Bitcoin Gold, already a fork of Bitcoin, has introduced an upcoming hard fork of its community. With this improve, the event staff is aiming at two features which can be making the community weak – the specter of rising ASIC miner flooding the community and to stop future 51 percent attacks.
Within the official announcement launched on 4th June, the staff famous: “We’re doing this for two reasons: we need to address the threat of ASIC miners coming into the Equihash mining space, and we need to take steps to improve the security of our blockchain in light of the recent 51% / Double Spend attacks.”
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Bitcoin Money was created in October 2017 by forking Bitcoin’s blockchain. To maintain the present ASIC miners of Bitcoin at a distance, the brand new coin used Equihash Proof-of-Work algorithm, an alteration to Bitcoin’s hash algorithm. Although in the intervening time, it saved the ASIC miners away, Bitmain’s introduction of a brand new mining machine – Antminer Z9 – opened the gates of Bitcoin Gold to the ASIC miners.
Within the new improve, the staff is altering the present Equihash algorithm with new Equihash-BTG. It will enhance the reminiscence required for the ASIC miners for the mining exercise and thus will make their mining enterprise unprofitable.
Weak community
One other main goal Bitcoin Gold builders try to hit is the vulnerability of the community to 51 % assaults. The coin shares its algorithm with many cryptocurrencies and thus hash price generated from a collective pool can simply exploit the community.
Furthermore, Bitcoin Gold’s community was already compromised utilizing 51 % assault final month which resulted within the theft of $18 million value of BTG tokens.
The staff is claiming that the introduction of the brand new algorithm will drastically cut back the required hash energy which can make it very tough to take related management over the community.
In line with the announcement, the event staff has already began the method, nevertheless, the precise date of the migration is just not revealed but as it's going to take the involvement of all of the stakeholders together with wallets, exchanges, and mining swimming pools.