Bitcoin Gold Blockchain | BTC wires

Of& nbspKapil Gauhar

In the event that you are following the cryptocurrency, investing or banking in the last ten years, you must be familiar with "Blockchain Technology".

This is the record keeping technology that underlies Bitcoin.

Yesterday we talked about Bitcoin Cash Blockchain. How can Bitcoin Gold Blockchain be behind in the race?

There is a good sense that makes a lot of sense. What we have all heard so far about the blockchain?

Blockchain is a distributed, decentralized public ledger.

Well, the good news is that Blockchain is actually easier to understand than the sounds of its definition.

You can also read: how does the NEO blockchain work?

What is Blockchain?

If this technology is so complex, then why call it "Blockchain?"

At the most basic level, blockchain is generally just a chain of blocks, but not in the traditional sense of words.

We separate the words "block" and "chain" in this context. Now we are talking about digital information stored in a public database.

You can also read: How to become a certified Blockchain expert?

Difference between Blockchain and Bitcoin

The main goal of technology is to allow digital information to be recorded and distributed but not changed.

That notion can be daunting to wrap our heads without seeing technology in action, so let's take a look at how early the application of technology actually works.

Blockchain technology was the first one outlined in 1991 by the two researchers Stuart Haber and W. Scott Stornetta, who wanted to implement a system in which document timestamps could not be tampered with.

But it was not until nearly two decades after the blockchain had its first application in the real world with the launch of Bitcoin in January 2009.

The Bitcoin protocol is built on the blockchain. In a research document introducing virtual currency, Bitcoin's pseudonyms creators, Satoshi Nakamoto, referred to it as a new peer-to-peer peer-to-peer electronic payment system, with no trusted third parties.

You can also read: Blockchain scalability solutions explained

Coming to Bitcoin Gold

The end of 2017 was rightly called the Forks season, which saw a series of junk copies of traditional currencies and successful forks like Bitcoin Gold (BTG).

The Bitcoin Gold fork reduces the impact of big miners like Bitmain, on the network and is generally called bitcoin backup.

One thing about forks is that people who have held tokens on the main chain can also get a similar number of tokens on the forked blockchain.

So, those who hold Bitcoin before the BTG fork are those that can request an equal number of new tokens.

Although Bitcoin Gold (BTG) carries the popular word "Bitcoin", however it works using a completely different algorithm known as Equihash. This algorithm is used to extract another traditional currency, Zcash.

You can also read: Companies that use Blockchain and Artificial Intelligence

Get bitcoin gold

Like most of the very strong popular coin forks, BTG developers have also announced that members of the Bitcoin community will receive BTG tokens, such as their BTC titles from October 25, 2017.

While this is in the public domain, many Bitcoin owners still do not know how to divide the BTG from their Bitcoin wallet.

Extracting Bitcoin Gold from eligible BTC holdings is a simple process. It can be done using btgonline.info, which is an online service that allows people to extract BTG tokens and then exchange them for BTC or simply keep them.

They should include the passphrase of the BTC wallet or the private key to do so and let the tool do its job.

You can also read: Blockchain can strengthen the Internet of things?

Select BTG Portfolio

Users are free to choose the portfolio they would like to use, depending on their needs.

However, it is worth remembering that this digital currency has no problems with support and software, so supporters of any platform can decide on the appropriate application.

Portfolios are available as online, mobile, desktop or even hardware solutions.

You can also read: how can Blockchain help the world of media and advertising?

What's so different about Bitcoin's gold blockchain?

Bitcoin Gold started as Bitcoin's fork after the height of the 491406 block on October 24, 2017 and began to be extracted as a separate chain at the height of the 491407 block on November 12, 2017.

The main objective of this fork is to maintain a more decentralized Bitcoin variant using an ASIC-resistant Proof of Work algorithm, removing barriers to entry for new miners around the world and reducing power concentration in brands of huge scale excavation operations.

BTG maintains and utilizes Bitcoin features such as SegWit, which enables advanced resizing technologies such as Lightning Network. Main differences at the time of the launch included –

• Equihash algorithm
• SIGHASH_FORK_ID
• Prefixes of G and A
• Difficulty adjustment algorithm

Although Bitcoin Gold was started to create a completely new network, it still contains the complete Bitcoin blockchain up to block 491406.

Eventually, Bitcoin Gold has become a complete fork with all the chronologies of Bitcoin transactions since 2009. Any Bitcoin wallet address that contained Bitcoin in BTC block 491406 before the fork held an equal number of BTGs in block 491407 after the fork.

Here are some articles for you to read. Next:

Kapil Gauhar

Kapil Gauhar is the founder of Blogger's Gyan. He is a passionate blogger, a great thinker and a creative writer. His passion for making friends with words and making people aware of the wonders of the digital world is what drives him to write as a career.