Bitcoin Gold (BTG) is a cryptocurrency which was created as a hard fork of bitcoin.
 | |
| Denominations | |
|---|---|
| Code | BTG |
| Precision | 10−8 |
| Subunits | |
| 1⁄1000 | millibitcoin |
| 1⁄100000000 | satoshi[1] |
| Development | |
| Initial release | 0.15.0.1 / 12 November 2017 |
| Latest release | 0.17.3 / 3 August 2020 |
| Code repository | github |
| Development status | Active |
| Project fork of | Bitcoin |
| Written in | C++, Qt |
| Operating system | Windows, OS X, Linux |
| Source model | Open source |
| License | MIT License |
| Ledger | |
| Ledger start | 3 January 2009 |
| Split from | Bitcoin |
| Timestamping scheme | Proof-of-work |
| Hash function | Equihash |
| Block reward | 3.125 BTG, halved April 24, 2024, at block no. 840 000. Will halve again at block no. 1 050 000 (~spring of 2028).[2] |
| Block time | 10 minutes |
| Block explorer | BitcoinGold Explorer |
| Supply limit | 21,000,000 BTG |
| Website | |
| Website | btgofficial.org |
The stated purpose of the hard fork is to enabling mining on commonly available graphics cards which would democratize and decentralize the mining and distribution of the cryptocurrency. The cryptocurrency has been hit by two 51% hashing attacks, once in 2018 and once in 2020.
History
editThe project began as a community-driven effort with six co-founders, including lead developer Hang Yin.[3][non-primary source needed] The stated purpose of the hard fork is to change the proof of work algorithm so that ASICs (Application-Specific Integrated Circuits) which are used to mine bitcoin cannot be used to mine the Bitcoin Gold blockchain in the hopes that enabling mining on commonly available graphics cards will democratize and decentralize the mining and distribution of the cryptocurrency.[citation needed]
Bitcoin Gold hard forked from the bitcoin blockchain on October 24, 2017.[4]
In July 2018, Bitcoin Gold implemented a new mining algorithm which based on one which had previously been developed by Zcash. This new algorithm is called Equihash-BTG. The new algorithm requires more memory than the one that was originally developed by Zcash.[5][non-primary source needed]
Network attacks
editSoon after the launch, the website came under a distributed denial of service attack, and received criticism from Coinbase and Bittrex for being hastily put together, as well as including a developer pre-mine.[6][7]
In May 2018, Bitcoin Gold was hit by a 51% hashing attack by an unknown actor. This type of attack makes it possible to manipulate the blockchain ledger on which transactions are recorded, and to spend the same digital coins more than once.[8] During the attack, 388,000 BTG (worth approximately US$18 million) was stolen from several cryptocurrency exchanges. Bitcoin Gold was later delisted from Bittrex, after the team refused to help pay some damages.[9]
Bitcoin Gold suffered from 51% attacks again in January 2020.[10] In July 2020, the version 0.17.2 was released as an “emergency update” in order to elude a long attack chain originated a few days before.[11]
References
edit- ^ Mick, Jason (12 June 2011). "Cracking the Bitcoin: Digging Into a $131M USD Virtual Currency". Daily Tech. Archived from the original on 20 January 2013. Retrieved 30 September 2012.
- ^ "BTG Halving Countdown | Bitcoin Gold". Bitcoin Gold. Archived from the original on 26 April 2020. Retrieved 2 May 2020.
- ^ "Our Team". BitcoinGold. Archived from the original on 5 March 2021. Retrieved 18 February 2021.
- ^ Osborne, Charlie. "New, imminent Bitcoin Gold fork met with skepticism". ZDNet. Archived from the original on 2017-10-24. Retrieved 2019-01-16.
- ^ Iskra, Edward. "Equihash-BTG: Our New PoW Algorithm". Bitcoin Gold. Archived from the original on 20 June 2019. Retrieved 21 June 2019.
- ^ Schroeder, Stan (24 October 2017). "Bitcoin splits into two again, but owners don't get free money just yet". Mashable. Archived from the original on 2017-10-24. Retrieved 2019-01-16.
- ^ "Meet Bitcoin Gold, Yet Another New Kind of Bitcoin". Fortune. Archived from the original on 2017-10-25. Retrieved 2019-01-16.
- ^ "Bitcoin Spinoff Hacked in Rare '51% Attack'". Fortune. Archived from the original on 2019-01-16. Retrieved 2019-01-16.
- ^ Cimpanu, Catalin. "Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages". ZDNet. Archived from the original on 2022-05-24. Retrieved 2019-01-16.
- ^ Canellis, David (January 27, 2020). "Bitcoin Gold hit by 51% attacks, $72K in cryptocurrency double-spent". The Next Web. Archived from the original on January 27, 2020. Retrieved February 27, 2020.
- ^ "Emergency update 0.17.2". Bitcoin Gold. Archived from the original on 13 July 2020. Retrieved 4 Sep 2020.
