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Review on Bitcoin Gold by Kola Rasaq
Bitcoin's current ASIC-driven blockchain uses a hashing algorithm known as SHA…
Bitcoin's current ASIC-driven blockchain uses a hashing algorithm known as SHA-256 for its job verification. However, the founders of Bitcoin Gold have replaced SHA-256 with an ASIC-resistant algorithm developed by Dmitry Khovratovich and Alex Biryukov, known as Equihash.
Equihash is not new to blockchain technology. It is being used with remarkable cryptocurrencies like Zcash's with resounding success. After Bitcoin Gold took over this algorithm, it has made Bitcoin Mining more distributed. This is the one reason why Bitcoin Gold was created
Pros
- Bitcoin Gold uses a different bitcoin algorithm, which makes it difficult for ASICs to work. This is made possible by the fact that the Bitcoin Gold algorithm requires more RAM to complete tasks. ASICs have more processing power and less memory. They use more memory and cripple their processing power, rendering them virtually useless
Cons
- Bitcoin’s core developers can simply implement Equihash themselves to fire all ASIC miners should they abuse their powers. And when this happens, Bitcoin Gold will be useless
