On Thursday, the most controversial story in the history of a year's money for bitcoins is occurring.
It is so controversial, in fact, that this has the potential to divide the blockchain into two separate itcoations of the bitcoin cash protocol – one led by the group of developers Bitcoin ABC and the other, Bitcoin SV, led by the research firm blockchain nChain .
The process itself should start at 4:40 pm UTC on November 15th, although a dominant chain will be determined in the following hours.
As such, cryptocurrency observers and stakeholders around the world are lining up to look at the looming bitcoin cash hard fork, a process that will take place while miners are pointing their hashing power into a chain or 39; other, while node operators update their software and as investors and traders decide which coins to hold (and which ones to sell).
Yet at this point there is much to do in the air – which implementation most users will support, what implementation most miners will support and whether the main supporters of Bitcoin SV will act on threats to attack the opposing chain
With the situation still very much in the making, here is a guide on how to observe the action.
In all likelihood, a good part of the cryptocurrency community will observe and live-tweeting about how events will take place in the coming days.
If the comments that lead to the bitcoin hard cash fork are indicative, it is likely that the following individuals will continue to offer their insights as the situation unfolds:
- Roger Ver (@rogerkver) – bitcoin angel investor since 2012 and early bitcoin cash proponent
- Amaury Séchet (@deadalnix) – lead developer for Bitcoin ABC
- Ryan X Charles (@ryanxcharles) – CEO of Money Button, an online payment tool
- Chris Pacia (@ChrisPacia) – main developer for the OpenBazaar e-commerce platform
- Jihan Wu (@JihanWu) – co-founder of the encrypted giant Bitmain
- Craig Wright (@ProfFaustus) – chief scientist of the research and development company blockchain nChain
- Jimmy Nguyen (@JimmyWinMedia) – CEO of nChain
- Calvin Ayre (@CalvinAyre) – founder of the publication of the cryptocurrency media and CoinGeek mining pool
- Cobra (@CobraBitcoin) – co-owner of the bitcoin bitcoin.org information site and bitcointalk.org discussion forum
- Eli Afram (@justicemate) – writer for the publication of cryptographic news CoinGeek and founder of Bitcoin Cash Australia
- Marcel Pechman (@noshitcoins) – founder of RadarBTC, a Brazilian site that provides cryptanalysis analysis and comments for traders in Portuguese
- Peter Rizun (@PeterRizun) – chief scientist for Bitcoin Unlimited
- Alistair Milne (@alistairmilne) – co-founder of the cryptocurrency investment company Altan Digital Currency Fund
Furthermore, it is worth noting the equally popular social media platform, Reddit. The main channel to keep watch for developments related to cashcoin is / r / btc.
Execution of the fork
Viewers will also need a way to state that the hard fork was actually executed.
A platform, Fork Monitor, will alert users once the hard fork will be active on the bitcoin cash blocker.
Once the fork has been run, Fork Monitor's sponsor, BitMex, has stated that the exchange will contain the prices set for the blockchain compatible with Bitcoin ABC and will exclude "the value of Bitcoin SV".
Other exchanges have not been so fast to take sides, especially given the continuing threats of chain sabotage this could cause a prolonged struggle between the two cash bitcoin networks.
Still, many hope that a clear winner will be undeniable.
"If there is a split with an ambiguous, unclear winner where one side is slightly ahead of the other, this is a really bad situation because … it creates tremendous confusion for people," he said. told Charles Xan Charles, Money Button CEO, adding:
"Bitcoin money is hard enough to understand, division would be a problem."
Who has the knots?
Finally, the progression of the rigid fork, once implemented, can be evaluated by observing the numerical estimates of the node distribution.
CashNode indicates the proportional and geographic spread of computer servers running Bitcoin ABC software and Bitcoin SV software, as well as other bitcoin-compatible cash implementations such as Bitcoin Unlimited.
Likewise, the Coin Dance data tracking site also transmits information on which nodes are operating on the blockchain. Among other details, the site shows which implementations are used both at the time and historically.
All these platforms will provide useful information on the bitcoin cash debate both before and during and after, which some believe, as Bitcoin Unlimited chief scientist Peter Rizun, is not just a technical debate but a "political battle".
"I see this fork more like a social or political battle, but it is disguised as a technical debate," he told CoinDesk.
Image of the boxing match through Shutterstock