After weeks of preparation, Bitcoin Gold (Bgold; BTG) is finally launching tomorrow, November 12, 2017.
Bitcoin Gold is the second project to fork away from the Bitcoin blockchain to create a new coin this year; on August 1, Bitcoin Cash (Bcash) was the first. Where Bcash attempted to offer an on-chain scaling solution by increasing Bitcoin’s block size limit (while removing the Segregated Witness code), Bgold is an attempt to counter Bitcoin’s mining centralization.
The most important difference between Bitcoin and Bitcoin Gold is a new proof-of-work mining algorithm. Instead of SHA256, the new coin uses the memory-hard Equihash proof-of-work function that’s also used in the privacy-focused altcoin Zcash. This means that specialized ASIC hardware that has come to dominate Bitcoin’s mining ecosystem will not be able to mine Bgold.
Although Bgold is launching this weekend, the fork “officially” occurred on October 25. Anyone who held bitcoin (BTC) on that day (specifically, when Bitcoin block 491406 was mined) will have an equivalent amount of BTG attributed to their private keys. These private keys can be imported into a dedicated Bgold wallet, which, starting tomorrow, will allow users to spend the coins. (But note that this does not come without risks and tradeoffs: If you’re not sure what you’re doing, it’s best not to ignore BTG until you do…
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