Gold Bitcoin is working to solve the problems of the mining algorithm by modifying the proof-of-work.
What is Bitcoin Gold?
While like to change the algorithm proof-of-work should have a hard fork and BTG coin decided to go towards this change. Proof of work that Bitcoin Gold chose is Equihash-a hard memory algorithms have similar resistance to ASIC Zcash's, with the idea of mining operators to use the CPU and the GPU can also be exploited.
This past week, community Bitcoin on the social media and cryptocurrency Forum has discussed a lot about Bitcoin Gold (BTG). Currently, many companies offer services based on the Bitcoin gave their views for with hard fork and related token. Moreover, News.Bitcoin.com recently reported that the trading floor of the Bitcoin Japan had their backup plan.
On 21 October, brokerage services and Coinbase of currency transactions has revealed plans for Bitcoin Gold. Coinbase said that this Protocol is not compatible with the current version of the bitcoin and the company will not support this fork.
According to the information page on the official website of the Bitcoin Gold plan hard fork will be made on 25/10/2017. However, no copper coins would be BTG on this, which is just blockchain bitcoin freezes to the chain of BTG and the block BTG was built.
Currently, the developers are planning to debut in early November BTG Token. Bitcoin Gold coin is expected to be sold at the price of 10BTG = 1BTC and maybe they will conduct the ICO for Bitcoin Gold. Although a specific date has yet to be officially like Bitcoin Cash before those who are holding Bitcoin on the time hard fork will receive the amount of Gold in the respective Bitcoin wallet.
Can Bitcoin Gold fork affect price Bitcoin?
At the present time, the virtual coins Bitcoin has six versions: Bitcoin Core, Bitcoin Classic, Bitcoin Unlimited, Bitcoin XT, Bitcoin Cash, and Gold, but the value of Bitcoin Bitcoin don't slump in any stage. At the time I'm writing this article reviews bitcoin officially surpass 5,700 USD, the price record high in history, despite the rules of China when suspending trading bitcoin and operate ICO.
Both Coinbase and GDAX are planning to track Gold to ensure the Bitcoin network is safe and feasible. The company said after a day they will decide to have a support token is separated from the fork or not. "If Coinbase supports Bitcoin Gold on a future date, the client will be allowed to withdraw the coins on both Coinbase/GDAX BTG in the balance at the time of Bitcoin Gold fork."
Right after that, the Government of South Korea has also launched the ban with ICO in the country but also can not impede the recovery of the prices of the Bitcoin at that time, due to the support of Japan, when the country licensed for 11 trading floor Bitcoin and officially became the largest bitcoin trading market in the world. According to the experts, the Council of the Bitcoin Gold will have very little impact on the value of Bitcoin.
Two hardware brands discuss upcoming Fork
Coinbase announced the same day, two famous hard micro maker is the Ledger and Satoshi Labs (service provider for hardware Trezor) has also updated the situation about Bitcoin Gold. Satoshi Labs explained to people who follow them on twitter that they will soon give notice if this project really safe. Satoshi Labs explains: "once we realize we secure projects will inform of you know". Moreover, Trezor also stressed that the developers have yet to secure more Gold Bitcoin replays, this is a big problem for many service providers. About the support section bitcoin gold, Satoshi Labs said that "depends on the time frame – If done security work gold bitcoin replay two-dimensional strongly before the fork, we would be willing to support the timely".
The plan of Coinomi wallet and Bittrex trading with BTG
In addition, a supplier for the other is Coinomi have their user guide how to deal with the events of the upcoming separation. Coinomi explains that they will support the token Bitcoin Gold. After the fork works directly on the network on 1 November, the token extracted from the fork will be added for the user's Coinomi. The company put out a step-by-step process on how users can own the bitcoin gold, along with will 24/7 customer support.
Furthermore, currency trading floor of Bittrex announced that they will support users get free Gold if they keep Bitcoin bitcoin in for Bittrex before the block happened a 491,407 about 24/10 light at 3 h day (10 hours UTC). However, Bittrex not sure will be listed on the coin of their platform BTG. Because the Bittrex concerned lack consensus code Gold Bitcoin complete privacy, replay, who developed the code publicly, not yet checked and audited. Bittrex also tells users about pre-mine Bitcoin Gold and the developers can rush BTG coin if they open a Bitcoin Gold trading market.
After the fork, a few days and the network will operate in a Gold Bitcoin upcoming weeks, still more difficult for users to be able to believe in the separation of this special. The issues causing the most controversy about avoiding this fork is the lack of privacy, replay a pre-mine of the Bitcoin developer Gold and lack the support infrastructure. If, however, fix the problem, so can many businesses will give their response plan with this fork in the next two weeks. Meanwhile, the entire cryptocurrency community will wait to see if this project really useful or not.