Bitcoin Gold (BTG) - Make Bitcoin Decentralized Again | Updated Thread
Bitcoin Gold decentralizes mining by adopting a PoW algorithm, Equihash-BTG, which cannot be run on the specialty equipment used for Bitcoin mining (ASIC miners.) This gives ordinary users a fair opportunity to mine with common GPUs.
Hard forking Bitcoin’s blockchain fairly and efficiently distributes 16.5 million BTG immediately to people all over the world who have interest in cryptos. Other methods, such as creating coins with a new genesis block, concentrate ownership within a small group.
To ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection and unique wallet addresses, essential features that protect users and their coins from several kinds of accidents and malicious threats.
Bitcoin Gold is a free open source software project that is built by volunteer developers and supported by a rapidly growing community of Bitcoin enthusiasts that stretches around the globe.
Supply : 21 Million
PoW algorithm : Equihash
Mining Hardware : GPU
Block Interval : 10 Minutes
Block size (actual) : 1M (2-4M)
Difficulty adjustment : Every block
Segwit : Yes
Replay protection : Yes
Unique address format : Yes
What is Bitcoin Gold?
Bitcoin Gold is a fork of the Bitcoin
blockchain that will occur on October 25, 2017. At the predetermined
block height, Bitcoin Gold miners will begin creating blocks with a new
proof-of-work algorithm, and this will cause a bifurcation of the
Bitcoin blockchain. The original Bitcoin blockchain will continue on
unaltered, but a new branch of the blockchain will split off from the
original chain. The new branch is a distinct blockchain with the same
transaction history as Bitcoin up until the fork, but then diverges from
it. As a result of this process, a new cryptocurrency will be born.
purpose of Bitcoin Gold
The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again.
Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been
superseded by a reality where the manufacture and distribution of mining
equipment has become dominated by a very small number of entities, some
of which have engaged in abusive practices against individual miners
and the Bitcoin network as a whole. By changing Bitcoin’s proof-of-work
algorithm from SHA256 to Equihash, all of the specialized SHA256 mining
equipment will be obsolete for mining the Bitcoin Gold blockchain. Thus,
Bitcoin Gold will provide an opportunity for countless new people
around the world to participate in the mining process with
widely-available consumer hardware that is manufactured and distributed
by reputable mainstream corporations. A more decentralized, democratic
mining infrastructure is more resilient and more in line with Satoshi’s
Bitcoin Gold Core Wallet
Windows 64 bit:https://github.com/BTCGPU/BTCG...
Windows 32 bit:https://github.com/BTCGPU/BTCG...
Linux 64 bit:https://github.com/BTCGPU/BTCG...
Linux 32 bit:https://github.com/BTCGPU/BTCG...
arm linmux 64 bit:https://github.com/BTCGPU/BTCG...
arm linux32 bit:https://github.com/BTCGPU/BTCG...
Seeing how far we’ve come, it’s easy to forget that just a few days ago, we enjoyed the two-month anniversary of our Launch on November 12th, 2017. Since then, the Bitcoin Gold (BTG) coin has been listed in 46 markets on 26 exchanges and is supported by the top instant exchange platforms (ShapeShift and Changelly), which would not have been possible without our growing network of supported wallets (including top hardware wallets and a growing number of mobile and desktop wallets), as well custodial services that enable fiat exchange, such as Uphold. We’re grateful for their support, but we continue working hard and have big plans for this year.
Here at the Bitcoin Gold Organization, we’re keenly aware of the need to keep everyone apprised of what we’re doing and planning. To this end, we’ve been working on improving our communications, adding a discussion ForumDiscord servers to improve real-time discussion. We’ve put out important updates to our core wallet software, now available on more platforms than ever before, and we’ve significantly expanded our global team, allowing us to make greater progress in a variety of avenues.
We’ll continue the focus on clarity and transparency today by sharing the latest information about our roadmap – not just our development roadmap, although that is crucial, but also our plans for the project and community.
Here are some main points and target timeframes:
There’s a lot going on in a great many areas! We’ll say a few words about some of them here, but you can expect to hear more details in the weeks and months to come.
We recently released our core wallet software update and will be releasing a fork of the Electrum Wallet tailored to Bitcoin Gold shortly. We’ll also be publishing open source libraries built for BTG under BitCore, BitcoinJS, BitcoinJ, and CoPay to make it easier for developers already working with those libraries to include Bitcoin Gold in their projects. Enabling others to develop with Bitcoin Gold is an high priority! (We’re also involved in actively assisting many third parties with their integration of Bitcoin Gold.)
Core protocol upgrades are on the roadmap. Bech32 addresses are an improvement on the original base58 addresses used in Bitcoin; the new addresses overcome some limitations and make addresses more compatible with today’s technologies (including SegWit and QR codes) as well being more human-friendly. We’ve prioritized Bech32 because it’s an important enabler for future development, including Lightning Network.
