New PoW Algorithm of Bitcoin Gold to prevent 51% Attacks

A new Proof-of-Work (PoW) algorithm will be switched-on by Bitcoin Gold (BTG) after the recent 51% and double spending attack on the protocol
06 June 2018   2768

The BTG organization officially declared on June 4, 2018 that it accepted some  changes to their blockchain expected in the upcoming network upgrade to be performed through a “Hard Fork.” 

The organization referred 2 reasons for this development. The first one suggests methods to refine the safety of the BTG protocol after the 51 percent and double spend attacks. The second is connected with the industry-wide threat of ASIC miners arriving in the Equihash mining space. Presently the organization is exploring the protocol but convinces that most of the necessary components for the upgrade have already been coded. Also, the mining protocol is being created such that many people will be able to mine BTG as soon as the update is finished.

We’re also working hard on many fronts to improve security, both now and in the future. We’ve developed monitoring systems for our blockchain and our mining network, and have established channels to rapidly communicate risks to Exchanges.
BTG Organization

Exactly, the update timelines will be accessible in few days, and the campany will give a notice of at least 7 days before the update. They declare to have warned all related services, such as exchanges, wallets, and mining pools about the impending update and confirmed that it may be delayed based on the latter’s untimely responses. 

The company also underlined that while 51 percent attacks are a part of the arising ecosystem, the developer teams are collaborating with each other and sharing information about all the security risks. 

OKEx to Delist Bitcoin Gold Futures

As the reason for this decision, it is called the “insufficient liquidity” of this financial instrument 
21 January 2019   2025

OKEx reported on the imminent delisting of all Bitcoin Gold (BTG) futures contracts, including weekly, two-week and quarterly contracts. As the reason for this decision, the exchange refers to the “insufficient liquidity” of the financial instrument.

All BTG futures contracts will be calculated on 9am, Jan 25, 2019 (CET, UTC+1) in accordance with the price fixed in the BTG / USD index on OKEx an hour before.

In addition, on January 30, all data on BTG futures trading will be deleted, and therefore the exchange recommends that users who may need this data download them in advance.

Bitcoin Gold separated from the main bitcoin blockchain in November 2017. Last May, the cryptocurrency network was attacked by 51%, during which 388,000 BTG (about $ 18 million) were stolen from several exchanges. Currently, Bitcoin Gold is the 27th largest cryptocurrency with a capitalization of $ 195 million.