New Bitcoin Cash (BCH) Network Fork Details: Bitcoin ABC Leads Bitcoin SV Early in the Mining Wars Race
As is probably common knowledge by now, the Bitcoin Cash (BCH) network update which was scheduled for today has successfully been completed.
At the time of writing this piece, it can be seen that both Bitcoin ABC and Bitcoin Unlimited are presently leading Bitcoin SV in terms:
- The Overall Hash Rate
- Number of Nodes
It is quite well documented that ever since news of the latest protocol upgrade went mainstream, the BCH camp has been split into two distinct groups, namely:
In addition to all this, it is also worth noting that as per the latest new consensus rules, a total of 119 blocks have been mined. In this regard, Bitcoin ABC is currently leading the roost and is 52 blocks ahead. Owing to this latest upgrade, crypto trading platforms all over the globe have suspended BCH buying/selling for the time being.
A Brief Look at the Matter
- Bitcoin ABC (Adjustable Blocksize Cap)
- Bitcoin SV (Satoshi’s Vision)
In regards to what Bitcoin ABC represents, proponents state that the current iteration of the BCH framework is quite stable and does not need an overhaul. This is in response to a proposed change within BCH’s source code which seeks to “remove software bottlenecks” and “enable node operators” to change their block size limit (as and when they see fit).
Lastly, it is also worth noting that Bitcoin ABC is supported primarily by crypto personality Roger Ver, while the Bitcoin SV camp is led by Craig Wright, who controversially declared himself to be the pseudonymous Satoshi Nakamoto last year.
Rounding off this article, it is worth remembering that the goals for the SV camp include the promotion of a “radically” different BCH structure, wherein the ecosystem is designed to “entirely overwrite the network scripts of Bitcoin ABC”– so as to achieve an increase in the native BCH blocksize from 32MB to a maximum of 128MB.
In the recent past, the BCH network update issue has been the cause of a rift between Wright and the co-Founder of Bitmain, Jihan Wu (with the letter accusing Wright of being a Blockstream spy).