Bitcoin Gold (BTG) to Hard Fork Again, Survive 51% Double Spend Attacks in Network Upgrade
Bitcoin Gold (BTG) one of the most important hard forks of the Bitcoin network in the last times, will be experiencing another separation. Some weeks ago, it suffered a 51% attack that generated losses of $18 million dollars worth of BTG tokens.
The Bitcoin Gold community will be forking again so as to address two of the most important security aspects of the network, the threat of ASIC miners, and the possibility to suffer 51% percent attacks again.
The information has been released by Bitcoin Gold on its website on June the 4th. The company explains that they will not be creating a new coin, but instead, they will be addressing the two aspects mentioned before.
The best way to secure the blockchain is to decentralize hashrate distribution, and ensure our coin is dominant in our PoW. Learn about the actions we're taking to deter attacks, now and in the future. https://t.co/LZYzDDid0W#btg #bitcoingold #Blockchain #btc #bitcoin pic.twitter.com/0Ct8I7FHHi
— Bitcoin Gold [BTG] (@bitcoingold) June 4, 2018
The team will be changing the Proof of Work algorithm and moving it to a different version of Equihash that is known as Equihash-BTG. They explain that most of the components of the network upgrade have been coded but are now under heavy testing. Developers are trying to work on improving the mining software so that as many people as possible are free to mine as soon as the Network Update happens.
There will be a notification before the Network Upgrade is processed and they will be informing the community with several days of anticipation.
“Please note that we will be providing at least seven days’ notice before the Network Upgrade, and perhaps more, depending on what we hear from our critical ecosystem partners,” explains the article uploaded by the company.
Bitcoin Gold has been created as a fork of Bitcoin with the intention to create a really decentralized cryptocurrency. They said that miners were important companies like Bitmain, but normal users were not able to mine Bitcoin due to the expensive prices of the hardware needed to solve the mathematical operations behind the network’s transactions.
With the latest upgrade, ASIC miners will not be able to perform their mining activities and their business would be totally unprofitable. With the newest algorithm, the team says that the hash power required to take control over the network will be reduced.
At the moment there is no exact date for the migration, but everything will be informed to the different partners in the market.