Receive all Bitcoinist news in Telegram! The team states that the planned network upgrade is underway and that the majority of the components needed for it are already prepared. A hard fork is seemingly underway for the Bitcoin Gold network as announced btc 51 attack bitcoin an official update dated June 4th.
Bitcoin Gold, Verge, and ZCash of late. The forked network introduced an alteration to the hash algorithm which is used to mine Bitcoin. However, Bitmain has since introduced a new ASIC called Antminer Z9. It’s specifically designated to mine cryptocurrencies based on Bitcoin Gold’s underlying Equihash Proof-of-Work algorithm. We will not allow that to happen. ASIC-resistance is central to our mission.
The team will be carrying out upgrades over the existing Equihash algorithm, calling the newer version Equihash-BTG. As it stands, Bitcoin Gold shares its algorithm with a lot of other coins. This suggests that the collective pool’s Equihash power is far greater than the one of BTG’s underlying network, making it easily susceptible to attacks of the kind. According to the team, as soon as the updated Proof of Work algorithm comes to light and Bitcoin Gold takes off on its own algorithm, the network’s hashpower won’t be large enough for someone to try and control.
The news must come as a relief to the BTG community, especially after the recent events. Network Upgrade have been coded, but need more thorough testing. While there are no dates specified for the release, seven days’ notice will be given prior to the upgrade, according to the official statement. Do you think the planned changes will help the BTG circumvent the aforementioned issues or will they just temporary delay them?