November 15th Hard Fork Looks Likely For Bitcoin Cash
November 15th is just 20 days away and things are getting tense in the Bitcoin Cash community. Following the resolution to execute a ‘pre-consensus' protocol in a long-scheduled software upgrade to Bitcoin Cash on November the 15th, its community is divided and a hard fork that could see the digital currency split into two separate chains seems plausible.
In some ways, BCH is getting the taste of their own medicine. The AltCoin came into being when a hard fork was implemented on its parent chain, Bitcoin in 2017. Preceding the hard fork, proponents of Bitcoin Cash were vocal supporters of the right to split from a parent chain. Most of them were of the opinion that a larger block size would solve Bitcoin’s scaling troubles.
Now, the irony is that BCH community is facing the same situation. Roger Ver, one of the leading figures in the BCH community says that both the camps should have the freedom to do what they want, even if it results in a hard fork. Ver is yet to pick a camp.
“If it wasn't for those people willing to dissent with the minority hash rate, Bitcoin Cash would never exist.”
Although he added that he doesn’t think the differences in both the groups are too big to warrent a split.
The two groups that are at war with each other are the Satoshi Vision group and the ABC camp. Both camps are backed by mining heavyweights and leading Bitcoin Cash developers.
Prominant BCH developer Amaury Sechet published a post announcing the decision to include a new software alteration to a planned upgrade in July 2018. However, following this, tensions began to rise. The developer acknowledged that a new transaction ordering protocol would be included in the upgrade. Sechet's alteration involves the idea of pre-consensus. He labels it as a set of technologies permitting network participants to agree as much as possible on what the next block is going to look like.
Notably, Mining giant Bitmain supports the ABC upgrade.
Satoshi Vision Proposal
Just after the ABC proposal one of the most popular names in the crypto community, Craig S. Wright showed his disapproval with the decision. As a reply to the ABC project, Wright published his own paper called “Satoshi Vision“. The protocol includes using the original terms described by Nakamoto in his Bitcoin whitepaper. The only exception to these specifications would be a much larger block size. Published by nChain, the Satoshi Vision scheme recommends a 128MB block size for the network.
The Satoshi Vision is supported by CoinGeek who are another mining giant that is heavily involved in the Bitcoin Cash community.
If both these amps are not able to resolve their issues by November 15th, the split seems inevitable. Even though BCH is the 4th biggest crypto by market size, they have been facing troubles with merchant adoption. A hard fork will only add to their problems.
However, if the hard fork happens, the task to separate both the resulting altcoins will be a herculean one, both for the management and the public.