Bitcoin Gold
Symbol
BTG

Descrption:BTG is a new digital currency obtained by hard bifurcation of Bitcoin blockchain. The specific time is the height of Bitcoin block 491406 (2017-10-24 01:17:35 UTC). Its main features are: like Bitcoin Cash, BTG has added SIGHASH_FORKED(a security mechanism after hard bifurcation).

51
evaluation
Information
WebSite https://bitcoingold.org/
GitHub BTCGPU/BTCGPU
Update Date 2018 Sep 03 09:09:40
Market
Circulating Supply 17,253,700
Total Supply 17,353,700
Max Supply 21,000,000
Price $21.368406
Volume 24h $5,768,147
Market Cap $368,684,064
Change 24h -4%
Update Date September 26th 2018, 2:23:17 am

Bitcoin Gold

v1

Principle and design goals

As it becomes more and more difficult to mine Bitcoin, more capital is required to operate profitable mining operations. They often are located in a country where the electricity is very cheap. Today, a great majority of the miners are located in China because they have access to cheap electricity.

In Satoshi Nakamoto’s white paper, one of the main idea was that every CPU was going to be an equally important part of the network. We want Bitcoin to be a shared and independent currency. We don’t want any fat cat to drive our monetary architecture.

The importance of miners in the network is constantly growing. To preserve the independence of the Bitcoin ecosystem from miners’ influence, some people thought that it would be a good idea to change the bitcoin protocol in such a way that more people can have access to Bitcoin mining.

That’s why Bitcoin Gold was born, in order to bring Bitcoin mining back to the “people”.

Technology implementation

Consensus mechanism


Bitcoin is a distributed consensus system. All Bitcoin full nodes are running software that enforces the same consensus rules; full nodes that enforce different consensus rules are not part of the Bitcoin network, by definition. If a miner finds a new block that follows the network consensus rules and broadcasts it to the network, all full nodes in the network will accept that block and all of the transactions in it as valid, and miners will build the next block on top of that one. A blockchain hard fork occurs when a block is mined that does not comply with the network consensus rules.

Prior to BTC block 478558, Bitcoin nodes and Bitcoin Cash nodes were still enforcing the same consensus rules and accepting the same blockchain as valid. But from that block onward, Bitcoin Cash’s new consensus rules came into effect, which caused Bitcoin nodes to reject blocks that were mined by miners using Bitcoin Cash software, and Bitcoin Cash nodes to reject blocks that were mined by miners who continued to mine with Bitcoin software. Thus, the network bifurcated.

The Bitcoin blockchain continued to add a new block every 10 minutes on average, but Bitcoin Cash began building a new blockchain that branched away from Bitcoin. This had the effect of creating a new cryptocurrency that shares the same transaction history and ownership distribution up until the fork block, but then diverges from it.

Bitcoin Gold changes different consensus rules than Bitcoin Cash did, but it will fork from Bitcoin in the same manner - by enforcing new consensus rules as of a predetermined BTC block height. The new rules will come into effect at block 491407. From this block onward, Bitcoin Gold miners will begin building a new branch of the Bitcoin blockchain. This new branch is a cryptocurrency with same transaction history and ownership distribution as Bitcoin at the fork block; if you hold BTC, you will automatically receive an equal amount of BTG.

Accounts and transactions

Smart contract system

Cryptography

Distributed storage protocol

Cross-chain and exchange technology

Special technology

Economic model and incentive

Governance mechanism

Applications

Contributors

No contributors information for the version. to see perfessional version!

Comment

comment/score
Whitepaper similarity
Rank Blochchain Similarity
1st

Primecoin
XPM

28.57751%
2st

Monero
XMR

27.71366%
3st

Metaverse ETP
ETP

27.373900000000003%
4st

Stratis
STRAT

22.8674066666667%
5st

Peercoin
PPC

20.5356933333333%
Related blockchains

No analysis results for the version. to see perfessional version!

Code similarity
Rank Blochchain Similarity
1st

Viacoin
VIA

80.2%
2st

Vertcoin
VTC

76.3%
3st

Litecoin
LTC

70.89999999999999%
4st

Emercoin
EMC

58.9%
5st

Bitcoin
BTC

54%