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

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Bitcoin Gold

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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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