Estimated reading time: 1 minute, 40 seconds
On November 12th, 2017, a hard fork occurred that split a new cryptocurrency off of the Bitcoin blockchain. The name of the resulting new is Gold!
Just like the Bitcoin Cash fork, If you held bitcoin on the date of the fork, you get that many tokens. Now the process to claim these tokens may differ depending on which exchange or wallet is holding your bitcoin.
So what exactly is Bitcoin Gold?
One of the biggest differences between Bitcoin Gold and Bitcoin is how each currency is mined. As time has progressed it has become increasingly difficult, and therefore requires more advanced, specialized hardware. The new Bitcoin Gold uses the Equihash algorithm instead of SHA-256. This means that the current ASIC chips, which rely on solving an equation as quick as possible won’t work with the new .
The criticism of Bitcoin Gold actually revolves around the new mining hardware called Graphic Processing Units (GPUs). Currently 70% of this new mining hardware is coming from the same place, leading some to believe that a large mining pool could end up hijacking the network.
Bitcoin Gold has the same supply, block size, and block time as its predecessor, as well as the implementation of SegWit. One major difference, however, is that the mining difficulty is adjusted every single block. Bitcoin’s mining difficulty is only adjusted every 2 weeks.
Bitcoin Gold is a free, open source software project that is built by volunteer developers. It is supported by a rapidly growing community of Bitcoin enthusiasts that stretches around the globe.
If you enjoyed this video, please give us a “Like.” Check out some of our other Blockchain Token episodes, and learn more about different blockchain projects! And don’t forget to subscribe to our channel so you don’t miss out on any of the buzz