Bitcoin Cash Hard fork
Bitcoin cash is going into a hard fork come Nov. 15 this year. However, there are ongoing debates regarding the hard fork threatening to create a split with the cryptocurrency’s stakeholders. The upcoming fork is to create a clear split between supporters of two versions of Bitcoin cash, Bitcoin ABC and the Bitcoin SV.
As it is the case with most cryptocurrencies, two solutions votes to determine the one to update the main net with. Cryptocurrency exchange platform Poloniex, a major industry player is indicating preferences for the Bitcoin ABC version. Meanwhile, the majority of users from hash power are bending towards the implementation of the Bitcoin SV version in the fork.
The Bitcoin SV software is developed nChain, a cryptocurrency firmed run by Craig Wright as the chief scientist. Reports indicate that more than 63 percent of Bitcoin Cash miners are supporting the Bitcoin SV for the hard fork. Meanwhile, only 18 percent of miners support the Bitcoin ABC implementation.
However, it must note the indicating figures for the support levels of the two software merely estimate. The actual data will base on which mining pools indicate support for each of the coins after the split. Social media reports show that CoinGeek, SVPool, BMG Pool, okminer and mempool which all support Bitcoin SV control a total of at least 73 percent of the network hash rate at the moment.
Furthermore, nChain Chief Scientist and Bitcoin SV lead developer revealed in a statement that he would support killing Bitcoin ABC implementation by mining empty blocks on the network after the split. He explained saying that would require Bitcoin SV miners to maintain at least 51 percent of the current networks existing hash power.
Bitcoin Peter Rizunm is the Chief Scientist of Bitcoin unlimited. Basically, the second most popular bitcoin cash implementation. He does not believe nChain can attack Bitcoin ABC by mining empty blocks. He said:
It is possible for one chain to mine malicious blocks … [the] SV alliance has said they will attack [the] BCH chain if ABC rules get implemented. I think that’s a bluff, and they don’t have [the] technical capacity to make it happen. If it does, it could hurt BCH.
If actually Craig wright Bitcoin SV emerges as the winner in the fork and he does go ahead with mining empty bitcoin ABC Blocks, the bitcoin cash ecosystem could suffer.
Cryptocurrencies get to build on the principles of freedom, destroying another version of a crypto. This one does not agree with is simply a greedy way of exaggerating centralizing control, which crypto is against.
You can Contact us for Exchange Listing, Blockchain Events, Wallets, Tracking Tool info.