Bitcoin has seemingly shifted what identified it away from the ideas of Miners and programmers surrounding it. The product doesn’t match the idea in their opinion. Sadly for Bitcoin and its investors, a group has formulated a new idea for the currency. One that stays true to some of the original dreams; Bitcoin gold.
The newest Bitcoin hard fork is looming on the horizon. Bitcoin Gold has been set to release on October 25th with exchanges projected for the public on November 1st. The split does not seem to be massive, in fact it should be smaller than Bitcoin Cash. The man leading the charge for the 3rd cryptocurrency bearing the name Bitcoin is Jack Liao; CEO of the Hong Kong mining firm Lightning ASIC. But what reason do they have for this fork?
A fork of Gold
Bitcoin Gold seeks to decentralize the currency once again. Liao claims that one mining group has held too much influence in the community; Bitmain. Liao claims that they have been towards the center of all bitcoin drama in the past few months, and he seeks to change that. Yet at the same time, Bitcoin Gold does more than just seek to decentralize the power. One developer under the name of “H4x” explained that Bitcoin Gold pushes the boundaries of biology. Do the laws of nature; parent and offspring, extend into the world of blockchain technology?
A new Bit
With this new currency come a variety of changes. The mining will be different for Bitcoin Gold, the algorithm is being changed from the current SHA256 to Equihash. Equihash is a memory-hard algorithm that is optimized for GPU mining while being ASIC-resistant. This makes the mining process slower which; in the hopes of Bitcoin Gold developers, promotes decentralization.
Some things are still not certain for the currency. Block sizes are still up for debate. At one point there was an ICO setup for the program in which 1% of the offerings would go to the developer team. That was however removed from the page.
A new fork is coming out of China. How the regulations will affect it, we will just need to wait and see? But how much will this fork hold back the current Bitcoin market? If rumors are true, it should hurt far less than Bitcoin Cash.