Bitcoin Gold developers are preparing the network for its official launch.
Bitcoin Gold (BTG) is an altcoin that will be created via a fork of bitcoin’s main blockchain. Consequently, like bitcoin cash, it will have a history of blocks shared with bitcoin until the date of the fork. This split occurred on October 24, when bitcoin gold developers took a snapshot of the bitcoin network blocks, which means that all those who had bitcoin stocks at that time will receive an equal number of bitcoin gold coins.
However, the Bitcoin Gold network will still be released as developers continued to tinker with the source code by implementing replication protection as well as a new consensus algorithm that allegedly would resist the use of specialized computer chips for mining.
The developers also pre-mined approximately 100,000 coins, which they say will be used to help finance the growth and development of the Bitcoin Gold ecosystem. Much of the community does not approve of this kind of attitude.
This process is almost complete, developers say the official network will be launched on November 12 at 19:00 UTC. In response to the announcement, the price of bitcoin gold futures increased 31% from $ 140 to $ 185.
However, it remains doubtful whether this hard bitcoin fork will accrue sufficient support from users, miners and services to remain viable in the long run. Bitcoin Cash has been able to build this infrastructure, but some analysts believe that investors and traders will tire of so many forks from the original bitcoin.
Others fear that these forks will make the ecosystem even more confusing to new users than it already is and may discredit the claim that bitcoin is truly a meager commodity.
“These forks are very bad for bitcoin,” concluded Sol Lederer, director of startup Loomia. “The saturation of the market with different versions of bitcoin is confusing to users, and discredits the claim that there are a limited number of bitcoins – since you always fork and fold the offer.”