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

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Bitcoin Gold
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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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