Trezor Wallet Will Soon Integrate Bitcoin Gold Support | Finance Magnates

By 15th November 2017All, Blockchain, Cryptocurrency

Trezor Wallet Will Soon Integrate Bitcoin Gold Support | Finance Magnates

Trezor, a leading cryptocurrency hardware wallet manufacturer, recently announced that it is going to integrate Bitcoin Gold support on its platform.

Trezor confirmed that it is currently working on the integration with the Bitcoin Gold source code.

Before the initiation of the Bitcoin Gold fork, Satoshi Labs, the firm behind Trezor Wallet, released an official statement mentioning that the Trezor platform will not support Bitcoin Gold and its users will not be able to send and receive the new token.

In a blog post, Satoshi Labs wrote: “…In other words, Bitcoin Gold is an altcoin, using Bitcoin’s history similarly to the case of Bitcoin Cash…Bitcoin Gold’s codebase is, at the moment of the writing, incomplete. Most importantly, it lacks replay protection. For this reason, TREZOR Wallet will not support Bitcoin Gold yet, as it would endanger your bitcoins.”

Raising concern about the relay protection, Satoshi Labs’ blog post stated: “Replay protection prevents a transaction on the Bitcoin Gold chain from being re-transmitted on the Bitcoin chain and vice versa. As Bitcoin Gold is a fork of Bitcoin, the transaction format, the signatures, etc. are the same. A transaction on one chain could be copied to the other chain and will be valid, possibly leading to unintended loss of coins.”

Bitcoin Gold was created with the latest hard fork in the Bitcoin network in August. The aim of this fork was to create a more decentralized blockchain as a huge chunk of the Bitcoin blockchain is engulfed by ASIC miners. The project was led by Jack Liao, CEO of LightningAsic, a Hong Kong-based crypto hardware manufacturer.

Regarding the Bitcoin Gold fork, Jimy Song, a Bitcoin developer and Principle Architect at Paxos, wrote: “The goal of BTG is to become a better gold than Bitcoin. The chief way they have decided to do this is trying to solve miner centralization through a proof-of-work change. Changing proof-of-work is generally going to require a hard fork and BTG has decided to go that route. The proof-of-work that they’ve chosen is Equihash, a memory-hard algorithm that’s fairly ASIC resistant and also used by ZCash.”

But this fork received very little industry support and the community behind it is also very small. As a result, major trading platforms and business are still reluctant to integrate support for Bitcoin Gold.

Original Source: https://www.financemagnates.com/cryptocurrency/news/trezor-wallet-will-soon-integrate-bitcoin-gold-support/