If you were to travel back in time nearly a decade ago, in early 2009, you would find that the internet was filled with buzz about only one individual kind of ‘e-currency’: Bitcoin. Now, eight years later there are three different forks in the Bitcoin chain and it’s just going to get more interesting from here. Earlier this summer it was announced that Bitcoin was forking in order to introduce Bitcoin Cash, or BTC. The fork was expected to change the price and outlook of Bitcoin but it only ended up making the currency even stronger. Now a third branch in the road is coming as Bitcoin Gold heads for the open market.
We can look at early summer, when a team of cryptocurrency advocates created Bitcoin Cash. This hard fork, as we noted above, came as a result of fundamental difference in opinion between Bitcoiners regarding how to handle traffic. While this event rocked the cryptocurrency world nobody expected it to be the last time it ever happened. Still, this seems crazy soon. Now, a third team of Bitcoiners are getting in on the world of digital money with plans to release the aforementioned Bitcoin Gold on October 25th. Confused yet? We don’t blame you.
Jack Liao is the CEO of LightningASIC, a bitcoin mining company located in Hong Kong. Liao will be the leading force behind the creation and cultivation of Bitgoin Gold. The reason for his decision was explained by the ‘anonymous’ leader of Bitcoin Gold, ‘h4x3rotab’. H4x3rotab, an anonymous name likely belong to Liao himself, explained the problem as largely being focused on companies who have begun acting as a monopoly in the crypto world. The user ‘h4x3rotab’ went on to explain that in order for Bitcoin to succeed long term as a currency it needs to be ‘decentralized’ and that no such large company should take over such a large part of the currency. As it just so happens, much of the hardware required in order to farm Bitcoin Cash is sold by Liao’s company, LightningASIC. We’re sure that this isn’t a coincidence.
Bitcoin Gold will be different from both Bitcoin and Bitcoin Cash. Bitcoin Gold’s goal is to get out from underneath the massive corporate bitcoin farmers. The way this will be different is that Bitcoin Gold will switch away from Bitcoin’s original algorithm in order to use ‘Equihash’. Equihash will allow more regular day, typical computers the chance to mine competitively.