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How is Bitcoin Gold (BTG) doing with the Main Net Preparations?

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Bitcoin Gold
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Bitcoin Gold is another digital asset that has chosen to go for independence by taking steps towards launching their own main net network. Bitcoin Gold is preparing for the main net launch that should arrive in less than a week. Prior to releasing the main net, this golden Bitcoin offspring has gone forward with initializing test net testing as well as upgrading their Proof of Work protocol.

Bitcoin Gold: New Protocol and Test Net

Prior to releasing the main net, the team has pledged to update the community with regular reports on how far have they gotten with the main net preparations. That is how you can easily get an access to the list of updates published by the BTG team on their official webpage.

What the team marked as an ongoing task within the preparation for the main net is calling out to all partners who haven’t contacted the official BTG team, to do so in order to “be included on relevant technical updates”.

So far, the team has had a busy June, as they have released mining dev tools on June 8th, sharing the direct link to the Github address for all BTG users. Following the publication of mining dev tools, the team has later on published test net fork specifications, where they have described the entire process of upgrading the network.

With the listed changes, the team stressed out the fact that Bitcoin Gold, as a part of the preparations for the main net upgrade, will be using a different Proof of Work protocol, which was one of the listed specifications within the test net fork specs that were published on June 16th.

Within the specifications, the team has also stated that the old pools aren’t able to support the new protocol PoW, which is why the team is working on the current updates in the first place.

PoW is now working based on Equihash, which is a protocol launched and manufactured by one of the most well-known privacy coins in the market, ZCash.

Two days later, after the publication of test net fork specifications, the team has gone forward with launching the first test net upgrade, stating that the upgrade took place at block height 14300.

Five days ago, on June 19th, the team has made another step forward to introducing the community to the upcoming main net, so they have released the public test net pool for miners and miner developers.

Once you get an access to this public pool by simply visiting the provided address from the BTG official website, you will see that the interface of the pool looks smooth and user-friendly, describing the site, called Z-NOMP, as a project of ZClassic community, which is a hard fork of ZCash from which the BTG team took the idea of using Equihash for their PoW protocol.

In addition to missing on updating the public with the next stage of the main net preparations, which was scheduled for June 21st, where the team was supposed to go forward with publishing main net fork spec, the team instead tweeted about supporting the ultimate decentralization despite having their official webpage hijacked approximately 24 hours from the time of this writing.

The publishing of the main net fork spec should be one of the last steps towards launching the main net, alongside with having the Bitcoin Gold team working on repository updates.

Bitcoin Gold and the Main Net Launch

Prior to releasing the main net, the team obviously has a few more things to work on, since Bitcoin Gold has missed on publishing the main net fork spec, alongside with still working on repository updates.

On the matter of the upcoming g main net upgrade and the launching of the main net, the team BTG stated that the new upgrades, especially Equihash protocol upgrade, require a hard fork.

However, the team wants to skip the part where the hard fork usually produces a new generation of coins just like it is the case with ZCash and ZClassic or Ethereum and Ethereum Classic, that way keeping Bitcoin Gold as it is while successfully applying all changes.

That is how the team needs to make sure that all the parties that are involved in the process of testing the new upgrades, as able to provide positive feedback prior to releasing the main net.

The team has stated that the expected period for the main net launch is the beginning of July, however, although launching the main net could easily occur on July 1st, there is a greater probability that the main net is to become public a bit later, however still potentially at the beginning of the next month.

The team has yet to reschedule the publication of the main net fork spec, which was originally set for June 21st.

The representatives of BTG, however, did state that they are waiting for positive feedback from all parties involved in the testing of the released upgrades and changes before they can claim for sure that the main net is ready for the public launch.

Luckily, the team marked the beginning of July as the main net launch period for Bitcoin Gold.

Bitcoin Gold (BTG) Performance

Pushed down by the latest trend in the market where the majority of currencies are going down against the dollar for days already, BTG is not an exception as we can see it dropping by over -8% at this point of the market dip.

Following the latest change in Bitcoin Gold price, BTG can now be traded at the price of 23.91$, still far from its record price of around 470$ per one BTG.

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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

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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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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