On Sunday there was a hard fork on the Bitcoin Cash (BCH) network that split the chain in two. Developer groups Bitcoin Cash Node (BCHN) and Bitcoin ABC (BCHA) clashed in a hashing war, where the former quickly made their dominance clear.
By mining the longest chain, the BCHN and Bitcoin Cash Unlimited (BCHU) nodes retain the name and symbol of the BCH cryptocurrency. Meanwhile, the chain of Bitcoin ABC is on the brink of extinctionAs almost a day after the split, only six blocks had been mined.
According to data from the Coin.Dance site, after the network update occurred, the first block that divided the Bitcoin Cash chain was mined by AntPool. From then on the hash power was in favor of BCHN. It means that from now on the official version of Bitcoin Cash advances without a mining tax, without the group of developers ABC and leaving behind its leader Amaury Séchet.
Bitcoin Unlimited, another development team that was also opposed to ABC, released a statement congratulating the community for an event that they consider historic because from their point of view decentralization has won.
Bitcoin Cash has done something that no other cryptocurrency ecosystem has done. We have succeeded in not only successfully rejecting a protocol corruption, but also removing the power of a centralized development team and rejecting a centralized ‘official’ (unofficial) website. Bitcoin Cash is now stronger, more unified, and more decentralized than ever.
Bitcoin Unlimited release.
Although Bitcoin Unlimited points out that the event is historic because it has not happened in any other ecosystem, it must be made clear that when Bitcoin Cash forked from Bitcoin, there was a hash war from which a chain with larger blocks was born (BCH with 2MB ), while the other continued with 1MB (BTC) blocks.
The message refers to the way in which the ABC group imposed the coinbase rule, which was activated despite the opposition of the majority of the community members. ABC’s coinbase rule imposes a contribution of 8% on the rewards for a new block created that it goes directly to the control of a group of developers led by Séchet.
In a statement released before the hardfork, ABC noted that “our work at the BCHN network will be limited to software maintenance.” This means that both groups will continue to coexist in the Bitcoin Cash ecosystem.
Bitcoin Cash hardfork profit and loss
Blockchair lead developer Nikita Zhavoronkov commented on Twitter about the vulnerability of the Bitcoin ABC chain. It alerted that it is not safe because only 0.05% hashrate is required to promote a 51% attack. Added that BCHA was mined by a single miner that it had a considerable loss, not only because of its low value, but also because it must deduct from its profits the 8% that will remain in the hands of those who join the development of that network. “It is not decentralized,” he clarified.
As the graph shows, the miners have refused to mine the blocks of the BCHABC chain which includes the 8% tax on new blocks created. Source: Coin.Dance.
On the other hand, Marc de Mersel is among the Twitter users who have left their impressions on the Bitcoin Cash fork. Like him, many are motivated because they believe that now the fundamentals on which cryptocurrency is built are stronger than ever: “The community fires rent seekers and retarders and voluntarily funds many infrastructure and marketing teams,” he said.
Little by little the exchanges have come resuming operations involving BCH. OKEx, for example, informed its users that it adopted BCHN as the new BCH. Huobi also announced the relaunch of trading services in the BCH market.
At the time of writing, the price of BCH is $ 251, maintaining similar levels to those recorded before the hardfork, according to data from CoinMarketCap. While the price of BCHABC is USD 13, as shown on the Bitfinex exchange.