Earlier this year we had the Bitcoin Cash fork off from the Bitcoin Legacy blockchain, there is a strong possibility that the upcoming Segwit2x New York Agreement upgrade could also cause another fork, but to top it all off there is a new proposal headed by Jack Liao, CEO of Hong Kong mining firm LightningASIC to release what is being named Bitcoin Gold. This new rebellion is set to launch October 25th, Coindesk reports:
Bitcoin gold is slated to launch on October 25, with its cryptocurrency being opened to exchanges on November 1.
Still, while whispers of the event are just beginning to spread, the importance of the project appears up for debate. Given that bitcoin cash produced an ultimately smaller bitcoin network, not to mention a cryptocurrency that’s worth about 12 percent as much as bitcoin at press time, most seem to view the plan as another distraction in an already divided community.
For one, bitcoin gold looks like it could be even smaller that bitcoin cash, at least in that not as many miners seem to support it.
Little is currently known surrounding Bitcoin Golds technical aspects such as blocksize.
Decentralizing Bitcoin
Although details are vague there is one goal that is clear in the Bitcoin Gold proposal and that is decentralizing Bitcoin. By changing the mining algorithm the plan is to allow GPU miners to effectively mine Bitcoin Gold, this will be a huge incentive to many within the cryptospace, Coindesk continues:
But while those in the know might be skeptical of bitcoin gold, it does have a goal that many in the community may find attractive: creating a truly decentralized bitcoin.
Most notably, the developers behind the network hope to open up mining to more participants by replacing bitcoin’s mining algorithm with one that will enable it to be mined with graphics cards. The idea is to make big miners – sometimes controversial figures on the network – less relevant.
Following the last fork when we saw the creation of Bitcoin Cash, Bitcoin showed just how strong it really was as we saw the value of a single Bitcoin skyrocket to it’s peak of $5000 before dipping back down to it’s current levels of $3500 – $4000.
Will the next fork cause a similar reaction or will we eventually see some damage to the Bitcoin eco-system through these multiple forks?
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