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Tuesday, October 24, 2017

Bitcoin Gold: What to Know About the Blockchain's Next Split

https://www.coindesk.com/bitcoin-gold-know-blockchains-next-split/

As of block 491,407 on the bitcoin blockchain, another alternative version of the protocol will be launched, resulting in a variant that's being branded bitcoin gold (BTG).
The project, which seeks to improve bitcoin's technology by changing how its competition for rewards is conducted, is the second to launch since August via an increasingly common process called a "hard fork."
Readers may remember the term from the launch of bitcoin cash, the alternative version of the bitcoin protocol that spurred global headlines for unexpectedly creating billions of dollars in value, seemingly out of thin air.
Looking ahead, many industry observers are expecting the same results this time around, though there may be reasons for enthusiasm to be tempered.

What is bitcoin gold?

In short, bitcoin gold aims to achieve two goals:
  • First, bitcoin gold wants to change how mining works by making it so the most powerful mining machines (called ASICs) can no longer be used.
  • Second, by attracting more people to this system over time, it hopes to free the bitcoin network from the large companies that offer these products, and it argues, command undue influence on the network.

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