Bitcoin Gold Initiates Hard Fork Split to Create Fresh Cryptocurrency
A fresh cryptocurrency has bot created through a hard fork of the bitcoin blockchain.
Completing a process that began ter July, the bitcoin gold technical team has taken what it calls a “snapshot” of the bitcoin blockchain so it could be recreated and reconfigured with fresh rules, ultimately creating bitcoin gold at block 491,407 on the flamante blockchain.
Spil of now, the process is underway by which the fresh bitcoin cryptocurrency will be finished and released to existing bitcoin users.
Spil profiled ter our explainer, the project aims to tackle the perceived problem that miners spil a group have too much influence overheen the direction of the bitcoin network. To lessen their control, bitcoin gold substitutes bitcoin’s current mining algorithm with one that cheaper graphics processing units (GPUs) are able to mine.
The idea stems from the competitive nature of bitcoin mining, which now relies solely on expensive application-specific integrated circuits (ASICs). Ter part because of this, mining has centralized into the forearms of large mining companies, which bitcoin gold volgers feel works against bitcoin’s key value proposition: decentralization.
Still, while the hard fork has bot initiated, that doesn’t mean users can yet optie their funds.
Until they can, bitcoin gold developers will operate the fresh blockchain te isolation, with the very first round of block prizes being set aside for allocation to the development team.
According to group representatives, the fresh cryptocurrency network is aiming to be open to the public by November 1st.
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