Bitcoin Cash Network Update Begins and Bitcoin ABC Leads The Block Race
Bitcoin Cash News: The Bitcoin Cash (BCH) network update began as per its schedule on November 15. The upgrade that will probably lead to a hard fork has the BCH community divided into two camps, one supporting Bitcoin ABC and other supporting Bitcoin SV. The verdict of the community seems to more inclined towards Bitcoin ABC.
During the time of writing, Bitcoin ABC and Bitcoin Unlimited were marginally leading Bitcoin SV in terms of both hash rate and the number of nodes, as per the data provided by Coin.Dance. Off the 41 blocks that have been mined under the new consensus rules, Bitcoin ABC is 12 blocks ahead.
The upgrade has pushed most cryptocurrency exchanges to suspend BCH trading and withdrawals. While Ledger announces its withdrawal days earlier, Bitstamp and Poloniex like others suspended BCH’s services untill further clarification on the matter.
BCH FORK: Bitcoin Cash deposits and withdrawals have been halted at Bitstamp and may remain unavailable for some time, depending on how the situation unfolds.
— Bitstamp (@Bitstamp) November 15, 2018
We’ve finished converting all BCH balances to BCHABC and BCHSV. The BCH market is now disabled. BCHABC/BTC, BCHSV/BTC, BCHABC/USDC, and BCHSV/USDC markets are open. Deposits and withdrawals of BCHABC and BCHSV are still paused, and will remain paused until the networks stabilize.
— Poloniex Exchange (@Poloniex) November 15, 2018
Bitcoin ABC vs Bitcoin SV
Both proposed upgrades offer different opinions over the implementation of the update over the BCH network. The Bitcoin ABC version, supported by crypto evangelist Roger Ver, stands for “Adjustable Blocksize Cap”. The proposal states that the basic structure of BCH is “sound,” and “does not need any radical change”. The change to be introduced in the network includes “removing software bottlenecks” and enabling node operators to change their block size limit.
The other option, Bitcoin SV, Satoshi’s Vision, receives immense support from Craig Wright, the self-proclaimed inventor of bitcoin under the alias Satoshi Nakamoto. This proposal introduces radical changes to the current BCH structure, designed to completely overwrite the network scripts of Bitcoin ABC and increase the BCH block size from 32MB to a maximum of 128MB.
The feud over the Bitcoin Cash hard fork is stressing the eco-system of the cryptocurrencies as a split caused due to hard fork will surely affect the entire network.
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