Coinbase changes its mind about Bitcoin Gold

Coinbase will call "Bitcoin" the chain with the most accumulated difficulty
26 October 2017   1815

Initially, Bitcoin exchange Coinbase issued a statement regarding the SegWit2x and Bitcoin Gold hardforks, confirming that, if SegWit2x implemented, it will keep the BTC ticker for the original bitcoin chain.

However, now Coinbase announces quite the opposite thing: it will call "Bitcoin" the chain with the most accumulated difficulty.

Brian Armstrong, Co-founder & CEO at Coinbase, made an apology anout the confusion caused by the initial statement.

Apologies our initial post was not as clear as it could have been about what happens after the fork. Determining when the chains are "stable" is a judgement call. Market cap, community support, etc would all factor in. High level thought is that the market should decide (not us) - so our attempt is to remain as neutral as possible here. Also: communicating intentions turns out to be hard! Thank you for bearing with us :)

Brian Armstrong
Co-founder & CEO at Coinbase

On top of that, the company stresses that when making the final decision Coinbase will take into account the stability of the network, market capitalization and the community support. The representatives also note that they always  adopt a position of neutrality on any forks, letting the market decide. 

It is alos noteworthy that the new statement was made only a day after the company had made the previous one. Now, a great deal of criticism comes down on Coinbase. In particular, the founder of Litecoin and the opponent of SegWit2x, Charlie Lee, expresses the dissatisfaction with the company's policy.

Earlier this month, Coinbase was included in the "black list" of the portal due to the company's position on SegWit2x.

What is Coinbase up to, remains to be seen.

Bitcoin Gold Hardfork to be Implemented

Modified Equihash-BTG algorithm was launched on block 536200
05 July 2018   1105

On block 536200 Bitcoin Gold network was transferred to the modified Equihash-BTG algorithm, not supported by classic ASIC-miners. This is the developers of crypto-currencies reported in the official blog.

Thus, the project promotes one of its main ideas, which consists in avoiding ASIC-mining.

According to the developers, the new algorithm includes personalization, which makes it difficult to redirect the power of mining through the markets of hashing capacities, which guarantees greater network security.

Also in the course of the hack, an improved difficulty adjustment algorithm (LWMA) was added, which will allow BTG to work faster, providing a more stable flow of blocks.

We thank them all for their hard work in recent days getting ready for this upgrade… and for dealing graciously with the few snags and hurdles that will inevitably come after an important Upgrade like this.

We know that this milestone isn’t an endpoint… it’s just a waypoint we pass along the way to better things. First, we’ll make sure everything continues to function as expected, and we’ll help the inevitable stragglers get on board with the new code… and then we have a whole bunch of new things we’re looking forward to sharing with the Community!

The Bitcoin Gold Organization

In early June, the Bitcoin Gold team said that updating the network will make the cryptocurrency less vulnerable to various hacker attacks. In May, an unknown miner, through a "51% attack" on the BTG network, stole about 388,000 coins from the exchanges.