Bitcoin Gold will be going live this weekend. Bitcoin Gold (BTG) is the first of two bitcoin hard forks that were expected to occur this November. But as was announced a day ago, the second bitcoin hard fork Segwit2X has been suspended due to the huge controversy that surrounded it.
The developers of BTG in a new blog post stated that they will release a formal software client for download at 19:00 UTC on the 12th of November. BTG was set originally for launch on the 1st of November and is backed by LightningASIC, a Hong Kong based mining hardware seller and some other less known community of developers. Indeed the snapshot did occur circa November 1 which meant that holders of bitcoin are to be credited with similar amount in BTG. However, the allocated BTG had not been accessible since the snapshot occurred. Wallet providers such as Coinomi on the other hand have already credited clients with their allocated BTG coins but these coins have only been in read-only mode. It is therefore good news for most that these coins will be available for use this coming Sunday. As at the time of the writing of this article, Coinomi wallet values BTG at $170.
The idea behind bitcoin gold is to keep most properties of the bitcoin protocol intact, but it aims to restrict the use of specialized machines, chips or systems for mining. It also looks to change the process by which new transactions are added to a blockchain. By so doing, monopoly and manipulation of the network will be reduced and a more democratized process will be presented to give true meaning to the concept of a decentralized blockchain.
The team backing BTG has sought to send a signal of confidence to the market. They have stated as follows;
“We are extremely grateful for the community around the world who have been contributing hash power to our testnets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the bitcoin gold community can have a full suite of services at launch time.”
It will be interesting to see how the market reacts and its effect on various exchanges.