The token that started it all was Bitcoin. The whole world took notice of this emergent technology called blockchain, when last year 1 bitcoin was valued at over $10,000.
Bitcoin, one of the defining innovations of this century, however, came under a lot of criticism for its scalability issues. To counter this, on August 1, 2017, bitcoin went through a hard fork (when a single cryptocurrency is split in two due to changes in existing code, resulting in both an old and new version.) which gave birth to Bitcoin Cash. Bitcoinstash purports to be a hard fork of Bitcoin Cash.
What is Bitcoinstash
As mentioned, this is a decentralized hard fork of Bitcoin Cash. It is an ambitious project led apparently by a group of former Bitcoin Cash developers and community members. In their article in medium.com they have outlined their dismay at the current direction and leadership of Bitcoin Cash.
The development team has stated that as the true value of cryptocurrencies is becoming clearer , there is mounting threat of attacks on the Bitcoin Cash network. They feel there are myriad reasons that has potentially corrupted the security of the chain. Some highlighted concerns are:
1. Dictating Bitcoin Cash consensus is detrimental to its ecosystem
2. The Bitcoin ABC code is poorly reviewed and tested, with major consensus breaking changes made with inadequate justification or documentation.
3. The direction of Bitcoin Cash turning into a tokenization platform begs a deeper analysis, especially in the wake on the precarious condition of the ICO market today.
What Happens Next
On November 15th this year the forking is to take place. The exact block will be released on a date to be announced shortly. The most likely results of this split would be either:
1. One of these blockchains will becomes more dominant, resulting in the other blockchain having low or lukewarm community interest. This will be reflected in the tokens value.
2. Both blockchains are adopted with equal interest. This sort of co-existence will divide the community into roughly equal halves.
Of these, the first option is more common and thus, the expected outcome over time with this sort of hard fork.
While the team behind this project seem to have noble intentions. The validity of their claims will need more than a cursory glance into the workings and leadership decisions of Bitcoin cash. To check out the details of the project visit their site at https://bstash.org