The Ultimate Guide To Bitcoin Cash Fork And What It Brings
Although Bitcoin Cash once was previously merely another Bitcoin fork, it happens to be among today's market leaders. When it comes to capitalization, it comes 4th having an approximately $9 billion market cap. However, its reputation has been compromised because the rumors of the upcoming BCH fork have spread.
Usually, a fork takes place when miners and developers fail to locate common ground. To simply accept protocol changes, the network requires consensus. Otherwise, the currency might split into two: the initial one and a ‘modernized'copy. For example, BCH came into being primarily as an answer to Bitcoin's scalability problem.
In the summertime, the Bitcoin Cash community split in two. One fraction — with Jiahan Wu, Roger Ver, and their miners — plans to keep the 32 MB block size because it is but implement a couple of other measurements. Another fraction — represented by Craig Wright, Calvin Ayre, and their miners — insists on increasing the block size up to 128MB and excluding extra options. In case both of the sides hold their ground, November 2018 provides us a BCH hard fork, meaning several new Bitcoin Cash versions.
Who Pulled the Trigger
The Bitcoin Cash drama got worse after a Medium post by Cobra — a controversial figure in the crypto world and the owner of bitcoin.org. On the basis of the recent dissonant proposals of the BCH teams, he made an assumption that, eventually, they would “conflict with each other.” This might, subsequently, “result in a vital consensus failure and split of the coin into two competing chains (Bitcoin Cash ABC & Bitcoin Cash nChain/Coingeek)&rdquo ;.He also known as it “a catastrophe for all investors and users of Best bitcoin wallet Cash” and announced a Cobra Client. It will, apparently, ensure safe implementation of the upcoming hard fork. Whether he was trolling or not, the tempers ran high.
The Conflict In Detail
On usually the one side of the dispute, there's Craig Wright — chief of the nChain, who once claimed to function as the creator of Bitcoin. Backed by the Coingeek team, he created Bitcoin SV (Satoshi Vision), meant for those miners who prefer the initial version of Bitcoin. Also, SV intends to boost the block size to 128 MB for faster and cheaper transactions. However, on his Twitter account, he denied that this can possibly create a hard fork:
“There is NO #BCH split. SV will not be a separate fork. It will compete as per the whitepaper on hash power. Ignore these frauds.”
— Dr. Craig S Wright (@ProfFaustus)
Coingeek's owner, Calvin Ayer, shared exactly the same idea and promised to fight against the split of the BCH chain:
“Coingeek and friends rely on the Satoshi Vision for the evolution of Bitcoin and meaning all disputes ought to be settled by Nakamoto consensus and miner hash elections.”
Next thing we all know, Bitcoin ABC, the biggest Bitcoin Cash client, just four days after Coingeek's SV release, published version 0.18.0 of full node Bitcoin Cash implementation. Including canonical transaction ordering and a brand new opcode that “improves the BCH scripting language to permit the validation of messages from away from blockchain.”
Jiahan Wu, Bitmain's founder and one of the active supporters of Bitcoin ABC and the original BCH fork, has their own vision. He promotes the idea of issuing tokens on the network, the same as Ethereum in addition to token burn. Mr. Wu has been rather critical of the entire SV idea. He tagged Wright as a “Fake Satoshi” and insisted on staying with the beds base protocol while adding certain species:
“BCH will continue its roadmap to create electronical cash on base protocol and encouraging permissionless innovation in layer-2. I see a lot of builders will work so hard! Fake Satoshi can never stop us&rdquo"
— Jiahan Wu (@JiahanWu)
Others stay quite skeptical towards the ABC and Mr. Wu's alliance. According to Bitcoinexchangeguide:
“Bitcoin ABC and Wu are pushing individuals to buy something that would not be helpful for the whole network&rdquo ;.
A few Other Opinions
But Mr. Wu and Bitcoin ABC are hardly the only opposition to Dr. Wright and CoinGeeks. Vitalik Buterin, Ethereum's co-founder, does not appear to be too agreeable either. In mention of the his Twitter:
“The BCH community should NOT compromise with Craig Wright to ‘avoid a separate'and should embrace it as an opportunity to conclusively ostracize and reject him. Bitcoin Craig (BCC) can go take the ticker symbol from the now-defunct cryptocurrency to which it is just a fitting successor&rdquo ;.
At the same time frame, you can find those that see the problem as a conflict of personal interests. In a post on a Bitcoin forum, Bitcoin Unlimited's lead developer Andrew Stone wrote:
“It is ironic these changesets are mutually compatible, yet both groups reject the other's changes… Given the “no changes, no matter how reasonable, except mine” strategy being pursued by both of these organizations, I can only just sadly conclude that that is again about power and ego not about technical merit and end user adoption.”
It still remains uncertain perhaps the anticipated fork will require place. “The civil war”, however, continues and with November 15th approaching, the pressure is unquestionably on. At this time we can only do you know what the long run holds for Bitcoin Cash.