Trezor wallet will integrate Bitcoin Gold while BCG comes in for criticism by many experts and major businesses.
Trezor, hardware wallet maker, announced on Twitter that that source code of Bitcoin Gold (BCG) was finished and Trezor wallet would provide support to this digital currency.
Re: #BitcoinGold
Bitcoin Gold has released their source code. We are currently working on developing support for TREZOR.
You will be able to split your BTG from BTC once our claim tool is ready, assuming you held BTC on TREZOR before block 491407.
— Trezor (@Trezor) November 13, 2017
Bitcoin Gold (BCG) is the second derivative of Bitcoin after Bitcoin Cash (BCH) that has appeared after the second hard fork of Bitcoin blockchain. The Bitcoin Gold hard fork was expected to occur in the end of October, but its launching was delayed for several weeks.
DDoS attacks on the BTG website in October could be considered as one of the reason of such delay. DDoS attacks took place on the same date with initiation of new hard fork. In spite of developers statement about absence of any problems in website operation, new blockchain wasn’t published and tracking tools weren’t released that date.
It was expected that Bitcoin Gold would bring something new to the cryptocurrency markets and blockchain technology. For instance, miners will have an opportunity to use GPUs instead of ASICs. PoW algorithm should be changed too. Bitcoin Gold uses Equihash while Bitcoin and Bitcoin Cash (BCH)use SHA256.
“The goal of BTG is to become a better gold than Bitcoin. The chief way they have decided to do this is trying to solve miner centralization through a proof-of-work change. Changing proof-of-work is generally going to require a hard fork and BTG has decided to go that route. The proof-of-work that they’ve chosen is Equihash, a memory-hard algorithm that’s fairly ASIC resistant and also used by ZCash,” Paxos principal architect Jimmy Song said.
With the major advantage of low hardware requirements for mining Bitcoin Gold should found support from leading cryptocurrency exchanges and demand from traders. However, Bitcoin Gold came in for criticism by many experts and major businesses.
The main reason of Bitcoin Gold discredit is developers’ decision to include a premine mechanism according to which it will be possible to mine BCG before miners in the market can begin producing BCG.
“Miners control too much of the space to allow Bitcoin Gold to be successful – at least in the near term,” managing director of Crypto Asset Management Tim Enneking said.
Another cause of Bitcoin Gold criticism is a high risk of a “replay attack”.
At present, Bitfinex is the only trading platform that provides Bitcoin Gold trading.
It is no wonder that negative statements concerning Bitcoin Gold reflected in its price. Bitcoin Gold finally set to go live on November 12 and hit its peak at $445 this date.
The reason of such considerable growth was cancellation of hard fork SegWit2x that traders to focus on existing Bitcoin derivatives. However, Bitcoin Gold had the same price tendency as Bitcoin Cash and began to decrease on Monday. Today BTG is trading at $190 according to CoinMarketCap.
Given the lack of community and industry support for Bitcoin Gold, it is unlikely that BCG price will be higher than the initial value of Bitcoin Cash at $300.
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