Almost three months ago, owners of Bitcoin witnessed a first, big hardfork. As a result of a split, Bitcoin Cash was created. It seems like in the following weeks we will experience another split.
The debut of a new cryptocurrency, based on Bitcoin, is planned on 25th of October. What are the differences between main cryptocurrency and new altcoin? The main difference is a change of consensus algorithm Proof-of-Work from SHA256 to Equihash. Miners of Ethereum and ZCash will be probably glad. They can use their mining machines created for GPU mining, built with graphics cards to mine BTG.
Another big difference is a change of difficulty adjustment. In Bitcoin technology, the difficulty is changing every two weeks. When Bitcoin Gold appears, its difficulty level is going to change with every block. That solution should prevent a situation when extraction of a block is extended.
What’s more, Bitcoin Gold is going to prevent replay protection. In the future release, new cryptocurrency will also have unique address format.
Now, we can only wait to 25th October to ascertain if Bitcoin Gold will be created.
Last modified: October 9, 2017
If you want to comment this article, visit our Blockchain24.co forum!
The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.