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Clarity About Bitcoin Gold Premine locked

Clarity About Bitcoin Gold Premine locked

Bitcoin Gold Premine locked in an Endowment

The “premine” wasn’t a pre-mine

Around the time of the launch, people constantly asked about the premine. “Premine” is not the best term, but we use it to ensure people know what we’re talking about.

Bitcoin Gold chose to fork (replicate) the entire existing Bitcoin blockchain, with all wallet and transaction history included, and then later begin a brief project mining period to build a store of coins to support the future of the project. This happened after bitcoin block 491,407 (2017-10-24 01:20:39). At that point, there were already 16.5 million Bitcoin in existence, so there were then 16.5 million Bitcoin Gold in existence. Clarity About Bitcoin Gold Premine locked

Clarity About Bitcoin Gold Premine locked

After this, the project mined 100,000 coins (8000 blocks at 12.5 coins per bock), so it’s more of a post-mine, but we still call it a premine. A true premine is when the makers of coin start a new blockchain with a genesis block and do private mining to accumulate a number of coins, and only then make mining public for others earn coin rewards. With that approach, the makers obviously start out with a huge proportion of the initial coin supply – 100%! That’s would have been a serious problem.

Our premine accumulation of 100,000 coins was about 0.6% of the total number of outstanding coins (which was about 16.6 million Bitcoin Gold coins after the premine), so it’s a tiny fraction – and is even tinier compared to true pre-mines. Clarity About Bitcoin Gold Premine locked the rest of the Bitcoin Gold (BTG) coins are in the hands of whoever held the corresponding Bitcoin wallets before the fork – which includes many thousands of individuals and organizations all around the world.

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Today, the Bitcoin Gold blockchain is growing and healthy, with many blocks publicly mined on top of the premine. In that regard, it finally makes a kind of sense to call it a premine.

Summing up the Bitcoin (BTC) and Bitcoin Gold (BTG) supplies:

Clarity About Bitcoin Gold Premine locked

Comparison of Bitcoin and Bitcoin Gold coin supplies. Both Bitcoin and Bitcoin Gold have the same maximum future 

Most of the coins are locked in an Endowment – Clarity About Bitcoin Gold Premine locked

The great majority of the premine – 95% – was locked up as funds which are best considered an Endowment. Some (35%) was potentially available for use immediately, and 60% was locked up for the future. The purpose of these funds is to support the growth and maintenance of a healthy ecosystem for Bitcoin Gold, but also to support Bitcoin and the crypto-community generally.

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There was, understandably, a lot of attention to the 5% of the premine which was earmarked as “Initial reward for core team” in the Roadmap. That represents 5,000 coins, divided among six core team members, or about 833 coins each – so each core member receives about  0.005% of the existing coin supply (at the time) for their roles in getting this project off the ground during months before launch.

We will be releasing more information about how the Endowment is being used, and how it is going to be used, in the future. The general plan will be as published in the Roadmap, but we look forward to seeing this project, and the Bitcoin Gold Community, evolve over time! Clarity About Bitcoin Gold Premine locked

Always planning for the future,
Source – BitcoinGold.Org

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