Wormhole is a protocol that will change Bitcoin Cash (BCH) and that will be implemented in November 2018. However, not everyone in the BCH community supports this new idea. Indeed, several important members in the space have been discussing and exchanging ideas about why they believe Wormhole will be positive or negative.
Calvin Ayre, an important businessman that follows the cryptocurrency market and has a specific relation with Bitcoin Cash, wrote an article in Coingeek in which he explains that the protocol will compromise the security of the BCH network.
It is important to mention that Ayre is sided with Craig Wright, Chief Scientist at nChain, and Bitmain, the famous and important crypto mining company, has decided to offer support to Roger Ver.
Ayre explains that the protocol compromises the security of the Bitcoin Cash network, something that could be very harmful to the future of the project, including its growth. According to Wright, this can increase the questions asked by regulators about the reliability of the Bitcoin Cash network.
The proposition made by Bitmain is to issue tokens known as WHC that can be attained when users send Bitcoin Cash coins to a burn address. However, Ayre is opposed to this vision.
About it, Ayre said:
“In order for a burn to take place, a special burn address needs to be created and this presents another problem – you can’t actually back anything in a burn. This means that the Bitcoin BCH sent to the burn address would become invalid.”
Additionally, he explained that burning something is similar to destroying an asset. That means that the asset would become irrelevant and worthless to users.