Charlie Lee, the creator of Litecoin recently sat down for a talk on the latest episode of Magical Crypto Friends with Samson Mow, Riccardo Spagni and WhalePanda. They discussed the latest development in the crypto ecosystem including the BCH hard fork that resulted in the formation of BCHABC(now simply known as BCH) and BSV.
The Bitcoin Cash ABC community and project are led by the Bitcoin Cash evangelist, Roger Ver and the co-founder of Bitmain, Jihan Wu. Miners supporting BCHABC include BTC.com, Antpool, and Bitcoin.com. This version of BCH aims to preserve the original functionality and vision of the Bitcoin Cash network and currently preserves the block size of 32MB. However, because the hard fork is technically an upgrade, there are some improvements.
Bitcoin Cash SV is supported and led by Craig Wright, dubbed “Fake Satoshi.” The miners supporting his vision include Coingeek and Bitcoin.org. The changes to Bitcoin Cash in this hard forked chain are far more dramatic than BCHABC’s changes. For one thing, block size has quadrupled from 32MB to 128MB. As well, changes to the protocol have been made to ease the transition to smart contracts on the BCHSV network.
Basically, the blockchain that receives the greatest amount of hash power (mining power) will become more secure with a longer blockchain. The network that fails to gain the majority of hash power will lose momentum and the miners will move on to mine the more successful and longer blockchain.
This, according to Charlie Lee was pretty disappointing. They even highlighted the centralized nature of Bitcoin Cash ABC. This was triggered by their checkpoint feature. The checkpoint demands formation of the first Bitcoin Cash ABC block as a new protocol rule. Any chain without this block would be considered invalid by the Bitcoin ABC software client. This has the consequence that rival miners will be unable to override the complete Bitcoin Cash ABC chain. This notably is one of the possible threats in a “hash war.”
According to the people on the panel Satoshi would have never approved of such a thing. Riccardo Spagni, the lead developer of Monero said:
“Monero still has checkpoints hard-coded checkpoints up to certain block ID. you know I mean I don’t think fundamentally is an issue with, that especially when you’re young, but I mean it needs to be done with a view to removing it that the issue here not checkpointing per se. it’s more this whole like large relay prevention thing which is dumb idea longitude”
To this Lee added:
“So basically like I think the whole the whole point of this decentralized consensus is based on this simple fact that anyone can spin up a node and know that they will be on the right chain right they don’t have to trust anyone.”
The panelists spoke about other various topics too in their insightful discussion. You can watch the entire episode on: