Bitcoin Gold(BTG) Designs Hard Fork To Avoid More 51% Attacks
Bitcoin Gold (BTG) team is contemplating a hard fork as a solution to avoid 51% attacks in the future and the menace of ASIC miners thronging its network. Bitcoin Gold team confirmed that planned network upgrade is in progress and the necessary components are ready.
Progress has been achieved on all the required components for the upcoming Network Upgrade and we’re testing now, but this upgrade will require advance notice and careful planning to minimize disruptions – something we and our partners take very seriously. https://t.co/gnTwELbT3R pic.twitter.com/atRRYDlKPo
— Bitcoin Gold [BTG] (@bitcoingold) June 5, 2018
The official update announced,”Most of the necessary components for the Network Upgrade have been coded, but need more thorough testing. We are still working on improving the mining software so that as many people as possible are free to mine as soon as the Network Upgrade happens. Until the mining software was ready, we weren’t able to thoroughly test the new components on a testnet. We’re now making good progress and expect to be able to establish a firmer timeline for the Upgrade shortly, which we intend to share in another update three days from now.”
The Bitcoin Gold upgrade is the panacea to two ills – the threat of ASIC miners for the Equihash space and the spate of 51% attacks that have troubled Bitcoin Gold, Verge, and ZCash of late. In October 2017, Bitcoin Gold appeared as a hard fork of the main Bitcoin blockchain, taking place at block 491407. The forked network launched an alteration to the hash algorithm which is used to mine Bitcoin. It played spoilsport and made Bitcoin application-specific integrated circuits (ASIC) useless. Last month, Bitcoin Gold witnessed a double spend attack. The attack urged for a manual review of large deposits of Bitcoin Gold( BTG)before clearing the funds for trading.
The Bitcoin Gold team states that once updated Proof of Work algorithm comes into effect and Bitcoin Gold takes off on its algorithm, the network’s hashpower won’t be big enough for manipulation.
Image via Bitcoin Gold Facebook Page
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