The Bitcoin Gold network hosted a hardfork

0
93

Representatives of Bitcoin Gold reported on the successful holding of the hard fork on the block №536200. Now the BTG network supports the modified Equihash-BTG algorithm, which is not available for ASIC-miners and prevents the network from attacks.

The Bitcoin Gold team planned to conduct a hard fork on the network in order to eliminate the threat posed by ASIC-miners by making BTG-token mining unprofitable for them since the features of the new algorithm require much more memory for tokenizing via ASIC. In addition, the transition from the Equihash algorithm to Equihash-BTG will protect the network from such troubles as “51% Attack” and “Double Expenditure” attack. It is believed that cryptocurrencies with a low hash are vulnerable to these attacks.

Note that representatives of Bitcoin Gold were forced to conduct hard fork before the scheduled time, as in May a series of attacks took place, as a result of which the malefactors managed to steal more than $18 million from different trading platforms. It is noteworthy that the update received support from a number of large crypto-exchanges, in particular OKEx, Binance, HitBTC, and Bitfinex.

Bitcoin Gold appeared in October 2017 as a result of the hard fork in the Bitcoin network. The purpose of the hard fork was to enable ordinary miners to take part in the mining of coins so that large mining farms ceased to have an impact on the crypto-currency market.