Anyone who owns bitcoin will soon be able to receive a…
Anyone who owns bitcoin will soon be able to receive a new cryptocurrency.
As of block 491,407 on the bitcoin blockchain, another alternative version of the protocol will be launched, resulting in a variant that’s being branded bitcoin gold (BTG).
The project, which seeks to improve bitcoin’s technology by changing how its competition for rewards is conducted, is the second to launch since August via an increasingly common process called a "hard fork."
What is bitcoin gold?
In short, bitcoin gold aims to achieve two goals:
First, bitcoin gold wants to change how mining works by making it so the most powerful mining machines (called ASICs) can no longer be used.
Second, by attracting more people to this system over time, it hopes to free the bitcoin network from the large companies that offer these products, and it argues, command undue influence on the network.
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