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   2318

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. 

Bitcoin Gold Hardfork to be Implemented

Modified Equihash-BTG algorithm was launched on block 536200
05 July 2018   2632

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.