As it was expected, ultimately, the hard fork of Bitcoin – Bitcoin God – successfully born on December 27. However, this happened with a two-day setback. The new cryptocurrency “forked” from the original “Big Daddy” at block 501 225.
On the official website, the hard fork’s team calls Bitcoin Gold an uncommercial P2P organization without boundaries. Also, according to the site’s information, BG’s aim is to use the decentralized platform at its fullest in order to solve a plethora of issues, which have been produced by the current notorious centralized system.
The team also promises that the BG’s network, grounded on the blockchain technology, will allow to following of each ledger transaction in a plain manner. Those who hold BG’s tokens will be able to point out at anybody that they are helping. That will happen thanks to the P2P blockchain.
The King of Charity
As Bitcoin Gold claims to be a self-regulated community, it will decide on its own how many tokens there will be issued and who should receive them. The organization assured that the tokens, which are mined every day, will be donated to charity. This way, the community plans to become the first blockchain-based philanthropy platform.
On the whole, there will be, traditionally, 21 million of tokens. Out of them, 17 million will be received by the present Bitcoin holders, and the rest (4 million) will be used with charitable intentions. This process will work with the help of the following pattern: customers will share the address of their wallet to the BG’s network. After that, the organization will make a decision based on the proportion and number of airdrops.
What is So Special About Bitcoin Gold?
According to the creators of this hard fork, its main advantages is the support of smart contracts. Thanks to the smart contract technology, assets can be issued, and the applications can be built on the blockchain by developers. Therefore, Bitcoin God token will be both valuable and practical.
Also, Bitcoin Gold will support Lightning Network, which is going to solve bitcoin scalability issue. As it was mentioned before, Bitcoin God was created to solve the accumulation problems of the current network. As BG’s developers believe, the enlarged size of the block will be a solution to this problem. The fork has all the chances to become an efficient cryptocurrency network.
The other benefits of Bitcoin God are the mining under the principle Proof-of-Stake and higher confidentiality. The last one will be provided by the Zero-knowledge proof. Payment will be confidential, whereas the public blockchain will remain decentralized.
However, the primary network is expected to be implemented approximately in early 2018 (first quarter), as it is mentioned in the organization’s roadmap. At the same time, the implementation of smart contracts is planned for the second quarter of 2018, while the application of Zero-knowledge proof protocols is scheduled for the third quarter of the next year.
According to the official website of Bitcoin God, the fork has been supported by such exchanges as HitBTC, YoBit, Kraken, GDAX, Bitstamp and a plenty of others.