It is evident there is still a lot of debate among Bitcoin supporters regarding the future. With competing scaling solutions, an interesting future lies ahead. Bitcoin Cash has already done its thing, and SegWit2x is looming on the horizon. There is now also Bitcoin Gold, which is scheduled to fork on October 25th. For now, this appears to be little more than a way to stir the pot even further.
Bitcoin Gold is a concept which has been around for quite some time. In fact, the proposal was announced several months ago. As one expects from such a fork, the goal is to change the consensus algorithm once again. Giving users an option to mine Bitcoin Gold with CPU and GPU hardware will be an interesting development. Moreover, it will use ZCash’s Equihash algorithm to create a level playing field for miners all over the world. Whether people are effectively waiting for this altcoin, remains highly doubtful.
Bitcoin Gold is Another Fork
There are some aspects about this altcoin that will sound appealing. Users are able to choose their own block size. More specifically, miners can decide, whereas the rest will have to figure out their own solutions. The default size will be 1MB, just like it is on the main Bitcoin network. The developers also provide wipeout and replay protection. Especially this latter part is good, as sending funds to the wrong Bitcoin blockchain would be problematic. SegWit2x will need similar protection but still lacks it, for the time being.
According to the website. Bitcoin Gold/Bitcoin GPU works as follows:
“A fork of the stable Bitcoin Core, Bitcoin GPU aims to build on this base with improved code quality. Development follows a process of continuous integration, based on industry best-practices.For too long, Bitcoin has been held back by the centralize mining industry. GPU brings Bitcoin into the modern age with an exciting technological roadmap to enable massive on-chain scaling well into the future with decentalize.”
Very few people are aware this project even exists, for obvious reasons. It was initially scheduled to hard fork together with Bitcoin Cash and host its own ICO. Those plans have now been scrapped by the look of things. For now, the hard fork will go live on October 25th, whereas the network launches on November 1. Whether or not anyone will be interested in this altcoin, remains to be seen. BTG will cause a lot of confusion, that much is certain. It does not have any actual use cases or a roadmap right now, though, which makes it rather worthless.
Header image courtesy of Shutterstock