Review on Bitcoin Gold by francis fernandez
Bitcoin Gold: A Fork for Mining Balance!
Many have been the developers who after launching a digital currency begin to make improvements in their computer protocol in order to add properties or particular characteristics. This process is known as a cryptocurrency fork.
Bitcoin is one of the blockchain companies that has made the most forks to its original protocol. One of them is Bitcoin Gold.
Bitcoin Gold is a virtual currency born that works in a decentralized way, that is, without the intermediation of government entities or regulatory financial institutions; based on Bitcoin technology.
In this way, Bitcoin Gold is the product of an alteration in the original digital protocol of Bitcoin made in 2017. From there it inherits its main characteristics as an open source blockchain and decentralized platform.
What makes Bitcoin Gold different is the insertion of the Proof of Work algorithm in its mining protocol, extracted by conventional GPUs and not using ASICs in the mining process.
What are the benefits of using GPU instead of ASIC when mining Bitcoin Gold?
By implementing GPU mining, a more balanced and fair reward system is achieved for miners around the world; since the distribution is carried out without considering only the owners of department stores as occurs with mining under ASIC; rather, all miners are included equally.
Another feature to consider when mining Bitcoin Gold; is that its mining requires the use of high-tech equipment that can be very expensive or inaccessible for some users.
Pros
- It allows a balanced distribution of the rewards obtained in the mining process.
- It is backed by Bitcoin technology, a pioneer in the world of blockchain technology from which it inherits many of its characteristics and gives its users confidence by being widely recognized in the market.
- It is an open source blockchain that allows expert software developers worldwide to join the Bitcoin Gold community.
Cons
- The platform mining process is very expensive; since it requires high-profile equipment with particular characteristics.
