Bitcoin Cash Activates Hard Fork, Creating Two Competing Blockchains [Updates]
In an event that has been anticipated for over a month, the Bitcoin Cash hard fork has been implemented. Since neither side wanted to compromise on their demands, both of the variations of the protocol are now active.
Now, it becomes a waiting game to see which of the two blockchains ultimately becomes the dominant one, though there is a chance of the chains continuing equally.
The last time a “common block” was registered was #556,766, which was mined by SVPool. At the time that CoinDesk reported on this issue on November 15th, Bitcoin.com had mined a new block on the ABC blockchain.
On the Bitcoin ABC side, the blockchain brings in multiple technical upgrades, like improving block capacity by changing the order of transactions. There’s also new goal to promote better interoperability between the cryptocurrencies. The other side, Bitcoin “Satoshi’s Vision” or SV, rejected these changes. Instead, they wanted to bring in code that has already been retired from the original protocol and to create a bigger block size.
As the date of the fork got closer, Bitcoin SV supporter Craig Wright threatened to sabotage the opposite chain. CoinDesk wrote that he suggested the use of hash power for mining
“both a Bitcoin SV chain and create empty blocks on an opposing Bitcoin ABC chain, which could fatally damage operations on the opposing network.”
Bitcoin ABC supporters did not see this as a possibility, but Bitcoin SV’s mining pools consolidated much of the hash power on the network, proving that they could follow through if necessary.
The numbers can still change, but there is a chance that supporters could move from one chain to the other, and there’s other resources being included to strengthen the chains. Many platforms are watching this hard fork play out, leaving the community in the dark about the future of Bitcoin Cash until a resolution happens.