We expect to finalize the necessary integrations to fully implement Lightning Network on BTG in Q2. Lightning Network is an exciting and groundbreaking way to enable near-instant payments with even lower fees through dedicated side channels. Because they are off the main chain, Lightning Network saves space in the blocks – but it allows huge numbers of transactions between large entities at very low cost, and these transactions are nearly instant. This is extremely appealing to large entities interested in using BTG, but who need to be confident it can scale dramatically. We’re delivering what they need.
Note that Lightning Network requires SegWit, which is already fully supported by Bitcoin Gold. It also lays the groundwork for future developments, like RSK sidechains with Smart Contracts, and cross-chain atomic swaps, which are a way for individuals to directly perform a coin swap between two different cryptocurrency chains (effectively trading some of one coin for some of another without involving an exchange or third party.)
The next quarter will also bring support for P2Pool (a decentralized approach to mining pools.) Later in the year, the roadmap includes Schnorr Signatures and Merkelized Abstract Syntax Trees (MAST). Schnorr allows a frequent sender (like a bank or an exchange) to sign a hundred transactions in one batch rather than putting a hundred signatures on the blockchain. MAST are more complex, but simply put, they improve privacy and reduce the load on the blockchain when people use the scripting features already in the Bitcoin Protocol.
Transaction Privacy is an important topic. Currently, wallets and transactions on the Bitcoin Gold blockchain are pseudonymous, not anonymous – just like the original Bitcoin. Nobody can tell who owns a wallet by looking on the blockchain, but anyone can check the balance of a wallet, see where the coins came from and where they went.
There are arguments for keeping it his way – transparency and respectability, some would say. There are also arguments for true privacy. The Bitcoin Gold plan is not committed one way or the other at this point – it will be up to the community to decide which way to go in future development.
Sharing and Voting
The core improvements we’re working on are all of great interest in the broader Bitcoin and crypto worlds, not merely for Bitcoin Gold. Work we do will sometimes be applicable elsewhere, and vice-versa. We’ll also be involved in researching safe and scalable ways to address hard forks, and we’ll be working on ways to evolve smart voting mechanisms within our currency so that hard forks aren’t always necessary. This will allow us to decentralize the decision-making on questions like whether and when to add more smart contract functionality, to provide private transaction capabilities, and other topics applicable to a cryptocurrency.
Everyone knows development is the lifeblood of project like ours, so on top of offering bounties, we’ve directly hired more developers and are working to develop a strong community around BTG and crypto development. We’re starting a btg-dev mailing list and, to provide a structured way to handle future planning, we’ll be formalizing a Bitcoin Gold Improvement Proposal (BGIP) program.
We’re already offering bounties for people who find/fix bugs and improve core wallet features, but we’re also offering bounties for work done to enable more 3rd party services to integrate BTG more easily. We’ll keep trying to draw more developers into the community, and more eyes to our code.
The Ecosystem and Community
Many of the Development Roadmap items make clear our dedication to providing the tools service-providers need, but it’s important to note that we’re also actively involved in helping multiple providers who are working to add support right now. Interested parties should continue reaching out to us. We’re also looking into ways to make it easier for Bitcoin Gold users to interact with legacy (non-crypto) systems and traditional merchants in indirect ways – for example, by providing debit card programs.
We’re getting more and more involved with University and Research centers doing good work and helping train the next generation of developers and crypto entrepreneurs. We’re looking forward to sponsoring hackathons and competitions, and seeing what people can create. We’ll also be supporting the growing body of researchers working to create decentralized fiat-crypto brokerage networks.
On top of all that, we’re also looking to expand the base of crypto enthusiasts and independent developers by sponsoring meetups and conferences. We’ve also started a worldwide ambassador program which we’ve begun to roll out even as it evolves.
We’re dedicated to continuing all of this work – supporting the code Development, the Ecosystem, and the Community – over the long term. Our ability to execute and fund these endeavors will, of course, depend on the future value of our Endowment, but the community can rest assured that we’re doing our best to be good stewards of those funds. We’re always conscious of our responsibility to preserve value for the future while remembering that it’s necessary to spend today in order to fund the work that leads to that future value!
On top of all that, we’re also trying to spend a little time to improve our branding and website. It may seem trivial to some, but better design assets and a cleaner website really do make it easier for novices to become comfortable with new technologies, driving adoption. Introducing more people to the crypto world is also an important part of our mission., and will help continue the growth our industry enjoyed in 2017.
Here’s to a great 2018 for Bitcoin Gold, for the crypto world, and to our whole fantastic community!
E-Mail: [email protected]
Leadership for Another Year
It has been just over a year since the Bitcoin Gold project launched. Since then, we’ve been striving to carefully shepherd our young project towards being a fair, transparent, and above all, decentralized cryptocurrency. Today we have some news about changes in our leadership which support those goals.
