The developers behind the fork of the bitcoin blockchain have announced that Bitcoin Gold (BTG) is already live.
In an updated blog post, the developers shared that BTG blockchain is running with revised and updated versions to go live, allowing us to create the largest decentralized community in the crypto world.dzThe developers also reported that an attack sought to hinder the launch but was unsuccessful in doing so.
Bitcoin Gold is now Live, having survived a massive and concerted attack from its first moment of existence. Big events attract big attention, but it’s sometimes the unwanted kind! A massive attack was made in an apparent effort to disrupt the main net launch, but the Bitcoin Gold team managed to get the network up and running… albeit a little later than planned. The project was supposed to launch back on November 1 but was pushed back. LightningASIC, a seller of mining hardware situated in Hong Kong, supports it.
BTG seeks to achieve two goals: First, it aims to alter how mining operates by making it so the most dominant mining machines (called ASICs) can no longer be utilized. Then second, BTG seeks to gradually attract more people to this system and hopes to free the bitcoin network from the well-known companies that offer these products, that arguably command excessive influence on the network. BTG is the newest form of an “airdropped” cryptocurrency that would dispense new coins to anyone who owned bitcoin.
The project, which also aims to enhance bitcoin’s technology by varying how its competition for rewards is done, is the second to launch since August via an increasingly common process called a “hard fork.” Instead of scaling bitcoin to sustain more users, BTG fine-tunes bitcoin in a bid to “make bitcoin decentralized again.”
This, advocates claim, would make the network, geared to provide an egalitarian way to direct payments digitally around the globe, user-friendlier. And while created via the same method, BTG varies from bitcoin cash in a few ways, most notably in its distribution. The differences include: The bitcoin gold cryptocurrency was created in advance (prior to the code being open-sourced to the public).
About 1% of the total cryptocurrency tokens mined before the blockchain goes public would be utilized as payment for the BTG development team. Once this distribution is finished, the team claims would launch the cryptocurrency so that users can redeem their coins. While it wishes to become the de-facto version of bitcoin, others might deem bitcoin gold an “altcoin” — the term has long been coined to denote any cryptocurrency launched using bitcoin’s existing code, but that has an alternative market or use case.
Industry observers, however, have critiqued the developers for mining blocks in isolation since the new network was established last month. But the team tried to send a vote of confidence to the market, expressing in a statement: DzWe are extremely grateful for the community around the world who have been contributing hash power to our test nets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the bitcoin gold community can have a full suite of services at launch time.” Exchanges are expected to keep a close eye on events following the launch. Back in August, bitcoin cash’s release accumulated nearly $4 billion in market value.
Traders are waiting to see if lightning strikes twice this time around.
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