Monday , April 12 2021

Bitcoin Fork Cash Drama is not over yet

We now have more than 500 blocks discovered for each of the two competitors Bitcoin Cash Realizations.

With the addition of a checkpoint upgrade to the ABC network, it now seems more and more likely that both networks will survive to fight for it for the title of "real" Bitcoin Cash.

ABC updated its node protocols to include a & # 39; checkpoint & # 39; feature. This controversial upgrade will help protect ABC from re-attacking the organization. Simply put, it works by ABC nodes rejecting a longer or higher proof of the work chain that can be secretly mined by the SV pool.

as per The Days of Song, Upgrading the checkpoints is only "making their chain more centralized." The arguments against the checkpoints relate to the fact that it undermines a central component of Nakamoto's consensus, which always honors the chain at the highest altitude and the cumulative proof of work.

After adding a barrier, we should start seeing more exchanges and have the confidence to open deposits and withdrawals on ABC and SV dismantled markets. At the time of writing, fork markets were now priced at $ 97 for SV and $ 240 for ABC. We have seen more than $ 45 million of volume traded in the last 24 hours in the Binance fork markets against the USDT pair.

The war continues

At the time of the split, we saw around 4 EH / s (exahashes per second) of mining power hash on the Bitcoin blockchain for cash (with 70:30 split towards SV). After the split happened we quickly saw the rate of ABC hashing ramp all the way up to 9 EH / s. As shown in the following diagram, the additional hash power now disappears offline, with the two blocks now correlated to each other for mining.

Shuki fork

We currently have fork markets in operation on a number of large exchanges. Currently this trade refers only to the BCH marks that were deposited in the leading stock exchanges before the fork. The Hubei exchange indeed announced yesterday that it will open ABC deposits today.

However, they have since postponed the deposit service without providing any additional reason for the delay.

According to Bitmain disclosures ahead of their proposed $ 14 billion offering, they hold more than 1 million BCH tokens in their balance sheet.

Jin Wu took a Twitter to help work "when I can deposit my BSV tokens". You can expect Bitmain to be looking for a "dump" holding its SV as soon as the exchange begins to open up for deposits on the SV chain.

Until we see large exchanges begin to open deposits and withdrawals for both networks, it seems that the uncertainty of the two networks is to continue.

By Nawaz Solmang November 19, 2018

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