Bitcoin Gold Whales Reportedly Control Half Of The Coin’s Supply
According to new research, the Bitcoin Gold Whales are allegedly in control of the market prices by holding a significant portion of the coin’s supply in circulation. The Bitcoin Gold network was hit by a 51 percent attack that caused two major reorganizations as we are reading in the Bitcoin Gold news.
The team of the Bitcoin Gold developers introduced a new soft work that is called ‘’Cross-Chain Block Notarization Protocol’’ in order to fight away any 51% attacks going forward. The forked cryptocurrency known as bitcoin Gold captured the attention of the entire crypto community for a number of reasons. During the last week of January, Bitcoin Gold’s blockchain got attacked after malicious miners were able to double-spend more than $72,000 worth of BTG at the time. The last time that Bitcoin Gold was attacked and lost more than $18 million worth of BTG while many of the speculators blamed the hashrate rental service Nicehash for the problems.
Right after the 51% against Bitcoin Gold, the software developer James Lovejoy noted that the miners flipped the hashrate and spent more than $1,200 to rent hash from Nicehash to be able to perform the attack. The second major assault on the Bitcoin Gold network called in question the relevance of the blockchains that are prone to these kinds of attacks. However, the Bitcoin Gold development team has a plan to stop these malicious miners from overtaking the network with a second blockchain.
What this means is that the CCBN will make it easier for the Bitcoin gold blocks to get notarized to another public blockchain making the blocks trivial to get back. The notarization contains complete BTG block headers with a new solution so they cannot be hacked. The developers also say that if a secret miner notarizes the blocks, they will become public and when the mining entity doesn’t notarize, they will publish the secret chain:
“Either the first spend is refused by [an] exchange, or the second spend is refused by the chain. Either way, a double-spend fails.”
As per the research, the Bitcoin Gold whales manipulated the prices since the altcoin got quite volatile and saw a number of pump and dumps over the past six months. BTG Could be manipulated by the single whale that controls a major proportion of the coin in circulation.
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