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Bitcoin Cash (BCH) has split into two cryptocurrencies called Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN), CoinDesk reported on Sunday.
What happened: The split, called a hard fork in cryptocurrency parlance, implies that the latest version of the underlying Blockchain protocol has undergone a radical change.
In the case of BCH, this change has led to the emergence of two new coins, with the latest common block mined at # 661647, according to CoinDesk.
The latest update would have been proposed by a group of developers known as BCH ABC led by Amaury Sechet, who proposed a new “Coinbase rule” that required the redistribution of 8% of the mined BCH.
The update didn’t get the approval of another group known as the Bitcoin Cash Node, which removed the 8% tax from their source code leading to an actual split.
Because matter: BCH is also the result of a hard fork that occurred on August 1, 2017, when miners of the Apex cryptocurrency were at loggerheads over the block size at the time.
In November 2018, BCH further split into two cryptocurrencies, one of which retained the original branding and the other debuted as Bitcoin SV.
Roger Ver, who is a strong supporter of Bitcoin Cash, criticized BCH’s latest hard fork in an interview with CoinDesk.
“It’s really a big deal to have these controversial hard forks. I wish it would end, ”Ver said.
BCH has a software update every six months, and a split in the chain can occur when the community around it fails to reach a consensus agreement, CoinDesk noted.
Ver also noted that the problem with the BCH network was that its developers were full of funds.
“I think so [Bitcoin] went astray from Bitcoin Cash because the developers had too much money and then they started developing and tinkering with too many different things, which caused a problem in the network, “Ver told CoinDesk.
BCH ABC has not received any hash power, so it is likely that BCHN will emerge as the dominant BCH network and inherit its ticker, CoinDesk reported.
Price action: Bitcoin Cash was trading down 9.58% to $ 234.44 at press time. Bitcoin Cash Trust in grayscale (OTC: BCHG) Friday closed 1.59% lower to $ 14.86 in the OTC market.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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