Two “Bitcoin Cash” and one survivor: the network just split (again)
In case you didn’t know, Bitcoin Cash (BCH) was the result of a Bitcoin (BTC) network’s split in 2017. And Bitcoin SV (BSV) was the result of another network split in 2018, this time within Bitcoin Cash. Now, we have two brand new “BCHs”: Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCH ABC).
This is the result of the last network split (hard-fork) underwent this November 15th, since two separate groups of developers failed to agree on an important new feature for such blockchain. Something that seems simple, but it may have great implications for decentralization and miners.
The group of Bitcoin Cash developers led by Amaury Sechet (BCH main developer since the beginnings) and dubbed “BCH ABC” wanted to implement an update on the Bitcoin Cash code. This new “Coinbase Rule” would require the miners to give up 8% of their rewards to redistribute them to developers, in order to financially support the protocol development.
Such a function was seen as an unfair “miner tax” by another developer group, dubbed “Bitcoin Cash Node”. So, they removed the rule from the source code on their own; thus proposing an alternate version of the same blockchain.
Before yesterday’s hard-fork, Bitcoin Cash Node reached 80% of miners’ support; which means they would keep mining this alternate version after the Coinbase Rule update by ABC, instead of the original.
Now we can see that in crushing numbers. According to the current CoinDance data, the hash rate (miner community) for the BCH ABC version plummeted since its very beginning, while the BCHN version just decreased a bit before increasing again, maintaining almost the same rhythm as the original BCH.
If the ABC version fails to reach enough hash rate, it might just disappear. For now, BCHN is leading the race with 856 mined blocks and wide community support, against barely something by ABC.
What happened with my Bitcoin Cash then?
Don’t worry, your funds in Bitcoin Cash are safe. In preparation for this event, the exchanges that work with it (including Alfacash) ceased all the operations with this cryptocurrency beforehand, waiting for the hard-fork results.
Now that this is done and seems clear that BCHN will be the ultimate survivor, they’re resuming the transactions as normal, using the chain of Bitcoin Cash Node and attributing to it the Bitcoin Cash original name and ticker (BCH). Just as we did.
The BCH price is recovering as well after a brief fall, with over 249 USD per unit. It’s totally safe to trading with it from now on, and, just so you know, on our automatic and non-custodial exchange we’re offering some interesting discounts.
Featured image by bitcointere / PxHere
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Originally published at https://blog.alfa.cash on November 16, 2020.