Bitcoin Gold, already a fork of Bitcoin, has introduced an upcoming hard fork of its community. With this improve, the event group is seeking to tackle two points which might be making the community susceptible – the specter of ASIC miners flooding the community and the opportunity of future 51 percent attacks.
Within the official announcement launched on June 4, the group famous: “We’re doing this for two reasons: we need to address the threat of ASIC miners coming into the Equihash mining space, and we need to take steps to improve the security of our blockchain in light of the recent 51% / Double Spend attacks.”
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Bitcoin Money was created in October 2017 by forking Bitcoin’s blockchain. To maintain the prevailing ASIC miners of Bitcoin at a distance, the brand new coin makes use of the Equihash Proof-of-Work algorithm, an alteration to Bitcoin’s hash algorithm. Though it has stored ASIC miners away till now, Bitmain’s introduction of a brand new mining machine – the Antminer Z9 – opened the gates of Bitcoin Gold to ASIC miners.
Within the new improve, the group is altering the prevailing Equihash algorithm with the brand new Equihash-BTG. This can improve the reminiscence required by ASIC miners to carry out mining exercise and thus will make their mining enterprise unprofitable.
Weak community
One other main problem Bitcoin Gold builders try to repair is the vulnerability of the community to 51 p.c assaults. The coin shares its algorithm with many cryptocurrencies, and thus hash charges generated from a collective pool can simply exploit the community.
Furthermore, Bitcoin Gold’s community was already compromised utilizing a 51 p.c assault final month which resulted within the theft of $18 million value of BTG tokens.
The group is claiming that the introduction of the brand new algorithm will drastically cut back the required hash energy which is able to make it very tough to take comparable management over the community.
In response to the announcement, the event group has already began the method. Nevertheless, the precise date of the migration will not be revealed but as it'll take the involvement of all of the stakeholders together with wallets, exchanges, and mining swimming pools.