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On Sunday there was a hard fork on the Bitcoin Cash (BCH) network which split the chain in two. Developer groups Bitcoin Cash Node (BCHN) and Bitcoin ABC (BCHA) clashed in a hashing war, where the former quickly clarified their dominance.
By undermining 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 verge of extinctionAs nearly a day after the split, only six blocks had been mined.
According to data from the Coin.Dance website, after the network update, the first block that split the Bitcoin Cash chain was mined by AntPool. Hash power has been in BCHN’s favor ever since. It means that from now on the official version of Bitcoin Cash advances without mining fees, without the ABC developer group and leaving behind its leader Amaury Séchet.
Bitcoin Unlimited, another development team that was also opposed to ABC, released a statement to congratulate the community an event that they consider historical because from their point of view decentralization has won.
Bitcoin Cash has done something no other cryptocurrency ecosystem has done. We have succeeded in not only successfully rejecting 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 version.
Although Bitcoin Unlimited points out that the event is historic because it did not happen in any other ecosystem, it needs to be made clear that when Bitcoin Cash forked from Bitcoin, there was a hash war which resulted in a chain with larger blocks ( BCH with 2MB), while the other continued with 1MB blocks (BTC).
The message refers to how the ABC group enforced the coinbase rule, which was activated despite opposition from a majority of community members. ABC’s coinbase rule enforces an 8% contribution on rewards for a new block created that goes directly to the control of a group of developers led by Séchet.
In a statement released prior to 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 the vulnerability of the Bitcoin ABC chain on Twitter. He warned it’s not safe because only 0.05% hashrate is needed to promote a 51% attack. Added that BCHA was mined by a single miner which has suffered a considerable loss, not only because of its low value, but also because it has to 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 chart shows, the miners refused to mine the blocks of the BCHABC chain which includes 8% tax on newly created blocks. 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 it now the fundamentals on which cryptocurrency is built are stronger than ever: “The community is firing rent seekers and retarders and voluntarily funds a lot of infrastructure and marketing teams,” he said.
Gradually the exchanges arrived resume operations involving BCH. OKEx, for example, has informed its users that it has adopted BCHN as the new BCH. Huobi also announced the relaunch of trading services in the BCH market.
At the time of writing, BCH’s price is $ 251, maintaining similar levels to those recorded before the hardfork, according to data from CoinMarketCap. While the price of BCHABC is 13 USD, as shown on the Bitfinex exchange.
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