Home / Others / SharkPool to extract empty blocks on Bitcoin Cash ABC as "Only one chain can exist"

SharkPool to extract empty blocks on Bitcoin Cash ABC as "Only one chain can exist"

/ Last / 2018/11 / sharkpool-to-mine-empty-blocks-on-bitcoin-cash-abc-as-only-a-chain-can-exist /

The "SharkPool" cryptocurrency mining pool recently revealed that if Bitcoin Cash ABC, the bitcoin liquidity chain that appears to be supported by most companies in space, survives the ongoing hashwar, it will remove empty blocks on it.

As recently discussed by CryptoGlobe, SharkPool is a cryptocurrency mining pool managed by CashPay Solutions of Bitcoin Cash that supported the Satoshi & # 39; s Vision (SV) side of the recent Bitcoin Cash hard fork. Bitcoin Cash SV was also supported by CoinGeek and has proclaimed himself Satoshi Nakamoto Craig Wright.

The pool, through Twitter, revealed that it is set to "exclusively" my empty blocks on altcoins and sell its profits for Bitcoin Cash SV.

SharkPool has revealed that he sees "all alts, including fork and splits" as "acts of war against Bitcoin" he claims will be treated as such. Recently, it revealed that the extraction of empty blocks on altcoins that use the name "bitcoin" will begin soon, including Bitcoin Diamond (BCD), Bitcoin Gold (BTG), Bitcoin Private (BTCP) and Bitcoin Interest (BCI).

The warning of the attack claimed that "sharks want to sharpen their teeth" and called these altinese "antipasti", which implied that he was trying to attack the bigger blockchains. In a survey conducted by Twitter, users of the microblogging website indicated Litecoin as its first potential target.

CryptoGlobe met Ari Kuqi, the co-founder of CashPay Solutions, to better understand what is happening and what can be expected in the future. From what we have been told, one of the above mentioned altcoins using the name "bitcoin" can expect an attack "within 24 hours".

When asked if the mining pool plans to attack Bitcoin Cash ABC, Ari replied:

If ABC survives the average hashwar term, yes, we will eliminate the empty blocks on ABC and force them to extract the permissions or use a spreadsheet. You should do some research on SolidCoin, they also used checkpoints to defend.

In particular, SolidCoin appears to be a cryptocurrency that has fallen to 51% of the attacks. Its developers tried to stop them using checkpoints, but they eventually failed. These checkpoints – which Bitcoin Cash ABC has recently added – should help protect the blockchain from "block reorganization attacks" in which a separate chain is extracted with greater hash power.

Mining Empty Blocks

SharkPool's strategy that extracts empty blocks on altcoins – a move that some may see as an attack – can essentially lead to the end of all economic activities on their blockchains. This is because empty mining blocks prevent transaction processing, which means that for a long period of time the blockchain would develop a large backlog of transactions.

In addition, SharkPool plans to sell block premiums that it gets from those empty blocks of Bitcoin Cash Satoshi's Vision (BCHSV). This would increase both the cash demand in bitcoin SV, but would also put the selling pressure on the altcoins, potentially lowering their price.

The move, according to Ari, is not an attack, but part of the cryptocurrency governance model:

It is the consent of Nakamoto. Nothing that our miners or our pool do is illegal, we comply with all laws and regulations. People need to understand that the cryptographic governance model is Nakamoto Consensus, this is part of it. Miners execute their executive power by voting with their hash, building on a block or orphans. SharkPool is a sign of Nakamoto Consensus working on cross chains, building complete blocks on bitcoins and preventing economic activity in altcoin.

The potential to extract empty blocks on altcoin and Bitcoin Cash ABC is still real. For Ari, SharkPool has already had "over 500 entries". While the pool decided "it would be more fun" to initially attack the little altcoins, he revealed that "Litecoin will be the first big one".

The pool operator also said that within the next halving of the block premiums – expected in March 2020 – gigabyte transactions would be needed to allow miners to be profitable. To have such a large amount of transactions, he added, "there can only be one chain". For his words, this is clear when reading the whitepaper of Bitcoin by Satoshi Nakamoto.

The hash war between Bitcoin Cash ABC and Bitcoin Cash SV, revealed, is not over yet. For him, the cryptocurrency exchanges such as Kraken and Bittrex that are giving Bitcoin Cash ABC the BCH ticker are premature and could jeopardize user funds.

Bitcoin (BTC) and Satoshi Nakamoto

Bitcoin Cash SV [Satoshi’s Vision] is supported in particular by Craig Wright, an Australian entrepreneur who claims to be Satoshi Nakamoto. We asked if SharkPool believes he is actually the bitcoin creator and what his views on BTC are in his current state.

As for Wright, he revealed that it does not matter how "SharkPool fights for healthy and stable money." NChain and CoinGeek are the only miners with their own skin in the game who absolutely want 0 protocol changes. "As long as they support" sound money and Bitcoin as from [the] Whitepaper ", he added, will have the support of SharkPool.

As for Bitcoin, Ari Kuqi said:

Block limitation [to 1 MB], adding RBF [Replace-by-fee] and SegWit [Segregated Witness] they changed BTC's economic incentives. Bitcoin is above all a system of economic incentives, which changes, makes BTC no longer Bitcoin.

Bitcoin Cash SV, currently trading at around $ 100 after selling nearly 15% in the last 24-hour period, supports an upgrade to the 128-megabyte block size of the cryptocurrency block. While the threat of extracting empty blocks on the Bitcoin Cash ABC chain is still there, Coin.Dance data shows that it has accumulated more labor (PoW) evidence than the BCHSV chain.

Source link