About Bitcoin Gold
Bitcoin Gold (BTG) is a fork of Bitcoin that occurred on 24 October 2017 on block 419406. Bitcoin Gold changed Bitcoin’s proof-of-work algorithm from SHA256 to Equihash rendering specialized mining equipment obsolete in an attempt to democratize the Bitcoin mining process.
BTG is a cryptocurrency with Bitcoin fundamentals, mined on common GPUs instead of specialty ASICs. ASICs tend to monopolize mining to a few big players, but GPU mining means anyone can mine again – restoring decentralization and independence. GPU mining rewards go to individuals worldwide, instead of mostly to ASIC warehouse owners, recreating network effects that Bitcoin used to have.
BTG aims to extend the crypto space with a blockchain that is closely compatible with Bitcoin (with SegWit and Lightning Network). but without using resources like Bitcoin hashpower or vying for the ‘real Bitcoin’ title. The team aims to create a welcoming space for new devs and new technologies building on a bitcoin base. As a Friendly Fork, the team aims to offer a coin as easy and familiar to implement as Bitcoin, along with space for new ideas with a view towards creating a thriving economy and ecosystem.