On Sunday, November 15, 2020 (approximately noon UTC), Bitcoin Cash (BCH) will undergo a protocol upgrade resulting in a hard fork. Unlike elections, the result of this war appears to be known well in advance.
The mining community now favors Bitcoin Cash Node, with 85% of block miners on mining pools adding messages like “PoweredbyBCHN” to each newly mined block.
Bitcoin Cash Node (BCHN) and Bitcoin ABC compete for 2020 protocols (BCHA). Not just the US presidential election will end in November after months of public infighting. On Sunday, November 15, 2020 (approximately noon UTC), Bitcoin Cash (BCH) will undergo a protocol upgrade resulting in a hard fork. Unlike elections, the result of this war appears to be known well in advance.
A “hard fork” splits Bitcoin Cash into two new chains and coins, with the longest chain supported, or the community upgrades the existing BCH chain.
Neither group appears prepared to compromise. The first scenario is almost certain to occur, with BCHN gaining the BCH ticker on most major exchanges.
The Latest “Civil War” in BCH
A new proof-of-work system will be implemented on November 15, resulting in two different chains, with the most mining power ultimately winning over exchanges and miners.
When communities can’t agree on critical upgrades or concerns, miners or stakers typically vote with their network hash power.
The hard fork may not materialize due to a lack of details. However, it highly lacks agreement between the two sides.
IFP’s “Coinbase Rule” Rifts
Most members of the Bitcoin Cash community oppose the coinbase regulation, believing that the developer financing charge is excessive. Critics also worry about the growing “centralized” development of Bitcoin ABC under Séchet, who said Bitcoin ABC would smash BCHN.
Revolting against the new Infrastructure Funding Proposal (IFP) added to the Bitcoin ABC software. Proposed by Bitcoin ABC’s controversial principal developer Amaury Séchet, IFP intends to send 8% of new mining proceeds to a Bitcoin ABC-controlled account to help support future development.
This growing unhappiness has eroded community support for Bitcoin ABC, the leading full-node implementation of Bitcoin Cash since its launch in 2017.
Miners and exchanges can either update Bitcoin ABC or Bitcoin Cash Node (without the coinbase rule) or update both chains.
Hardforks in 2017 and 2018
Prominent Bitcoin Cash proponent and libertarian Roger Ver encourage community adoption and promote BCHN. Ver has slammed Sechet since January 2020, calling his coinbase law “a Soviet-style central planner’s fantasy come true.”
Based on irreconcilable disputes over whether to expand the block size from 1MB to 8MB, Ver was instrumental in triggering Bitcoin Cash’s first hard fork in 2017. In August 2018, he was a crucial player in the first Bitcoin Cash “civil war” between Bitcoin ABC and “fake Satoshi” Craig Wright’s Bitcoin SV (BSV), which intended to expand block size even more. Bitcoin ABC won the BCH ticker and helped expel BSV (partly due to Wright’s later actions) from exchanges like Binance.
BCHN to Become New BCH Fork
The BCH ticker will go to the longest chain. BTCA will only be on the list if it obtains over 10% of the network’s hash power.
Following the fork, Bitcoin ABC declared on Twitter that it would support BCHN and Bitcoin ABC and respect its community’s right to select which blockchain to support. However, Bitcoin will not help or develop BCHN.
The new ASERT method will replace the current Difficulty Adjustment Algorithm (DAA). The Automatic Replay Protection mechanism will ensure that non-upgraded validating nodes detach from the leading network following Bitcoin Cash’s next major upgrade in May 2021.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”
