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Review on Bitcoin Gold by William Boaz
Bitcoin Gold
Bitcoin Gold is the second fork of the Bitcoin network appearing after Bitcoin Cash. The second fork of the cryptocurrency giant took place on 24th October 2017 at block height 491,407 giving birth to the BTG crypto coin. The new blockchain shares the transactional history of Bitcoin, so the same amount of your owned BTC will be given to you in BTG.
The maximum supply of BTG is capped at 21 million just like Bitcoins with the same block rewards and cycles as its origin network. The prediction for the final BTG coin to be mined is at roughly 2140 year. After that, the only incentive for miners on the network will be the transaction fees within the blocks.
The first and main goal of the development team is to make Bitcoin Gold increasingly more and more ASIC resistant. The algorithm it currently uses was designed in such a way that developing and manufacturing an ASIC for BTG would prove a very expensive and inefficient endeavor.
Pros
- Bitcoin Gold network is that it is designed with equal opportunity in mind. Unlike its bigger brother, Bitcoin, it is easier and actually can be effective and profitable to mine BTG with a GPU miner.
- Due to the ability to be mined with GPUs, the Bitcoin Gold cryptocurrency does not require very expensive equipment like ASIC miners to be mined. This increases decentralization.
- Since it’s a Bitcoin fork and shares the same transactional history, you will have the same number of BTG as the number of BTC that you held before the fork
Cons
- when the BTG was in its early stages and the team pre-mined thousands of coins, making them appear malicious. There are a few more deficiencies that are worth mentioning:
- Delays in releasing the source code which raises suspicion
- The team appear to be indecisive when making decisions regarding if they would also be mining BTG, which really made the community loose trust
