Yet Another Bitcoin Fork Aims to Take Power Away From Big Miners

Yet another Bitcoin fork aims to take some of the power away from the big-time miners

  • Read More: Bitcoin Just Split Into Two Different Versions – – “The current situation, where one erratic company in a totalitarian jurisdiction that is very hostile to Bitcoin has near monopoly domination over the manufacturing and distribution of the mining hardware that is required for the security of the global…
  • Bitcoin Gold is different from Bitcoin Cash and yet another upcoming fork—”Segwit2x,” scheduled for November—because those versions address issues related to speeding up the Bitcoin network to handle more traffic.
  • Because they have different mining algorithms, “Bitcoin Gold is not a competitor of Bitcoin,” h4x3rotab wrote.
  • Bitcoin Gold has a plan to introduce new address formats for the fork, h4x3rotab said, but that will come after launch and they will have to first entice users to migrate over to the new format.
  • On October 25 there may be three versions of the world’s most popular and valuable cryptocurrency: Bitcoin, Bitcoin Cash, and Bitcoin Gold.

Is Bitcoin Gold the people’s fork?

In 2009, there was only one kind of imaginary internet money to scratch your head over: Bitcoin. Now there’s Bitcoin, Bitcoin Cash, and soon, Bitcoin Gold. Lordy.

The trouble began earlier this year when a group of cryptocurrency upstarts cloned Bitcoin to create their own version, called Bitcoin Cash. The split, called a “hard fork,” came after a long and acrimonious disagreement about how to get Bitcoin to handle more traffic failed to resolve amicably. Now, another group of Bitcoiners wants to create yet another version of the world’s most popular digital money on October 25. They’re calling it Bitcoin Gold.

Bitcoin Gold is taking aim at democratizing Bitcoin’s lucrative infrastructure layer—”mining”—taking it out of the hands of giant firms and into the purview of at-home enthusiasts. The project was co-founded by Jack Liao, CEO of Hong Kong-based Bitcoin mining company LightningASIC, Bitcoin Gold’s anonymous lead developer “h4x3rotab” told me. (LightningASIC also just so happens to sell the hardware this new market of miners will need.) The fork mainly seems to be a reaction to widespread ire directed at one Bitcoin mining giant in particular, China-based Bitmain. Bitmain was an important player in the Bitcoin Cash fork.

Read More: Bitcoin Just Split Into Two Different Versions

“The current situation, where one erratic company in a totalitarian jurisdiction that is very hostile to Bitcoin has near monopoly domination over the manufacturing…

Yet Another Bitcoin Fork Aims to Take Power Away From Big Miners