Another Bitcoin hard fork may be imminent this October, as LightningASIC prepares to launch a new variant dubbed Bitcoin Gold.
Earlier this year, Bitcoin diverged into two strains – one, now the standard Bitcoin, and another dubbed Bitcoin Cash. Now, another hard fork may be on the horizon under the guise of Bitcoin Gold.
Bitcoin Gold – led by Jack Liao, the CEO of Hong-Kong based mining firm LightningASIC, is slated for launch on October 25th, and will open to exchanges on November 1st.
Bitcoin Gold may yet be smaller than Bitcoin Cash, which at the time of writing is constituted by a market cap that’s less than 12% of Bitcoin’s total volume.
The intention behind the fork, according to Liao, is to create a truly decentralized Bitcoin ideal. Liao argues that mining firms – among them, Bitmain in particular – have enjoyed far too great an influence over the Bitcoin network.
Bitcoin Gold would introduce a fundamental change in Bitcoin’s mining algorithm (SHA256) with Equihash – meaning that the cryptocurrency could be mined with graphics cards. The bid could potentially loosen the grip mining firms have over Bitcoin, though not everyone has been sold on the concept.
Zhao Dong, a cryptocurrency trader and investor, has argued that the move will merely replace the influence mining firms have over the cryptocurrency with that of GPU producers – citing that GPU markets are, in any case, controlled by Nvidia and AMD.
The emergence of Bitcoin Gold may come in conjunction with another hard fork this November, as the implementation of SegWit2x will see Bitcoin’s base block size limit increased to two megabytes.
What are your thoughts? Does the concept of Bitcoin Gold have merit? Be sure to let us know your opinion in the comments below!