Bitcoin Gold referred to as Bgold or BTG came to use from November 12th, 2017. After Bitcoin cash, another fork of Bitcoin is the BTG. Bcash aimed to offer a solution with regards to the scalability of Bitcoin block size. BTG primarily focus on countering the Bitcoin’s withdrawal centralization.
Bitcoin Vs. Bitcoin Gold
The new coin works on the proof-of-work mining algorithm. Unlike Bitcoin uses SHA256, BTG makes use of the proof-of-work algo with memory-hard Equihash. Zcash uses the same algorithm and is considered to have a protocol to take care of the privacy of the transaction details. Bgold cannot be mined using the ASIC hardware. This feature is similar to that of the Bitcoin cash.
Insights about Bitcoin Gold
Bgold’s official occurrence happened on 25th Oct and people who have BTC then quickly exchanged to Bgold and with the additional features offered by the BTC. The private keys could now be imported promptly to a Bgold wallet in a dedicated manner.
The Bgold block 491407 which is on the Bgold blockchain is the first block, and that will deviate from the actual protocol used in Bitcoin. To understand better, you must know that the first block that got spilt into Bgold was the block 491407 and became independent of BTC.
It is also told that the 8000 blocks, in the beginning, will be mined by Bgold team and this will not be open to the public. It will be private. After extracting the 8000 blocks, the challenges in mining BTG will ramp up thus letting it open to be extracted by all the users. The remaining 100,000 BTG blocks will be used to mobilize fund for the development of project and much more.
Thus, the plan is to use first blocks within internally and later to open for public and make money for future development.
Changes From Bitcoin in Bitcoin Gold?
There were few changes incorporated in BTG to differentiate from BTC and also to enhance the features in a better manner. The primary focus is to restrict the ASIC hardware and the next on the centralization.
DigiShield - It is an algorithm, and it works towards adjusting the mining difficulty upon identifying the block every time. Unlike BTC does it once in 2 weeks.
BTG offers strong replay protection and makes sure that none of the users spends BTC at the time of spending BTG. This is also applicable for BTC users.
The new address plan implemented by BGold will prevent consumers from spending on BTG to BTC and in reverse.
Summary
BTG has got great support, and several exchanges favor it namely the HitBTC, Okex, and the Bitfinex. These players support both BTG and BTC. It is expected that Bitcoin Gold will get closer to the exchanges and will get an excellent rating from the users. In a nutshell, BTG is scheduled to stand one among the top five altcoins. It is good to migrate to BTG and all BTC users can shift without losing any currency and above all can get upgraded.