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'''Bitcoin Gold''' is a [[Bitcoin scalability problem#Hard fork|hard fork]] of the [[Open-source software|open source]] [[cryptocurrency]] [[Bitcoin]]. The fork occurred on 24 October 2017, at [[Blockchain|block height]] 491407.<ref>{{cite web|url=https://blockchain.info/block/000000000000000000e5438564434edaf41e63829a637521a96235adf4653e1b|title=Block #491407}}</ref><ref name=roadmap>{{cite web|url=https://btcgpu.org/wp-content/uploads/2017/10/BitcoinGold-Roadmap.pdf|title=Bitcoin Gold Roadmap|publisher=btcgpu.org}}</ref><ref>{{Cite web|url=https://arstechnica.com/tech-policy/2017/11/get-ready-for-a-wave-of-bitcoin-forks/|title=Get ready for a wave of Bitcoin forks|last=Lee|first=Timothy|website=arstechnica|access-date=2017-12-01}}</ref> The stated purpose of the fork is to restore [[Graphics processing unit|GPU]] mining functionality to Bitcoin, as opposed to specialized [[Application-specific integrated circuit|ASIC]]<nowiki/>s with entry prices in the thousands of dollars.<ref>{{Cite web|url=https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bgold-and-segwit2x-forks/|title=A Bitcoin Beginner’s Guide to Surviving the Bgold and SegWit2x Forks|last=van Wirdum|first=Aaron|website=Bitcoin Magazine|access-date=2017-10-15}}</ref><ref>{{Cite web|url=https://arstechnica.com/tech-policy/2017/11/get-ready-for-a-wave-of-bitcoin-forks/|title=Get ready for a wave of Bitcoin forks|last=Lee|first=Timothy|website=arstechnica|access-date=2017-12-01}}</ref> This is accomplished by switching Bitcoin's [[SHA-2|SHA-256]] [[Proof-of-work system|proof-of-work]] algorithm to the Equihash ASIC-resistant algorithm, originally from [[Zcash]].<ref>{{cite news|url=https://bitcoinmagazine.com/articles/bitcoin-gold-about-trial-asic-resistant-bitcoin-fork/|title=Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork|date=Oct 11, 2017|author= Aaron van Wirdum|publisher=BitcoinMagazine}}</ref> The Bitcoin Gold team use ‘post-mine’ - a mining of 100,000 coins after the fork had already occurred. The team did this via a rapid mining of approximately 8,000 blocks at 12.5 BTG per block. The bulk of premined coins have been placed into an ‘endowment’, and according to the developers will be used to grow and maintain the BTG ecosystem. However, of the 100K coins, some five percent were set aside as a bonus for the team, or about 833 coins for each of the six members.<ref>{{cite news|title=Bitcoin Gold Clarifies Premine Endowment|url=https://cointelegraph.com/news/bitcoin-gold-clarifies-premine-endowment|agency=Cointelegraph|date=19 November 2017}}</ref>
'''Bitcoin Gold''' is a [[Bitcoin scalability problem#Hard fork|hard fork]] of the [[Open-source software|open source]] [[cryptocurrency]] [[Bitcoin]]. The fork occurred on 24 October 2017, at [[Blockchain|block height]] 491407.<ref>{{cite web|url=https://blockchain.info/block/000000000000000000e5438564434edaf41e63829a637521a96235adf4653e1b|title=Block #491407}}</ref><ref name=roadmap>{{cite web|url=https://btcgpu.org/wp-content/uploads/2017/10/BitcoinGold-Roadmap.pdf|title=Bitcoin Gold Roadmap|publisher=btcgpu.org}}</ref><ref>{{Cite web|url=https://arstechnica.com/tech-policy/2017/11/get-ready-for-a-wave-of-bitcoin-forks/|title=Get ready for a wave of Bitcoin forks|last=Lee|first=Timothy|website=arstechnica|access-date=2017-12-01}}</ref> The stated purpose of the fork is to restore [[Graphics processing unit|GPU]] mining functionality to Bitcoin, as opposed to specialized [[Application-specific integrated circuit|ASIC]]<nowiki/>s with entry prices in the thousands of dollars.<ref>{{Cite web|url=https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bgold-and-segwit2x-forks/|title=A Bitcoin Beginner’s Guide to Surviving the Bgold and SegWit2x Forks|last=van Wirdum|first=Aaron|website=Bitcoin Magazine|access-date=2017-10-15}}</ref><ref>{{Cite web|url=https://arstechnica.com/tech-policy/2017/11/get-ready-for-a-wave-of-bitcoin-forks/|title=Get ready for a wave of Bitcoin forks|last=Lee|first=Timothy|website=arstechnica|access-date=2017-12-01}}</ref> This is accomplished by switching Bitcoin's [[SHA-2|SHA-256]] [[Proof-of-work system|proof-of-work]] algorithm to the Equihash ASIC-resistant algorithm, originally from [[Zcash]].<ref>{{cite news|url=https://bitcoinmagazine.com/articles/bitcoin-gold-about-trial-asic-resistant-bitcoin-fork/|title=Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork|date=Oct 11, 2017|author= Aaron van Wirdum|publisher=BitcoinMagazine}}</ref> The Bitcoin Gold team used ‘post-mine’ - a mining of 100,000 coins after the fork had already occurred. The team did this via a rapid mining of approximately 8,000 blocks at 12.5 BTG per block. The bulk of premined coins have been placed into an ‘endowment’, and according to the developers will be used to grow and maintain the BTG ecosystem. However, of the 100K coins, some five percent were set aside as a bonus for the team, or about 833 coins for each of the six members.<ref>{{cite news|title=Bitcoin Gold Clarifies Premine Endowment|url=https://cointelegraph.com/news/bitcoin-gold-clarifies-premine-endowment|agency=Cointelegraph|date=19 November 2017}}</ref>


