Bitcoin Gold (BTG) Has New Algorithms

Bitcoin Gold (BTG) announced on Wednesday it has effectively modernized its network in a hard fork replacing its present proof-of work (PoW) algorithm from Equihash to Equihash-BTG making an attempt to hold away ASIC miners and stop double-spend, or 51%, attacks. BTG also updated Difficulty Adjustment Algorithm (DAA) to make its blockchain more susceptible to changes in hash power.

The full modernization occurred at block 536200 which after being mined, opened Equihash <144,5> or Equihash-BTG. All miners upgraded their frameworks as desired by a hard fork.

The update was backed by a number of exchanges among them OKEx, Binance, HitBTC and Bitfinex.

In May, Bitcoin Gold accelerated the systematic full update after its network incurred multiple 51% attacks, which lead to the theft of more than USD 18 million from different trading platforms.

The so-named double-spend attacks occurred across hashing power. If a separate company controls more than 51% of the hashing power, it can handle the whole network.

The Equihash-BTG algorithm uses a new pool that is aimed to be safer.

BTG was established as a hard fork from Bitcoin (BTC) in October 2017 aiming to permit ordinary miners to use their computers for “creating” coins and to stop the process of mining monopoly by several big players that is typical for BTC.