Bitcoin Cash Planned Hard Fork Completed; 75% Of BCH Nodes Are Running Latest Consensus
BitMEX Research has tweeted on November 15th that the first block of the planned Bitcoin Cash’s hard fork has been considered invalid on the older client version, making the hard fork complete.
ForkMonitor has detected an invalid block on Bitcoin Cash & the hardfork as occurred. Old versions of Bitcoin ABC, including 0.19.0, will either remain stuck or follow a different chainhttps://t.co/U9hbK4peip pic.twitter.com/2R10OexZZD
— BitMEX Research (@BitMEXResearch) November 15, 2019
The Bitcoin ABC 0.1.9.0 client has considered the 609,136 block invalid, detected Fork Monitor. Bitcoin ABC 0.20.6 accepted it, so the planned hard fork has been completed. The mining of the block was made at 13:44 UTC by BTC.com’s pool. The older Bitcoin ABC versions will now be stuck or follow another chain.
Hard Fork not Expected to Split the Chain
The consensus changes imposed by the hard fork are simple. The split of the chain was not expected, but what worries the Bitcoin Cash community is that the contentious Difficulty Adjustment Algorithm wasn’t addressed. This makes BCH blocks even more difficult when looking at the last 144 blocks’ moving window or at the activity for over 24 hours. There are worries that there may be some miners who take advantage of gaming the algorithm at the current difficulty and hash-rate fluctuations.
About The Bitcoin Cash Hard Fork
The major upgrade for Bitcoin Cash went live this morning. The upgrade which intends to incorporate at least two new features is expected to concentrate on its consensus rules.
According to the company’s press release, the upgrade plans have been underway for a while now, with meticulous planning having been conducted for several months. While this may be the case, there has been little to no discussion of the planned upgrade in the larger crypto community. This could be a pointer that Bitcoin Cash is slowly losing its relevance.
What to Expect from the BCH Upgrade?
As mentioned above, there are two new features to expect:
Application of a ‘minimal data rule’. This means that all transactions involving the crypto are now expected to become ‘non-malleable’.
It will include support for Schnorr signatures involving BCH. It will help pave the way for transactions of a more complex nature.
By the time of going to press, close to 75% of all BCH nodes were fully prepared for the upgrade and had, in fact, voiced their support. Major players such as BCHD, Bitcoin Unlimited, and Bitcoin AMB have all indicated that they are willing to perform the upgrade.
At this time, there are close to 1,550 public nodes that have remained stable since the start of the year. For users, there is nothing to worry about. It’s expected that they will not notice any significant changes. All they need to know is that their transactions and preferred network will now become more secure.
Market Shrugs Off the Upgrade
In spite of many people in the BCH circle sticking to the belief that the upgrade is fundamental in nature, the market has continued to give it a cold shoulder. At the time of publishing, the 4th ranked cryptocurrency is down 3.90% in the last 24 hours, and down 4.62% in the last 7 days. Although this shouldn't come as a surprise since the whole market is a sea of red with the total market cap being down $4.49B (2%).