Review on Bitcoin Gold by Fanuel PORPORTY
The goal of the BTG is to make mining accessible to as many people as possible with basic computer equipment in order to increase the decentralization of this process
Bitcoin Gold comes from a hard fork of Bitcoin which took place on October 24, 2017 at block 491,407. All people with BTC on this date received BTGs with a one to one ratio. Its purpose was to change the paradigm about the mining that existed until then with the BTC.
According to the founders of BTG, the original Bitcoin blockchain had become too centralized because mining is essentially the work of several big companies. This therefore went against the original spirit of the BTC which aimed to create a decentralized peer-to-peer exchange system. To resolve this concern, Bitcoin Gold has decided to implement changes that would make mining more fair by setting up a network where anyone can become a miner with only basic computer hardware. As a result, many individuals can now mine this crypto-asset, unlike BTC where only a few large companies are responsible for this process.
Pros
- Possibility for individuals to mine BTG with a simple computer.
- Attempt to decentralize the mining process.
- Easy to set up BTGPay payment solution.
- The mining difficulty adapts after each block and the SegWit function is activated.
- Becoming a minor is easy and simple
Cons
- Many cryptocurrencies which want to serve as a means of payment already exist.
- Hackers managed to carry out a 51% attack.
- Some members of the development team use a nickname and it is difficult to find information on their past experiences.