== Criticisms and controversies ==
== Criticisms and controversies ==

Revision as of 10:49, 25 January 2018

Bitcoin Gold
Denominations
CodeBTG
Development
Code repositorygithub.com/BTCGPU/BTCGPU
Development statusActive
Project fork ofBitcoin
Written inC++
Operating systemWindows, OS X, Linux
Source modelOpen source
LicenseMIT License
Ledger
Timestamping schemeProof-of-work
Hash functionEquihash
Block reward12.5 BTG (approximately to mid 2020), halved approximately every four years
Block time10 minutes
Block explorerbtgexp.com btgexplorer.com
Circulating supply16,741,511 BTG (as of 2 January 2018)
Supply limit21,000,000 BTG
Website
Websitebitcoingold.org

Bitcoin Gold is a hard fork of the open source cryptocurrency Bitcoin. The fork occurred on 24 October 2017, at block height 491407.[1][2][3] The stated purpose of the fork is to restore GPU mining functionality to Bitcoin, as opposed to specialized ASICs with entry prices in the thousands of dollars.[4][5] This is accomplished by switching Bitcoin's SHA-256 proof-of-work algorithm to the Equihash ASIC-resistant algorithm, originally from Zcash.[6] The Bitcoin Gold team used ‘post-mine’ - a mining of 100,000 coins after the fork had already occurred. The team did this via a rapid mining of approximately 8,000 blocks at 12.5 BTG per block. The bulk of premined coins have been placed into an ‘endowment’, and according to the developers will be used to grow and maintain the BTG ecosystem. However, of the 100K coins, some five percent were set aside as a bonus for the team, or about 833 coins for each of the six members.[7]

Criticisms and controversies

Accusation of a BTG developer of hiding fees

A few days after the launch of the mainnet miners started accusing developer Martin Kuvandzhiev (StarbugBG) of adding a hidden 0.5% mining fee in the z-nomp code fork the team suggested to use. Suprnova and other mining pools allegedly found the hidden fee and removed it after examining the code causing some to speculate that the removal was related to why many found blocks didn't show up as paid to the finder and why Suprnova's chain was out of sync.[8]

An analysis revealed that the code contained a line to convert the entered passphrases into Google Analytics cookies that could later be retrieved.[9] Altogether more than 440 Bitcoin worth more than $3 million at the time together with unknown amounts of Bitcoin Gold, Ether and Litecoin were transferred from users' wallets.

References

  1. ^ "Block #491407".
  2. ^ "Bitcoin Gold Roadmap" (PDF). btcgpu.org.
  3. ^ Lee, Timothy. "Get ready for a wave of Bitcoin forks". arstechnica. Retrieved 2017-12-01.
  4. ^ van Wirdum, Aaron. "A Bitcoin Beginner's Guide to Surviving the Bgold and SegWit2x Forks". Bitcoin Magazine. Retrieved 2017-10-15.
  5. ^ Lee, Timothy. "Get ready for a wave of Bitcoin forks". arstechnica. Retrieved 2017-12-01.
  6. ^ Aaron van Wirdum (Oct 11, 2017). "Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork". BitcoinMagazine.
  7. ^ "Bitcoin Gold Clarifies Premine Endowment". Cointelegraph. 19 November 2017.
  8. ^ Jamie Redman. "Bitcoin Gold Developer Under Scrutiny For Allegedly Hiding Mining Code". Bitcoin.com.
  9. ^ Nikhilesh De. "Bitcoin Gold Wallet Scam Nets $3 Million in Illicit Earnings". Coindesk.


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