Hard Fork of Bitcoin Cash: a war that could give rise to Bitcoin ABC and Bitcoin SV

This is a new “war of the forks” that seems to worm itself in the crypto sphere.

This one now concerns Bitcoin Cash (BCH), this controversial fork born from the original blockchain of Bitcoin on August 1, 2017, following disagreements on the future of cryptocurrency.

Because for several weeks dissensions are emerging within the community of the BCH, which is preparing for a new hard fork (a separation of the blockchain), scheduled for November 15. It could give birth to two new cryptocurrencies:

  • Bitcoin Cash ABC (BCHABC)
  • Bitcoin Cash SV (BCHSV)

The genesis of Bitcoin Cash

The evolution of the Bitcoin decentralized protocol has been the subject of numerous debates among developers, with contrasting views on the technological updates to be implemented.

In July 2017, part of the Bitcoin community, led by evangelist Roger Ver, decided to actively advocate for blockchain block size increases. She pointed out the network’s high transaction fees and delays, accusing the BTC of being irrelevant for making daily payments. According to this group, the first digital currency had moved away from the original vision of Satoshi Nakamoto, presented in Bitcoin’s White Paper.

It is this disagreement that was born on August 1, 2017, the Bitcoin Cash.

Bitcoin ABC: the conservative branch

  • No “radical changes” made to Bitcoin Cash
  • Leader : Roger Ver
  • Launching : July 2017
  • Juvenile vote : 47.5%
  • Price (future) : 389 dollars
  • Support : Bitmain, Binance, Bitcoin.com and Coinbase

For Bitcoin ABC, Bitcoin Cash’s structure is “healthy,” and it “does not require any radical modification.” The group nevertheless recommends in its roadmap the implementation of certain functionalities. Among the proposed improvements are “smart contract” capabilities and improvements related to “scaling” the network.

Three main ideas emerge:

  • Improved “0-confirmation” transactions to make the payment experience instant and reliable, without having to make any changes to the consensus rules
  • Setting up a better “scaling on-chain”
  • Better fungibility of the corners

The acronym ABC stands for Adjustable Blocksize Cap. Linked to Bitcoin ABC software, the group wants to allow node owners “to adjust the limit of their block size”.

Bitcoin SV (Satoshi’s Vision): the liberal wing

  • Restore the original protocol developed by Satoshi Nakamoto
  • Leader : Craig Wright
  • Launching : August 2018
  • Minors vote : 7%
  • Supporters : CoinGeek, CalvinAyre, Bitcoin.org
  • Price (future) : 142 dollars

The vision advocated by Bitcoin ABC is strongly contested by the camp Bitcoin SV.

Set up last August by the blockchain development company owned by Craig Wright, this faction promotes the idea of a radical change in the current structure of Bitcoin Cash network. These include increasing the size of Bitcoin Cash blocks from 32 MB to a maximum of 128 MB, to improve the capacity of the network and allow it to better “scaler”.

Promoting “the choice of minors”: this is the credo of Bitcoin SV supporters, who hope to attract minors’ votes by promising them better long-term incomes.

“To the extent that miners should dictate the Bitcoin ecosystem roadmap, CoinGeek and other miners have asked nChain to implement a professional implementation of the Bitcoin full-node software (to be used on BCH) that restores the original protocol of Bitcoin “.

Many low shots

 

The Bitcoin SV approach, which is supported by just over 7% of the Bitcoin Cash community nodes, is promoted by Craig Wright.

The controversial Australian computer scientist, who had previously portrayed himself as the real Satoshi Nakamoto, has recently been talked about in jousts against Jihan Wu, the co-founder of mining giant Bitmain.

The latter accused Mr. Wright, whom he calls “Fake Satoshi”, of being a spy of Blockstream:

Attacks that Mr. Wright did not hesitate to answer:

What will be the result?

This hard fork, scheduled for November 15, could have repercussions on the entire market as it concerns the fourth largest digital asset, which claims a valuation greater than $ 9 billion.

If it seems unpopular, Bitcoin SV can rely on weight support that could tip the scales at the critical moment. Recall that Coingeek, which supports this approach, is currently the largest mining pool Bitcoin Cash network, providing nearly 40% of its hash rate.

For its part, Bitmain, one of the main holders of Bitcoins Cash corners and support for Bitcoin ABC, recently contacted “almost all” Chinese mining farms in Xianjing County, calling them to deploy about 90,000 Antminer S9 miners .

As the fateful date approaches, the choices made by the various nodes of the network give us an idea of the forces involved. Bitcoin ABC (in orange) is acclaimed by 47.5% of them, Bitcoin Unlimited (in green) can rely on 36% of these operators, while Bitcoin SV (in red) only garners 7% of the vote .

 

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