Bitcoin Is Getting Another Fork – Bitcoin Gold

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There could very soon be another Bitcoin in the world if the planned fork comes to life this month. We are talking about the Bitcoin Gold which would be similarly launched as bitcoin cash was, however in a slightly improved manner.

The project is being headed by Jack Liao, CEO of Hong Kong mining firm LightningASIC who concurred that the launch is about to happen on October 25th and the release on exchanges will happen at the start of October.

This is quite an exciting news but not everyone is very optimistic about it. However, the goal for this particular cryptocurrency is such that it just might attract the digital currency community – it offers a truly decentralized coin. In particular, the current mining algorithm would be replaced by an algorithm that would be able to be mined with graphics cards which would, in turn, make the smaller miners more significant.

One of the developers under the name Sorrow says: “Bitcoin gold will implement a proof-of-work change from bitcoin’s SHA256 to Equihash, a memory-hard algorithm that is ASIC-resistant and optimized for GPU mining.”

However, like we mentioned before, not everyone is as excited and enthusiastic about this relevant new project as they are not too sure that the planned development is actually going to lead to the outcomes that the developers are planning currently.

“GPU mining can’t prevent centralization. GPU [markets] are controlled by Nvidia and AMD,” Zhao Dong, a cryptocurrency trader, an investor said in a comment on the current protocol. Regardless of the critics, one thing is clear: once the bitcoin gold is released, all bitcoin users will have the same amount of the coin in their wallets.

SOURCECoindesk
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With over nine years of experience through various editorial positions at major news outlets including ITProPortal.com, TheNewsReports.com, TechieNews.co.uk among others, Ravi decided to build up on his interest in cryptocurrencies through CryptoCrimson.com. Ravi is a network security graduate from Liverpool John Moores University, UK. After a 4-year stint as network security consultant at various companies in the UK and India, Ravi's interest for writing took him to online journalism in 2010.

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