nChain released a new public notice in order to inform users and cryptocurrency exchanges how to handle the has war and BCH split on November 15. In the statement, the company informs how the Bitcoin Cash network will be performing an upgrade in less than 10 days.
Nevertheless, this upcoming upgrade has found different opinions about how to evolve the BCH network as a whole. nChain informs that they have developed Bitcoin SV, a new full node implementation for BCH that aims at supporting the original ‘Satoshi Vision’ of Bitcoin.
In the statement, the company is asking BCH miners to support the Bitcoin SV implementation by voting for it using their hash power.
As per the public notice, Bitcoin SV is not trying to create a new Bitcoin variant or a Bitcoin SV token. The main intention behind it is to offer miners the choice of implementing and support the original Satoshi Vision for Bitcoin. All the information about it can be found on the official website of Bitcoin SV.
About it, the company explained: “With Bitcoin SV, we are not seeking to create a new Bitcoin variant and we are not intending to create a new Bitcoin SV token. Instead, Bitcoin SV merely gives BCH miners another choice of implementation (competing with Bitcoin ABC and other existing BCH implementations) for miners who want to support the original Satoshi Vision for Bitcoin.”
In sum, there will be a network split on Bitcoin Cash that will result in Bitcoin SV and Bitcoin ABC. Bitcoin Unlimited will be compatible with Bitcoin SV and Bitcoin ABC rule sets. At the moment, 40% of the current BCH hash power is supporting Bitcoin SV. That means that Bitcoin SV has very strong chances of becoming the dominant implementation on the BCH blockchain.
It is important to mention that there is no transaction replay protection neither on Bitcoin ABC nor in Bitcoin SV.
nChain believes that exchanges and other companies working with Bitcoin Cash should recognize Bitcoin Cash as the longest chain with the most legitimate and sustained Proof of Work (PoW). According to Satoshi Nakamoto, this is how Bitcoin should work.
The company recommends crypto exchanges to install a Bitcoin SV node and be prepared in case SV becomes dominant. That would allow exchanges to offer Bitcoin Cash trading with minimal delay and disruption to users. Another recommendation given by nChain is to suspend deposits and withdrawals.