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Bitcoin Gold (BTG): A New Hard Fork to Prevent 51% Attack

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The team behind Bitcoin Gold has announced that they have been working on a solution for preventing 51% attacks, as there have been numerous threats appearing around the crypto community for the past several weeks. Since coins like ZenCash and Verge had become targets of these attacks, it is evident that just any digital asset can be exposed to the factors of vulnerability and become the victim of an attack. That is how the team behind Bitcoin Gold decided that the best way to prevent this from happening to BTG is to have a new hard fork.

Bitcoin Gold: Creating a Hard Fork to Prevent 51% Attack

51% attacks have been the subject of many speculations for the past several weeks as cryptos like Verge and ZenCash got exposed to the attack while having both users and the network jeopardized that way.

51% attack is a strategic hacker attack initiated by a group of people or an individual that owns certain knowledge in cryptocurrencies, blockchain and encrypting. If it is presumed that the 50% of the network makes a spinning wheel of this mechanism out of miners and their performance, then we can also deduct that these miners are responsible for having the transactions within the given platforms validated and processed.

When a hacker is able to fool the system into validating faulty transactions without the need for the miners, then we can say that the hacker or a group of hackers have taken over the mentioned 51% of the network’s power.

That is how the hackers become in charge of the network, being able to manipulate with nodes, transactions and the system.

In order to prevent the worst case scenario from happening to Bitcoin Gold, the BTG team has decided to have another fork, which is set to solve this problem, as the team claims.

Bitcoin Gold Waiting for a New Fork

Although it has been officially confirmed several days ago that Bitcoin Gold is going to get another fork, considering the fact that Bitcoin Gold makes up for a fork as well, it is yet not certain when the fork will take place.

The team has only added that the fork should take place in the following weeks, which means that we might expect the planned fork to happen somewhere at the end of June and the beginning of July.

The team has also stated that the further information that will contain all details about the fork will be shared with the public in accordance with the date of realizing the new fork.

What is confirmed for now is that this fork won’t produce another coin, which means that Bitcoin Gold will get to stay BTG. This is great for BTG because there won’t be any holders leaving the project in order to embrace the next one, which would also consequently affect its price in the market.

The hard fork has the purpose of updating the security protocols in order to prevent the mentioned attacks that have become a thing of a realistic scenario as of the most recent events. However, Bitcoin Gold will be getting a new fork also in a portion due to ASIC miners, which has become a problem in the world of mining as it poses a question about the fairness among miners as well as increased competitiveness.

The team has stated that they were focused on improving the current Proof-of-Work protocol, which is the algorithm they have been using by far.

The goal is to move the existing algorithm for mining to a new version of Equihash, which is currently named Equihash-BTG. The testing of all new updates and features will be able to take place once the new PoW is ready.

The team’s objective is to enable mining as soon as the system updates are ready to replace the new system version.

The team reminds the users that there is no good use of updating the system as soon as possible as they want to make sure that the new updates are completely functional, and efficient.

The team behind Bitcoin Gold has also added that the BTG users will be notified about the new hard fork, at least 7 days in advance, so there is no need to worry about not being up-to-date with the new system updates.

After the hard fork takes place, Bitcoin Gold should become immune to 51% attacks, which will in a great way make mining and transacting with BTG available with improved safety protocols.

Bitcoin Gold Performance

Currently ranked as the 28th-best currency on the global coin ranking lost, Bitcoin Gold is rising up against the dollar with the latest market trend.

After the recent change in the price of having BTG rising up by 1.02%, Bitcoin Gold can be traded at the price of 45.29$ on June 7th.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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