Soon anyone who owns Bitcoin will be able to own a new cryptocurrency, which is Bitcoin Gold. Bitcoin Gold is an alternative version of Bitcoin. This Bitcoin Gold will be launched through a process called a hard fork. It was set up to secure the Bitcoin cryptocurrency.
Bitcoin Gold wants to change how mining works by obliterating the most powerful mining machines (ASICs) so that they can no longer be used. Bitcoin Gold also wants to attract more people to this system over time so that it can be in a position to free the bitcoin network from the large companies that offer these products and command undue influence on the network.
Bitcoin Gold seeks to tweak bitcoin in an effort to make bitcoin decentralized again. The difference between Bitcoin Gold and Bitcoin is that the bitcoin gold cryptocurrency is set to be created in advance (prior to the code being open sourced to the general public). About 1% of the total cryptocurrency tokens mined before the blockchain goes public will be used to pay the bitcoin gold development team. Once this distribution is over, the team claims it will launch the cryptocurrency so that users can redeem their coins.
Hong Kong-based LightningAsic CEO Jack Liao is the brains behind the concept of Bitcoin Gold. His company LightningAsic sells mining equipment, including GPUs. GPUs are the type of computing hardware which bitcoin gold relies on. The effect of this change will be to enable a whole new class of individuals and businesses to participate.
The introduction of Bitcoin Gold has not been without its controversies for member of the general public who are interested in it. Generally, it is not very clear whether business and mining groups will support the system or not.
Bitcoin Gold is a free open source project which was created by a small group of Bitcoin enthusiasts from different backgrounds. Bitcoin Gold was specifically designed from the initial to inspire innovation in the Bitcoin ecosystem and give value to the vision of decentralization.
Bitcoin Gold was born from the need to protect Bitcoin and to ensure that it not only maintains its position as the dominant cryptocurrency but continues to grow until its liberating roots stretch deep into the economic life of all nations. Since the Bitcoin Gold project was launched, it has grown rapidly attracting developers, miners, and supporters from all over the world.