What is the Fork of Bitcoin (Bitcoin Fork Currency BGH)

What is the fork of Bitcoin? Editor’s Note: This article is from CaYun Blockchain (ID: cybtc_com) and is authorized for reprint by Odaily Star Daily.

What is the fork of Bitcoin? Bitcoin completes its upgrades through hard forks, which is a new technological form, also known as a “black box”. It undergoes a new round of technological changes and consensus mechanism changes in Bitcoin, and the main divergence this time is caused by changes in the number of nodes on the Bitcoin network, leading to new transaction confirmation times issues and miners being unable to participate and obtain the right to audit.

In theory, this form of network upgrade can be divided into two parts: one is determined by the computing power of the block generator; the other is the process of using old coins to create new coins. Simply put, it repackages previously non-existent tokens into a new chain. Because some members of the Bitcoin community believe that it is necessary to modify the new code or add other functions, they propose the concept of Bitcoin fork. However, these are not entirely correct ideas. If Bitcoin was designed as a cryptocurrency in 2016, it is actually an algorithm created for the development of the next few years, which is a branch of the Bitcoin system. Therefore, the so-called “split” refers to the fact that a specific project needs to make certain changes in order to become true digital gold, but in reality, this process may not be as simple as before. Because Bitcoin is not the only decentralized computer program, it relies on its own security guarantees.

One of the core ideas of the Bitcoin protocol is to achieve a method of securely storing value – that is, everyone can control their own private keys or the ability to hold assets. When you own your money, you can use any cryptographic tools to access this data, and also allow you to view your Bitcoin balance and all related information anytime, anywhere. In order to protect privacy and prevent malicious attacks, tampering with the historical records, etc., a service provider called BitcoinCore will automatically run to handle all the information sent by users to the server. In this way, Bitcoin will become more transparent. Although no third party can know which addresses belong to a certain entity, once someone successfully completes the operation, it will not be traced. This means that as long as there are enough accounts and exchanges cannot interfere with users’ financial activities, the entire ecosystem will be affected.

Bitcoin Fork Currency BGH

According to bitcoinist news, Bitcoin Fork Currency BGH (BitGold) will be officially launched on January 18, 2019. It is reported that the hard fork project was created and released by a team called “Bgch” in mid-September 2018. According to its white paper, this project will become the first technology-based cryptocurrency using DAG structure, based on the POS algorithm, and adopting the PoW mechanism, known as Blockchain 3.0. It is reported that by the end of 2017, BGH has already received over 200 million US dollars in investment funds, including institutions such as Sequoia Capital India and Blockchain Capital.