The Bitcoin Cash (BCH) network update, which many forecasted would result in a hard fork, started as scheduled on November 15.
At press time, Bitcoin ABC and Bitcoin Unlimited are leading Bitcoin SV in terms of both hash rate and number of nodes, according to data from Coin.Dance. Under the new consensus rules, 41 blocks have been already mined, wherein Bitcoin ABC is 12 blocks ahead.
The update has influenced cryptocurrency exchanges all over the globe to halt BCH trading and withdrawals.
The news about the protocol upgrade has split the BCH community in two camps as there are two dominating recommendations for the implementation of the BCH network in the form of Bitcoin ABC and Bitcoin SV (Satoshi’s Vision).
Bitcoin ABC stands for “Adjustable Blocksize Cap”, and its advocates claim that the fundamental structure of BCH is “sound,” and “does not need any radical change”. Suggested changes include “removing software bottlenecks” and allowing node operators to change their block size limit.
Bitcoin ABC is backed by crypto evangelist Roger Ver, while Bitcoin SV supporters are bannered by Craig Wright, who has previously affirmed himself to be the mysterious Bitcoin inventor Satoshi Nakamoto. The SV camp promotes drastically altering the existing BCH structure, where its split is geared to entirely overwrite the network scripts of Bitcoin ABC and increase the BCH block size from 32MB to a maximum of 128MB.
The issue of a BCH upgrade caused a dispute in the community; Wright engaged in verbal tussles with Bitmain’s co-founder Jihan Wu, who charged Wright of being a Blockstream spy. Wright’s messages to ABC, Roger Ver, and Bitmain have turned into bankruptcy threats and charges of being engaged in Silicon Road machinations and child pornography.
A simmering feud between the crypto communities would have a substantial impact on the crypto market in general, while a split caused by a hard fork will affect the entire network.
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