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Bitcoin Gold (BTG)

Bitcoin Gold was an open source Bitcoin hard fork that took place on October 24, 2017. While hard- forking occurs for a number of reasons, the stated purpose of Bitcoin Gold was to re-decentralize bitcoin. Bitcoin Gold was one of the largest and most discussed bitcoin forks.

One of the major bitcoin problems that triggered the development of Bitcoin Gold, however, was not at all related to the issue of central issuance. First of all, the developers of Bitcoin Gold believed that by adopting a new evidence-based algorithm for the mining process, Bitcoin Gold would not disproportionately favor large mining operations on specialized equipment.

At first glance, the idea of re-decentralizing bitcoin may seem counterintuitive. Like all other cryptocurrencies, Bitcoin is already designed to be decentralized; it is not affiliated with any central bank, specific country or government body. In addition to the goal of re-decentralizing bitcoin, the developers of Bitcoin Gold also focused on issues of distribution, protection, and transparency.

In the long term, Bitcoin Gold will conduct research on smart contracts and democracy on the blockchain network and plans to develop a decentralized fiat-crypto brokerage network.

As announced, BTG's main areas of interest include interoperability, applications, infrastructure and the development of the lighting network. BTG cites plans for two-way collaboration with other blockchains and ecosystems, pointing out that a bridge to the Phala network is underway.

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