Bitcoin Gold

Bitcoin Gold is a hard fork of the Bitcoin Blockchain which took place on 24 October 2017. The main purpose of BTG is to restore the decentralized nature of Bitcoin as Bitcoin mining has been transferred to a very small number of entities due to the need for high-end, expensive hardware and cannot be mined with consumer-grade computer hardware.
Share:
Price
Basic
Initial release:
2017-11-12
Hash function:
Equihash
Smart Contract Support:
No
Consensus Mechanism:
Proof of Work
Bitcoin Gold101

What is Bitcoin Gold?

Bitcoin Gold is a hard fork of the Bitcoin Blockchain which took place on 24 October 2017. The main purpose of BTG is to restore the decentralized nature of Bitcoin as Bitcoin mining has been transferred to a very small number of entities due to the need for high-end, expensive hardware and cannot be mined with consumer-grade computer hardware.

 

How does Bitcoin Gold work?

Similar to Bitcoin, BTG utilizes a Proof of Work consensus mechanism that implements a distributed timestamp server on a peer-to-peer basis to maintain consensus across a vast, globally distributed, permission-less network of nodes. To restore the decentralised nature of the block, Bitcoin Gold developers changed the Proof of Work algorithm of Bitcoin from SHA256 to Equihash, which allows the coin to be mined by widely available consumer hardware such as Graphics Processing Units (GPU) manufactured by mainstream corporations.

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