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Charlie Lee, the creator of Litecoin, recently sat down for a speech on the last episode of Magical Crypto Friends with Samson Mow, Riccardo Spagni and WhalePanda. They discussed the latest developments in the cryptographic ecosystem, including the BCH rigid crossroads, which led to the formation of BCHABC (now simply known as BCH) and BSV.
The community and the Bitcoin Cash ABC project are led by Bitcoin Cash, Roger Ver and Bitmain co-founder Jihan Wu. Miners who support BCHABC include BTC.com, Antpool and Bitcoin.com. This version of BCH aims to preserve the original functionality and vision of the Bitcoin Cash network and currently maintains the block size of 32 MB. However, because the hard fork is technically an upgrade, there are some improvements.
Bitcoin Cash SV is supported and led by Craig Wright, nicknamed "Fake Satoshi". Miners who support his vision include Coingeek and Bitcoin.org. The changes to Bitcoin Cash in this forked chain are much more dramatic than the modifications of BCHABC. First, the block size is quadrupled from 32 MB to 128 MB. Furthermore, changes have been made to the protocol to facilitate the transition to smart contracts on the BCHSV network.
Basically, the blockchain that receives the most amount of hash power (mining power) will become safer with a longer blockchain. The network that fails to get most of the hash power will lose momentum and the miners will move onto my most successful and longest blockchain.
This, according to Charlie Lee, was rather disappointing. They also highlighted the centralized nature of Bitcoin Cash ABC. This was activated by their checkpoint function. The checkpoint requires the formation of the first Bitcoin Cash ABC block as a new protocol rule. Any chain without this block would be considered invalid by the Bitcoin ABC software client. This means that rival miners will not be able to bypass the entire chain of Bitcoin Cash ABCs. This is in particular one of the possible threats in a "hash war".
According to the people on the panel, Satoshi would never have approved such a thing. Riccardo Spagni, the main developer of Monero, said:
"Monero still has checkpoints with hard-coded control codes up to certain block IDs. You know, I mean, I do not think it's basically a problem, especially when you're young, but I mean it needs to be done in order to remove that problem here is not the checkpoint by itself – it's all more like a big relay prevention thing that's a silly idea of longitude "
To this Lee added:
"Basically, I think the whole point of this decentralized consensus is based on this simple fact that anyone can turn a knot and know it will be on the right chain, just that they do not have to trust anyone."
The speakers also talked about other various topics in their in-depth discussion. You can watch the whole episode on:
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