Bitcoin Gold Fork

Bitcoin Gold logo

 

Bitcoin is not gold, so it is important to understand that in the proposed “Bitcoin Gold” fork that no actual gold is involved. Much like with the earlier “Bitcoin Cash” fork, in which no cash was provided to users, the term is simply a way of describing a particular fork in the protocols.

What is a fork? A fork is a choice to either change the fundamental protocol or software for a crypto-currency, in this case Bitcoin, or go on without changing. Like a fork in the road, you can take either path forward.

After the change is implemented, users are free to continue using the earlier version of the software, and are also free to use the new version. After the “Bitcoin Cash” fork, there were two crypto-currencies, one called Bitcoin which used the earlier protocol and another called Bitcoin Cash which uses the new software feature-set.

According to CoinSutra.com “The Bitcoin Gold project is being driven by some developers, miners, and their head Jack Liao, the CEO of the Hong Kong-based mining equipment manufacturing company, LightningAsic.” Their lead developer is known by the hash h4x3rotab.

The official date that has been scheduled for the fork is 25 October 2017. Participants seeking to receive Bitcoin Gold and retain their Bitcoin should have Bitcoins in hand at the time of the actual fork, which may or may not happen on schedule.

The main difference between the Bitcoin Gold protocol and the existing Bitcoin protocol is Equihash, which is intended to make it ineffective to use application-specific integrated circuit (ASIC) chips. More generic central processing unit (CPU) mining would be anticipated for Bitcoin Gold, thereby reducing the extent to which barriers to entry exist for mining.

A similar proposal for decentralised mining was implemented for BIPCoin some time ago. Of course, BIPCoin has other features, and is a subject for another blog entry.

Among the issues with Bitcoin Gold, there is limited information, even as late as 22 October 2017 on their on their GitHub. None of their GitHub participants are public, so there is effectively no one to ask. Their official site recently went live, with various FAQ and About resources.

Those Bitcoin users having Bitcoin (BTC) on 25 October should also have Bitcoin Gold (BTG) on 1 November. However, you’ll want to safeguard your private keys and avoid replay attacks.

About Author

Jim Davidson
Jim Davidson is an author, entrepreneur, world traveller, and storyteller. He founded Resilient Communities Development Service and the Resilient Ways Foundation in 2017. He is a principal of EldarCapital.com, founder and chancellor of Individual Sovereign University, and author of The Atlantis Papers, Being Sovereign, Being Libertarian, and the Space Scouts Field Manual Parody. He also blogs at ResilientWays.net Follow him on Twitter @planetaryjim

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