Leading Bitcoin Cash Developer Affirms That Future Fork Is Unlikely
According to leaders from many crypto projects in the industry, hard forks are going to slow down or die in the future. Many developers reunited at the Consensus Singapore event today and discussed the future of the industry.
Amaury Sechet, the lead developer of Bitcoin ABC, has noted that the industry has already slowed down on the forks this year and it is expected that it will slow even more in the future. Bitcoin ABC is one of the most popular implementations of Bitcoin Cash that is used in over 50 percent of the BCH nodes that are running right now.
Sechet has argued that hard forks lead to a loss of the network effect in the original chain and that this reduces its ability to create value in the future, which is considered bad. According to him, you can only do it a number of times before it becomes something meaningless.
He also argued that the strength of the new network created by a fork is derived from the strength of the disagreements that created it in the first place. If you lead the project down to a compelling path, there is more future for it than if you do it without a good reason.
Most Forks Will Be Worthless
Amaury Sechet defends the idea that there will still be a lot of forks in the future, but most of them will simply become worthless after some time. According to him, not a lot of people believe in the forks because people keep fighting all the time in them.
He believes that a new BCH fork is unlikely, though, even as the community is split between using the Bitcoin ABC version of the protocol and the one created by nchain, Bitcoin Satoshi Vision. He affirms that they have diverged on specifics but are still aligned in the things that matter the most.
Jack Liao, the CEO of LighteningASIC, a mining equipment company based in Hong Kong, also believes that the community is much more calm right now than it was last year. According to him, there is no conflict and there is no fork scheduled. Jack Liao was one of the creators of Bitcoin Gold, a token that did not fare very well in the market.
James Wo, the head of ETC Labs, is now focused on creating an ecosystem for Etehreum Classic. He defends that a fork only happens when there is a huge diverge in the community and both sides have good arguments and a strong point of view to take things forward. Ethereum Classic, for instance, runs on the original Ethereum code and it was created after a hard fork in 2016.
While the developers believe that there is a level of competition between the original tokens and the forked ones, they normally cater to different businesses and user segments, so the competition is not very big. While ETH and ETC coexist, for instance, they cater to very different user demands like cheaper transaction fees or more diversity.
Liao has said that the competition among Bitcoin communities, for instance, derives more from their marketing and PR strategies because everybody wants to be the “real” Bitcoin. Sechet has agreed that there is some truth in that but has affirmed that each fork has its own goals and concluded that two projects are made for two different audiences.