Bitcoin Gold’s scandalous arrival in the crypto community has hardly come and gone, and yet a new challenger has already raised their banner to declare they can do what the BTG devs are trying to do, but better: it’s Bitcoin Silver.
Here we go … again?
Using an apt but tired meme, the Bitcoin Silver team wants to “Make Bitcoin Decentralized Again.”
— WhalePanda (@WhalePanda) October 25, 2017
What’s Bitcoin Silver’s raison d’être?
Like Bitcoin Gold, Bitcoin Silver aims to make Graphics Processing Unit (GPU) mining possible on a Bitcoin chain.
As many of you know, GPUs can’t mine the current incumbent BTC chain, only ASICs can—this reality has resulted in a dynamic in which Bitcoin mining has become extremely centralized, with most of the chain’s hash power coming from a handful of industrial mining operations in China.
Practically everyone owns GPUs these days, though, meaning GPU mining could be one viable way to decentralize Bitcoin mining in hopes of making it a more equally distributed activity, carried out by significant numbers of everyday, non-industrial users.
That’s the plan, at least.
What are the specs of the coin?
Per the Silver team’s inaugural bitcointalk.org thread:
Supply : 21 Million
PoW algorithm : Equihash
Mining Hardware : GPU
Block Interval : 30 sec
Block size (actual) : 1M (2-4M)
Difficulty adjustment : Every block
Segwit : Yes
Replay protection : Yes
Unique address format : Yes
How’s Silver different from BTG?
Two main ways: Equihash and replay protection.
Bitcoin Silver, alternatively, plans to have replay protection ready at launch.
And Equihash is a new Proof-of-Work algorithm altogether—something the crypto space has seen before—so it can naturally be contrasted from BTG on that basis.
TLDR: Bitcoin Silver is coming, and it aims to bring GPU mining on a Bitcoin chain in a competent and secure manner. Will it beat Bitcoin Gold at its own game?