Team Bitcoin Gold (BTG) plans to hold a rigid fork as a strategy to address two pressing problems: preventing future 51% attacks and threats from ASIC miners manufactured by Bitmain.
The team says that the planned upgrade of the network will be held soon, and that the majority of the necessary components have been prepared.
As explained by the representatives of the project Bitcoin Gold, the hard fork will lead to the upgrade of the network and solve the problem with the threat of ASIC miners for the algorithm Equihash and wave 51% attacks, which have recently pursued Bitcoin Gold Verge and zcash for.
The threat of ASIC miners
In October 2017 Bitcoin Gold was the result of hard fork the main Bitcoin network, which took place on the block 491407. The new network changed the hash algorithm used for Bitcoin mining, which made the application of special integrated circuits (ASIC) are useless.
However, the company has created a new Bitmain ASIC Antminer called the Z9, which is specially designed for mining crypto currencies such as Bitcoin to Gold, which is based upon the algorithm Equihash Proof-of-Work.
The team reacted harshly to the release of new hardware, saying it will not allow its use.
The team intends to upgrade the existing algorithm Equihash, creating a new version Equihash-BTG. The solution is to introduce new parameters in the existing algorithm, which requires ASIC hardware is “much” more memory that you’re using is absolutely unprofitable.
Algorithm update, according to the team, must solve one more problem, after which the new network will be much more secure from 51% attacks. According to the team, as soon as the updated algorithm of Proof of Work, Bitcoin and Gold will begin to work on their own algorithm, the hash power of the network is not so large that someone tried to control it.
This is quite positive news for BTG community, especially after recent events, when at the end of may, the Bitcoin network Gold was subjected to a 51% attack, in which hackers managed to steal $18 million in tokens BTG.
The team noted that “most of the necessary components to update the network was created earlier but need more thorough testing”. Despite the fact, date, hard forks yet to be announced, the team promises to make the official notification of seven days before you start the upgrade.
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