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Home / Business / Hash Watch: Bitcoin Cash service reveals contingency plans for the upcoming Fork

Hash Watch: Bitcoin Cash service reveals contingency plans for the upcoming Fork



The Bitcoin Cash blockchain is set to upgrade on Sunday, November 15, and it is still thought that the network will split. So far, several crypto services have revealed contingency plans for the fork, and today’s data shows that 754 out of 1,000 bitcoin cash blocks have been mined using BCHN software.

Over the next 11 days, the Bitcoin Cash upgrade is coming, and the newest feature that will be added to the network is the ASERT Difficulty Adjustment Algorithm (DAA). However, the community is also gearing up for a controversial fork, as one of BCH’s seven full node projects introduced the Infrastructure Funding Proposal (IFP) into the codebase. The IFP caused a lot of controversy, as it created a huge split between its proponents and those who didn’t. In September, news.Bitcoin.com reported on how most BCH market participants including businesses, executives, miners and developers from six full node projects decided to split hand Bitcoin ABC.

In regards to coin votes, hashpower, and futures markets, Bitcoin ABC does not perform well against BCHN. Block statistics from the Coin Dance web portal show that 75.4% or 754 of the 1,000 blocks are mined using BCHN software. 11 blocks out of the last 1,000 BCH blocks signaled ABC, representing 1.09% of the thousands mined. Approximately 2 exahash per second (EH / s) of SHA256 hashrate points to the Bitcoin Cash network on Wednesday, November 4th.

Hash Watch: Bitcoin Cash service reveals contingency plans for the upcoming Fork
Data from Coin Dance web portal Wednesday, November 4, 2020.

Bitcoin ABC futures shows the market is trading at a much lower price than BCHN futures on Wednesday afternoon. Poloniex ABC futures incorporating tether (USDT) says the token is swapping for $ 20 per unit. ABC futures on Coinflex are priced the same at $ 20.50 per ABC token. ABC futures on Coinex are even lower, as ABC tokens are swapping for $ 16.34 at the time of publication. If the final prices are nearly the same after November 15, 2020, then the ABC airdrop will have a very small market valuation amid the extreme of the top coin market capitalization positions.

Hash Watch: Bitcoin Cash service reveals contingency plans for the upcoming Fork

Since our last report, several infrastructure providers have announced contingency plans for the upcoming fork. For example, the Poolin mining operation revealed its plans for the BCH fork scheduled for the 15th.

“The Bitcoin Cash (BCH) network is expected to undergo a hard fork on November 15, 2020,” Poolin detailed. “There are currently two competing fork proposals, Bitcoin Cash ABC (ABC) and Bitcoin Cash Node (BCHN). According to the latest data from Coin Dance, 76.3% of BCH blocks have signaled BCHN support over the past 7 days, compared with 1.0% for ABC. In the event of a successful fork, users who hold BCH prior to the fork will receive new assets ”.

The mining team also said the operation will move all BCH hashrate to BTC one day before the hard fork, it also plans to suspend BCH payments on November 15, and “a separate announcement about moving the BTC hashrate back to BCH. will be announced once the hard fork is complete and the network is stable. “At press time, Poolin is only capturing over 1% of the BCH network’s hashrate, according to Coin Dance data.

Hash Watch: Bitcoin Cash service reveals contingency plans for the upcoming Fork

On October 30th, the Bitgo company detailed that they are also preparing for the upcoming fork on November 15. “Bitgo is currently running BCHN nodes and hopes that it will be the mainstream post-distribution chain. value, ”the company tweeted. “We will suspend all BCH services at 00:00 am UTC on 15 November in preparation for the fork. We will monitor the network and restore service as soon as the dominant chain is confirmed. Our main goal is to ensure the safety of our customers’ money. We will post more details on Bitgo’s approach to this potential fork in a blog post next week, ”the company added.

During the evening crypto (ET) trading sessions, San Francisco-based exchange Coinbase revealed its plans for the upcoming fork. “Bitcoin Cash (BCH) is expected to undergo a hard fork on November 15, 2020,” Coinbase tweeted. “Before the fork, Coinbase will be running BCHN nodes and hopefully this will be the dominant fork of the chain. Once the fork starts, the BCH sending / receiving to and from coinbase.com and Coinbase Pro will be paused and re-activated once we determine the upgrade has stabilized. “

Coinbase added:

Once the fork is complete, please note that we will NOT support sending / receiving forked coins BCH ABC on coinbase.com or Coinbase Pro.

The hardware wallet company, Satoshilabs (wallet maker Trezor), revealed its contingency plans on November 4, 2020. According to the blog post, Satoshilabs decided to run Bitcoin ABC and admitted that “ There may be a service interruption ”.

“Depending on the consensus of users after the fork, this will not change or just move to support the fork chain, called the Bitcoin Cash Node,” explained the Satoshilabs post.

“After the fork, Satoshilabs will track whether the fork chain has enough support to justify supporting it. If the community chooses the Bitcoin Cash Node, Satoshilabs will drop support for Bitcoin Cash ABC and connect to the new network, ”the company added. Bitcoin Cash proponents and Trezor holders on social media and forums are not satisfied with Satoshilabs’s decision to operate the minority node.

Furthermore, hardware wallet company Ledger Wallet provided information on how it will handle the upcoming upgrade in mid-November. “Ledger will suspend their BCH offerings from November 12 at 07 : 00 UTC for security reasons, ”wrote the hardware wallet company. “We will watch what happens after the fork to see which chains will remain both technically and economically viable.”

Seven days ago, the Okex exchange notified its clients of the exchange’s BCH fork contingency plan. “The Bitcoin Cash (BCH) network is expected to undergo a hard fork,” the blog post noted. “There are currently two competing fork proposals, Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). In the event of a successful fork, Okex users holding BCH prior to the fork will receive two new assets, BCH ABC and BCHN. “

Trading platform Binance detailed the BCH fork agreements on November 3, 2020 and stated that this is “a controversial hard fork that could lead to an additional token”. Interestingly, the exchange is listing the leveraged token market known as “BCHUP” and “BCHDOWN” and Binance plans to delist the market on November 9, 2020. Furthermore, two days Previously, the Huobi exchange also announced the trading platform’s contingency plan.

“This upgrade is expected to separate Bitcoin Cash from two chains, BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node),” the Huobi blog post detailed. “Since there is no fair naming standard for the BCH fork in the current community, Huobi Global respects the opinion and consensus of the community and users and will set a transition period for the fork. After the community has formed a consensus on BCH naming, we will end the transition and rename BCHA or BCHN ”.

With just over a week left until the upgrade and the possibility of a minor fork, BCH proponents are preparing for the results. The best users can do is wait patiently, but also ensure that they have control over their bitcoin cash private keys. BCH enthusiasts who store money on an exchange should ensure that the trading platform keeps clients up-to-date on how it will fork. If BCH users are dissatisfied with the direction of any third party software provider or trading platform, they should move their BCH to a different location before fork.

What do you think about the upcoming Bitcoin Cash upgrade and the possibility of a chain split? Let us know what you think about this topic in the comments below.

Cards in this story

ABC airdrop, ABC token, BCH, BCH fork, BCHN, BCHN nodes, Binance, Bitcoin (BTC), Bitcoin ABC, bitcoin cash, BitGo, Coin Dance, Coinbase, Coinex, Coinflex, Futures, Hashrate, Huobi, IFP, Ledger Wallet, network split, Okex, Poloniex, Poolin, SatoshiLabs, Split, Trezor

Image credit: Shutterstock, Pixabay, Wiki Commons, Coin Dance, Twitter, Binance,

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