The Bitcoin Gold (BTG) workforce plans a tough fork as an answer to 2 urgent points: the prevention of future 51% assaults and the specter of ASIC miners flooding its community. The workforce states that the deliberate community improve is underway and that almost all of the parts wanted for it are already ready.
A tough fork is seemingly underway for the Bitcoin Gold community as introduced in an official replace dated June fourth. The improve comes as a solution to 2 urgent points – the specter of ASIC miners for the Equihash area and the spate of 51% assaults which have plagued Bitcoin Gold, Verge, and ZCash of late.
The Menace of ASIC Miners
Again in October 2017, Bitcoin Gold emerged as a tough fork of the principle Bitcoin blockchain, happening at block 491407. The forked community launched an alteration to the hash algorithm which is used to mine Bitcoin. It rendered Bitcoin application-specific built-in circuits (ASIC) ineffective.
Nonetheless, Bitmain has since launched a brand new ASIC referred to as Antminer Z9. It’s particularly designated to mine cryptocurrencies based mostly on Bitcoin Gold’s underlying Equihash Proof-of-Work algorithm. To this, the workforce rapidly responded:
We is not going to permit that to occur. ASIC-resistance is central to our mission.
The workforce will likely be finishing up upgrades over the present Equihash algorithm, calling the newer model Equihash-BTG. In a nutshell, the answer is to undertake new parameters to the present algorithm, requiring “dramatically” extra reminiscence for the ASIC to run and inflicting mining makes an attempt to be “impossibly unprofitable.”
Tackling 51% Assaults
The algorithm replace, in line with the workforce, has a secondary impact. Instantly after the fork, the brand new community goes to grow to be so much safer from 51% assaults. Because it stands, Bitcoin Gold shares its algorithm with quite a lot of different cash. This implies that the collective pool’s Equihash energy is way higher than the one in all BTG’s underlying community, making it simply inclined to assaults of the type.
In accordance to the workforce, as quickly because the up to date Proof of Work algorithm involves gentle and Bitcoin Gold takes off by itself algorithm, the community’s hashpower received’t be massive sufficient for somebody to attempt to management.