Recently the Bitcoin Cash ecosystem experienced a protocol upgrade that split the network in Bitcoin cash ABC and Bitcoin cash SV. In this article, we shall review the insight of the bitcoin cash ABC features and its operations.
What is Bitcoin Cash ABC?
According to bitcoinabc.org, the official bitcoin cash ABC website, Bitcoin ABC is a full node implementation of the Bitcoin Cash protocol. The network claim to work towards providing a solid, stable software and help bitcoin cash protocol develop. Just like bitcoin, the bitcoin cash ABC network is an open source and collaborative community.
According to Bitcoincash.org, the official bitcoin cash website, there are about six different implementations of the Bitcoin cash protocol. The official implementations are; Bitcoin ABC, Bitcoin Unlimited, Bitcoin XT, bcoin, bitprim and BCHD.
Following the November 15 upgrade on the Bitcoin cash network, the network forked Producing Bitcoin SV. Another update on the Bitcoin cash protocol is expected on the 15 may 2019.
Bitcoin ABC is a software-based bitcoin protocol update meant to increase bitcoin’s block size and create bitcoin cash. The latest version of Bitcoin ABC software is the version 0.18.5 released after the November update. The upgrade can be downloaded on the official BitcoinABC website. The new software enables users to know if transactions are immutable after 10 confirmations.
Bitcoin ABC is the most successful implementation of Bitcoin Cash. The protocol simply removes SegWit and replaces it with a simple, Adjustable Blocksize Cap (ABC). Bitcoin ABC is a user activated hard fork proposal implemented on 1 August last year.
How Does Bitcoin Cash ABC Work?
Bitcoin ABC developers envisioned the benefits of having an adjustable block size. The ABC aspect of the Bitcoin ABC network enables users to determine their preferred block size. The feature benefits both bitcoin ABC miners and users. However, it does not much favor people with the slower internet connection and data caps.
The maximum possible block size in the Bitcoin ABC’s network is 16MB. This implies that users and miners on the network can choose a block size anywhere from 1MB to 16MB. Additionally, Bitcoin ABC does not support replace-by-fee, which is a popular solution on the bitcoin network for checking congestion. Furthermore, the bitcoin ABC’s network is not compatible with a segregated witness (SegWit).
More About Bitcoin Cash ABC
Some of the features of Bitcoin ABC as seen on their official website, bitcoinabc.org includes; Robust, the site claims that bitcoin ABC features improved code quality. This site reveals their achievement following a process of continuous integration based on industry best practices. Scalability, bitcoin ABC allows miners to choose the size of the blocks they wish to mine with a default size of 2MB. The network also features replay and wipe out protection.
Bitcoin ABC proposal came from Bitmain’s contingency plan against the user-activated soft fork. However, Bitmain is not responsible for the name Bitcoin ABC. The ABC nomenclature accredits to a developer familiar as Amaury Séchet. Séchet revealed the Adjustable Blocksize Cap proposal to an audience at the Future of Bitcoin conference earlier this year.
Basically, Bitcoin ABC is a proposal, while Bitcoin cash is the name of the currency by the hard fork that ushers in the ABC protocol. Bitcoin cash token first appeared on exchanges in late July 2017. At the time the exchanges essentially traded Bitcoin cash futures. This meant users could buy the opportunity to reserve Bitcoin Cash while waiting for its future deployment. Bitcoin ABC has a slow mining difficulty reduction algorithm contrary the Bitcoin’s mining algorithm.
Current post fork tends to indicate that bitcoin ABC will continue dominating despite the presence of a rival protocol, the bitcoin SV. Share your idea regarding this topic and others through our twitter page.