Bitcoin Gold (BTG) - Bitcoin With a Different Mining Process
What is Bitcoin Gold?
Believe it or not, Bitcoin Gold actually has nothing to do with real gold. The term "gold" is really nothing more than a cool name for the coin. Bitcoin Gold is a hard fork of Bitcoin (similar to Bitcoin Cash). A "hard fork" means that it took the Bitcoin blockchain and on a certain date, the chain "forked" and split into 2 chains. Similar to Bitcoin, Bitcoin Gold runs on a Proof of Work consensus. This means that in order to confirm a block of transactions, a very complicated mathematical problem needs to be solved by the "miners".
So what was wrong with Bitcoin that they needed to create Bitcoin Gold?
The founders of Bitcoin Gold felt that the mining of Bitcoin was becoming too decentralized. Bitcoin requires ASIC (Application-specific integrated circuits) devices for mining, which are very expensive and difficult to operate. As such, the mining has become decently centralized by a few big companies who own these miners.
Bitcoin Gold has been created to make mining cheaper, easier, and more decentralized. By changing the algorithm, Bitcoin Gold is able to be mined by using GPUs (Graphics Processing Units), which are much more affordable and easy enough for someone to set up and run in their home.
Aside from the mining algorithm, Bitcoin Gold has basically all of the same fundamentals as Bitcoin. It runs on a blockchain and is a decentralized, public ledger (you can read our Bitcoin review for more details). Bitcoin Gold essentially takes Bitcoin and changes the mining algorithm to make it more decentralized.
Who is on Bitcoin Gold's Team?
The team is publicly listed on their website here. Jack Liao, the co-founder, is also the CEO of LightningAsic, which is a mining company based in Hong Kong. So, while they don't have any "big names" in crypto or a long list of developers, we can assume that the founder knows a great deal about mining.