Hash Watch: Bitcoin Cash Services Reveal Contingency Plans For Next Fork

The Bitcoin Cash blockchain is expected to be updated on Sunday, November 15 and the network is expected to fork. So far, a number of cryptographic services have revealed contingency plans for the fork, and today’s data shows that 754 blocks of cash out of 1,000 bitcoins have been mined with BCHN software.

In 11 days, the Bitcoin Cash update is on its way and the latest feature to be added to the network is the ASERT Difficulty Adjustment Algorithm (DAA). However, the community is also gearing up for a controversial fork, as one of BCH’s seven full node projects introduced the Infrastructure Financing Proposal (IFP) into the code base. VET has been extremely controversial, as it has created a huge gap between those who support it and those who don’t. In September, news.Bitcoin.com reported that most BCH market participants, including companies, executives, miners, and developers of six full node projects, decided to say goodbye to Bitcoin ABC.

As for the coin ratings, hashpower and futures markets, Bitcoin ABC is not doing well compared to BCHN. Block statistics from the Coin Dance web portal show that 75.4% or 754 out of 1,000 blocks were mined using BCHN software. 11 blocks of the last 1,000 BCH blocks were reported for ABC, which represents 1.09% of the thousand blocks extracted. On Wednesday 4th November, there are approximately 2 exahash per second (EH / s) of SHA256 hashrates bet on the Bitcoin Cash network.

Bitcoin ABC futures show the market is trading for far less than BCHN futures on Wednesday afternoon. Poloniex ABC futures paired tether (USDT) indicates that the token is trading for $ 20 per unit. ABC futures on Coinflex are priced similarly to $ 20.50 per ABC token. ABC futures on Coinex are even lower, as the ABC token is trading for $ 16.34 at the time of publication. If prices end up being more or less the same after November 15, 2020, the ABC airdrop will have a very small market valuation in the totem of coin market cap positions.

Since our latest report, some infrastructure providers have announced contingency plans for the next fork. For example, the Poolin mining operation has revealed its plans for the BCH fork scheduled for the 15th.

“The Bitcoin Cash (BCH) network is expected to undergo a hardfork on November 15, 2020,” Poolin explained. “There are currently two competing fork proposals, Bitcoin Cash ABC (ABC) and Bitcoin Cash Node (BCHN). According to the latest data from Coin Dance, 76.3% of BCH blocks have reported support for BCHN in the past 7 days, compared to 1.0% for ABC. In the event of a successful fork, users who hold BCH prior to the fork will receive the new resources. “

The mining pool also said that the deal will transfer all BCH hashrate to BTC one day before the hardfork, also plans to suspend BCH payments on November 15th and “a separate announcement on the change of BTC hashrate to BCH will be posted. once the hard fork is complete and the network is stable. “As of press time, Poolin only captures a touch over 1% of the BCH network’s hashrate, according to data from Coin Dance.

On October 30, the Bitgo company announced that it was also preparing for the next fork on November 15. “Bitgo is currently running BCHN nodes and expects it to be the dominant post-fork chain,” the company tweeted. “We will pause all BCH services at 00:00 UTC on November 15th in preparation for the fork. We will monitor the network and restore the service as soon as the dominant chain is confirmed. Our main goal is to ensure the safety of customers’ coins. We will publish more details on Bitgo’s approach to this upcoming potential fork in a blog post next week, ”the company added.

During the evening crypto trading (ET) sessions, the San Francisco-based Coinbase exchange revealed its plans for the next fork. “Bitcoin Cash (BCH) is expected to undergo a hard fork on November 15, 2020,” Coinbase tweeted. “Prior to the fork, Coinbase will execute the BCHN nodes and expect it to be the post fork of the dominant chain. Once the fork has started, BCH sends / receives to and from coinbase.com and Coinbase Pro will be paused and reactivated once it is established that the update is stable. “

Coinbase added:

Once the fork is complete, please note that we will NOT support sending / receiving BCH ABC forked coins on coinbase.com or Coinbase Pro.

The hardware wallet company, Satoshilabs (makers of the Trezor wallet), revealed its contingency plans on November 4, 2020. According to the blog post, Satoshilabs has decided to run Bitcoin ABC and admitting it understands that there may be service outages.

“Depending on user consensus after the fork, this will either remain unchanged or switch to supporting only the forked chain, called the Bitcoin Cash Node,” explains Satoshilabs’ post.

“After the fork, Satoshilabs will check if the fork chain has enough support to justify it. If the community chooses the Bitcoin Cash Node, the Satoshilabs will drop support for Bitcoin Cash ABC and connect to the new network, “the company added. Bitcoin Cash advocates and Trezor owners on social media and the forums were dissatisfied with the Satoshilab’s decision to manage the minority node.

Additionally, hardware wallet company Ledger Wallet has provided information on how the company will handle the next update in mid-November. “Ledger will suspend its BCH services from November 12 at 07:00 UTC for security reasons,” the hardware wallet company wrote. “We will keep an eye on developments after the fork to see which chain will remain viable both technically and economically.”

Seven days ago, the exchange, Okex, informed clients about the contingency plans of the trading platform’s BCH fork. “The Bitcoin Cash (BCH) network is expected to undergo a hard fork,” notes the blog post. “There are currently two competing fork proposals, Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). In the event of a successful fork, Okex users who hold BCH prior to the fork will receive the two new assets, BCH ABC and BCHN “.

Trading platform Binance detailed its BCH fork deals on November 3, 2020 and said this is “a controversial hard fork that could involve an additional token”. Interestingly, the exchange is listing a leveraged token market called “BCHUP” and “BCHDOWN” and Binance plans to remove the market on November 9, 2020. Additionally, two days ago the Huobi exchange also announced plans to trading platform emergency.

“This update is expected to create Bitcoin Cash from two chains, BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node),” Huobi’s blog post details. “As there is no fair naming standard for the BCH fork in the current community, Huobi Global respects the views and consensus of the community and users and will set a transition period for the fork. Once the community has reached a consensus on the BCH naming, we will end the transition period and rename BCHA or BCHN. “

A little over a week after the update and the possibility of a minority fork, supporters of BCH are gearing up for the result. The best thing users can do is wait patiently, but also make sure they have control over their private bitcoin cash keys. BCH enthusiasts who store funds on an exchange should ensure that the trading platform has updated clients on how it will proceed with the fork. If a BCH user is dissatisfied with the direction of any third party software provider or trading platform, they should move their BCH to another location prior to the fork.

What do you think of the upcoming Bitcoin Cash update and the possibility of a chain split? Let us know what you think about this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Coin Dance, Twitter, Binance,