Bitcoin Cash Network Update Begins and Bitcoin ABC Leads The Block Race

by | Nov 16, 2018 | Cryptocurrency, Cryptocurrency News

Bitcoin Cash | Bitcoin ABC | Bitcoin SV | Hard fork

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.

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.

Read more: Bitcoin Cash Hard Fork Turns Out To Be A Personal War Between Roger Ver And Craig Wright

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.

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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