Bitcoin Cash News: The cryptocurrency ecosystem has been facing turbulent times recently, one good or bad news depending upon one’s perspective was the upgrade of Bitcoin Cash (BCH). The update that was preceded by a hash war and resulted in splitting the network.
The clash between BCH ABC and BCH SV brought in a thunderstorm that did not leave BCH and the market with a positive mark. Now, that things are settling down let’s see where both forks stand.
BCH ABC or Bitcoin ABC, where ABC stands for Adjustable Blocksize Cap, stands for the idea that the basic structure of BCH “does not need any radical change.” The protocol suggests further development of the network, mainly by increasing Bitcoin Cash’s block size and minimizing transactions costs.
The BCH ABC team was spearheaded by the likes of Roger Ver, a renowned BCH advocate, and Jihan Wu, co-founder of Bitmain,a mining giant.
The contender BCH SV or Bitcoin SV, where SV stands for Satoshi’s Vision, supported that the BCH structure should be restored to “the original Satoshi protocol”. It involves overwriting the network scripts of Bitcoin ABC in its entirety and increasing the block size of BCH from 32MB to a maximum of 128MB, elevating network capacity and scale.
Craig Wright, who claims to be the Satoshi Nakamoto, leads the charge of this upgrade. Other supporters include niche news outlets like CoinGeek, CalvinAyre and Bitcoin.org. BCH SV was created in August 2018, not long before the hard fork began.
Roger Ver vs Craig Wright
Before the split, the war between the two parties heated quite a bit. While the hash war itself was creating doubts on the eventual credibility of the digital token, in the eyes of investors, verbal diarrhoea and blame game between the two ended being more harmful. Wright even went as far as calling Ethereum as useless & XRP as illegal.
While Ver maintained a certain charm and claimed that he wouldn’t mind if Monero or Dash is accepted as the world currency, as long as the cryptocurrency ecosystem is widely accepted and adopted.
BCH ABC took precedence
BCH blockchain was split on Nov. 15 and both parties started to form blocks on their respective, separate blockchains. Aimed at acquiring as many blocks as possible in order to assert dominance, both sides mobilized some of their mining power, shifting it from BTC to BCH during the peak time of the conflict.
This has taken a toll on bitcoin’s price, which eventually led to a negative trend on the overall crypto market that has led to the market’s current, shredded state.
The statistics from Bitcoin Cash data aggregator Coin Dance illustrates that BCH ABC has been accumulating more proof-of-work (PoW) than BCH SV since the date of the split. Eventually, the former won the allegiance of major crypto exchanges including Bittrex, Kraken, Bitstamp, and Coinbase, among others. Notably, the exchanges initially halted BCH trading during the most active stage of the hash war, after a few days the exchanges inadvertently named the winner by assigning the original “BCH” ticker to the BCH ABC rule set
Furthermore, the news about BCH SV failure aided it the competitor to win some brownie points. Peter Rizun, chief scientist of Bitcoin Unlimited, reported via a Tweet on Nov. 19, that BCHSV suffered a blockchain reorganization. A situation when a node or a blockchain client needs to disregard blocks they have previously considered as accepted.
The 2-block re-org we saw yesterday on BSV was actually Coingeek orphaning their own blocks. So miners do orphan their own blocks (not intentionally, of course).
— Peter R. Rizun (@PeterRizun) November 20, 2018
Soon, Emin Gün Sirer, the creator of the world’s first cryptocurrency to deploy a PoW concept and vocal critic of BCH, started questioning BCHSV’s level of decentralization.
Dramas per second are increasing on BSV: they just experienced a multiblock reorg at block 557301.
These nincompoops cannot operate their own network without shooting themselves in the foot. So much for the "small world" of miners that a certain fraud likes to blague about. pic.twitter.com/RpOkGAIFa3
— Emin Gün Sirer (@el33th4xor) November 19, 2018
He further added:
“This should not be possible in a decentralized system.”
“You can only invalidate your own block and create a new tail if you’re the majority miner. BCHSV is a centralized coin.”
All is not lost for BCH SV
Marking a win amongst much hatred, Bitcoin SV earned a ticker on Binance, one of the largest players among crypto exchanges. CEO, Changpeng Zhao, announces that both BCH ABC and BCH SV tickers “will stay” on his platform. In a way, recognizing BCHSV as an independent entity.
Later, around November 19, Kraken, a platform who claimed that it will support only one of the two BCH chain, Bitcoin Cash ABC, added Bitcoin SV under the “BSV” ticker. Though an accompanying blog post by Kraken warns their client that “Bitcoin SV does NOT meet Kraken’s usual listing requirements,” indicating “many red flags” that traders should be aware of, including miner coercion:
“Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.”
On November 23, Calvin Ayre, a BCH SV supporter and a billionaire entrepreneur announced in an article published on his own crypto media outlet CoinGeek that the coin “no longer want[s] the name Bitcoin Cash [BCH]”. Elaborating the statement says that Bitcoin Cash SV shall continue to exist independently from Bitcoin Cash (BCH), and in fact, it is the “original” Bitcoin:
“Bitcoin SV is the original Bitcoin not the original Bitcoin Cash.”
Whereas, bitcoin, in turn, is referred to as “Segwit BTC” in the article. The article further argues that supporters of both BTC and BCH of having “tinkered it [Bitcoin] to death,” as they “abandoned Bitcoin’s core principles by abandoning Nakamoto consensus and trust in miners’ Proof of Work.”
Ayre added that the coin is scheduled to release as soon as next week during a CoinGeek event. BCH, in turn, has been steadily losing its value since the hard fork began. It trades at around $197 as of press time, according to Coin360.
Read more: “Billions of People Will Use Bitcoin Cash SV In Coming Years”, Says Craig Wright