We want to share with the community that Jack Liao, who first inspired the Bitcoin Gold Project, is stepping down from the Board. His future involvement will be limited to an Advisory capacity. Jack Liao is a colorful individual and a force of personality who brought vision, energy, and an extensive network in the crypto community to the project. He was the first founder of the Bitcoin Gold project and helped build the team of six co-founders.
Jack inspired us and encouraged us to do something ambitious. For that, we will be eternally grateful.
At this time, Jack wants to focus his time in other endeavors, encouraging competition and diversity in the crypto space, and his continuing as CEO of his company, LightningASIC. We wish him good luck in all his future endeavors.
We also want to share that fellow member of the Board and Lead
Developer, H4x3rotab, has decided to publicly share his identity. While
we will all still know him as H4, he is no longer anonymous. Hang Yin
studied Computer Science at Fudan University and was, until recently, a
Google software engineer. He has given up his role at Google to focus
all his time into crypto-related work, especially the BTG project.
Our team has grown a great deal since our start in 2017, bringing in fresh energy and ideas. We’re excited to see fresh attention and new interest from the crypto developer community – we’ll always welcome new contributors. We’re looking forward to sharing the next year of journey with our growing Community!
Gratefully, most sincerely, and with best wishes, The Board of the Bitcoin Gold Organization #1CPU1Vote
BTG Transparent: a Live Balance Page for the BTG Endowment
In the interest of making it easier for the Community to monitor the status of the Bitcoin Gold Endowment, we’ve created a transparency website.
What’s the Endowment?
The BTG Endowment supports the ongoing BTG project and is currently the only source of funding for expenses and salaries. All Endowment expenditures since it was launched have been made based on the decisions of the Board of the Bitcoin Gold organization. The Endowment is controlled by “four of six” multi-signature wallets, which ensures that no single individual can spend from the Endowment. (The initial Board was comprised of the six co-founders of the project, and the current Board membership is always publicly visible on the BTG Team page.)
no single individual can spend from the Endowment
Where is the Endowment?
These wallet addresses and balances have been public on the blockchain since they day they were mined (Nov 12, 2017). The addresses have also been published in a previous Endowment Wallet blog post.
This new website tracks the live unspent balance of the entire BTG Endowment, making it easy for anyone to check for themselves. Live balances for each wallet are pulled using the Insight API at the official BTG Explorer, but the balances can be checked at any explorer. The Live Unspent Total may take a moment to load because all individual wallet balances must be pulled, first.
making it easy for anyone to check for themselves
All the addresses
The list of wallet addresses includes our Flexible Spending wallet. To simplify administration, some funds are periodically moved from an Endowment wallet into the Flex wallet, which requires only 2 of 6 signatures to be further spent. Expense reimbursements, salaries, bounties, or other expenditures are then paid from the Flex wallet. Any funds in the Flex wallet are unspent and belong to the Endowment, and are shown at the top of the list.
The other 152 wallets in the list are the original BTG Endowment (“premine”) wallets which were mined in 2017. All of these wallets are “four of six” multi-sig wallets, with the six keys originally held by the six co-founders of the BTG project. In addition, 60% of the funds were mined into time-locked wallet addresses which gradually become available each month over the course of three years. (You’ll notice there are four wallets for unlocked funds, and then four wallets for each month’s time-locked funds – the wallets were broken into four groups with four different sets of six keys; this was insurance against the (extremely unlikely) event that some set of keys becomes exposed. See the Endowment Wallet blog post for exhaustive details on the mining process.)
This arrangement of wallets may seem overly complex at first glance, but the co-founders of the BTG project took the safety, security, and longevity of the mined funds very seriously. The multiple multi-sig wallets, time locks, and Board oversight ensure that the Endowment funds are not at risk.
multiple multi-sig wallets, time locks, and Board oversight ensure that the Endowment funds are not at risk
Making full transparency easier, The Bitcoin Gold Organization
Join the discussion at forum.bitcoingold.org to comment!
Bitcoin Gold (codename BTCGPU) began as a fork of Bitcoin after block height 491406 on Tue, 24 Oct 2017 01:17:35 GMT and began being mined as a separate chain at block height 491407 on Sun, 12 Nov 2017 13:34:01 GMT. As described in the original Bitcoin Gold Roadmap / Whitepaper, the mining rewards from the rapid first 8000 new blocks (100,000 BTG, or 0.476% of the 21 Million BTG cap), were collected into a set of wallet addresses to form a fund to support the ongoing costs of the Bitcoin Gold project. These 100,000 coins, sometimes called a “premine,” made up the BTG Endowment. All mining rewards after these first 8000 blocks accrue solely to the miners; no portion is diverted to the founders or the BTG project.