Date Launched: October 24, 2017
Founders: Jack Liao, h4x3rotab, Robert Kuhne, Alejandro Regojo, Martin Kuvandzhiev, Franco Niebles
Parent Fork: Bitcoin
Bitcoin Gold is a hard fork of Bitcoin that was created in October 24, 2017. Bitcoin Gold is similar to Bitcoin in all aspects except the mining algorithm.
What is Bitcoin Gold?
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.
ASIC resistant mining
The idea behind Bitcoin Gold is to prevent ASIC miners from having too much power in the network. Since Bitcoin is now being mined by ASICs, only those who purchase these machines can mine on Bitcoin’s network. This can cause mining to become more centralized and harder to access.
Through the Equihash ASIC-resistant algorithm, Bitcoin Gold will not be mineable using ASICs. This is a popular mining algorithm that has already seen lots of use (ex: Zcash).
What is BTGPay?
BTGPay is about connecting merchants, services, and integrators with each other to build solutions… and then helping consumers find them!
A program to help users find the right BTG-based debit card services for their needs and locations
A marketplace of merchants where shoppers can easily find places to spend their BTG, and sellers can feature that they take Bitcoin Gold
A network of partners (solution providers, payment services, eCommerce integrators) to help merchants easily accept Bitcoin Gold
A brand that helps consumers easily see that Bitcoin Gold is accepted where they’re shopping