Brief introduction about Bitcoin GOLD

What is Bitcoin Gold?

Bitcoin GOLD is a fork of the original Bitcoin which was forked on October 25, 2017 from the fixed block ,bitcoin gold miners will begin creating blocks with a new POW algorithm, The original bitcoin blockchain will continue unaltered, and a new branch of blockchain will split off from original chain. As a result new Cryptocurrency is born.

Why it is forked?

For mining there are now specialised hardwares which will generates hashes more faster so, miners which has these hardwares are only capable to do mining and taking advantage over other miners, so this is voilating decentralisation, so the main purpose behind this new Bitcoin is to make Bitcoin mining decentralized again.It is done by replacing Bitcoin’s POW algorithm to Equihash before it is SHA 256,this will make all of the specialized SHA256 mining equipment obsolete for mining the Bitcoin Gold blockchain. Thus, Bitcoin Gold will provide an opportunity new people around the world to mine with widely-available hardware.

From block Number 491407 bitcoin gold is forked, At this block, the Bitcoin network will split in bitcoin and bitcoin gold. Bitcoin Gold on the rate of 1 BTC = 20 BTG.

Difficulty Adjustment Algorithm

In Bitcoin, the difficulty of mining adjusts every 2016 blocks (approximately two weeks) in order to
maintain an avg. interval of 10 mins bet. blocks. If avg time bet. blocks is less than 10 mins, the difficulty level will increase , if the avg time was more than 10 mins, the difficulty will decrease.

Bitcoin Gold uses Digishield v3 algorithm to adjust its difficulty level.

The main thing is to calculate how much difference is between the most recent block and median of set of blocks and then adjusting the difficulty of block to acheive the target of a block in every 10 minute.