Bitcoin Cash is about to tear itself in two.
On one side, Bitcoin Cash ABC.
On the other, Bitcoin Cash SV.
Sound messy and confusing? Well, it is.
Bitcoin Cash is on the brink of another hard-fork – where a blockchain splits in two, potentially creating two separate cryptocurrencies.
Background reading: What is a hard fork in cryptocurrency?
Early signs suggest that Bitcoin Cash ABC has the edge and will become the dominant chain. But what is Bitcoin Cash ABC? Who’s behind it? And what changes will it bring? Let’s dive in.
What is Bitcoin Cash ABC?
1. The “Best Money the World Has Ever Seen”?
Bitcoin Cash ABC has a grand vision of creating the best money the world has ever seen, according to their roadmap. In very simple terms, it’s an upgrade to the existing Bitcoin Cash system.
That in itself isn’t unusual. Bitcoin Cash developers schedule bi-annual upgrades to keep the system up-to-date. In the past, the community has mostly agreed on how to move forward.
But now there’s a major divide in opinion, which could lead to two separate cryptocurrencies.
2. Who’s in Favor of Bitcoin Cash ABC?
Software company Bitcoin Cash ABC put forward the proposal, hence the name.
Their software is used by two-thirds of Bitcoin Cash mining nodes, who simply need to upgrade the software to implement the upgrade.
Bitmain, the world’s largest cryptocurrency mining company, has also publicly stated support for Bitcoin Cash ABC. Bitmain is reportedly marketing its new miners heavily at mining farms for the upcoming hard fork.
Exchanges Binance and Coinbase have expressed support for the hard fork and cold storage company Ledger will support the dominant chain (likely ABC).
3. And Who is Against Bitcoin Cash ABC?
The loudest voice against Bitcoin Cash ABC is Craig Wright, who has publicly declared himself as Satoshi Nakamoto in the past.
His software company nChain proposed the alternate vision, called Bitcoin SV (or “Satoshi Vision”)
The argument reached boiling-point this week as Roger Ver published an email reportedly from Craig Wright which read “You are my enemy… You will now discover me when pissed off.”
Bitcoin Cash SV also has support from mining company CoinGeek.
4. The Technicals of ABC: Same Block Size, More Features
From a technical viewpoint, Bitcoin Cash ABC aims to maintain the current block size of 32MB. However, they will introduce “canonical transactions,” which allows for enormous scaling.
As explained in the ABC roadmap, “there are some technical improvements that must be made to enable Bitcoin Cash to scale to a world-wide currency.”
In a nutshell, Bitcoin Cash ABC is about laying groundwork for huge scaling in the future. On the flip side, Bitcoin SV wants to go ahead and raise the block size immediately to 128MB, claiming “the future of Bitcoin is big blocks, big business, and big growth.”
Another technical upgrade for Bitcoin Cash ABC is a new opcode that will introduce the potential for cross-chain atomic contracts.
5. Bitcoin Cash ABC Has the Edge According to Pre-Trading at Poloniex Exchange
Poloniex took a unique position by allowing users to trade both tokens ahead of the official hard fork.
Early trading activity put Bitcoin Cash ABC at five times more valuable than SV.
Bitcoin Cash ABC has a price of $505.
Bitcoin Cash SV has a price of $104.
Of course, this is all subject to change as we move closer to the hard fork implementation.
Countdown to November 15th
The hard fork is due to take place on November 15th, unless the two communities can come together and reach an agreement.
If no compromise is reached, we will likely see the emergence of two new cryptocurrencies.
Block Explorer News will keep you up to date in the coming week as the clash evolves.
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