Trezor’s refusal to endorse the next BCH fork is in the spotlight

Wallet hardware maker Trezor came under fire after announcing it Bitcoin Cash (BCH) holders hoping for an air drop with the expected hard fork on Nov. 15 will have to move their coins to another location.

In an announcement dated November 5, Trezors’ parent company SatoshiLabs announced that it will wait for the community to determine which implementation of Bitcoin Cash will dominate the network in the future.::

“SatoshiLabs won’t take part in the fork until the community makes a decision. If you want to take part in the fork, you’ll need to transfer your BCH balance to another wallet that supports coin sharing to ensure you get the resulting Coins got off the crotch. Hard. “

Once the fork has taken place SatoshiLabs “will monitor whether the fork chain has enough support to warrant its support”and supports any implementation that ensures majority ownership by the community.

Trezor’s refusal to endorse the next BCH fork is in the spotlight
Trezor’s refusal to endorse the next BCH fork is in the spotlight

SatoshiLabs will also examine whether the minority chain “has enough support to justify its support”.

Bitcoin Cash is divided into two parts. The next update is planned for November 15th. Internal tensions increased in August when Amaury Sechet, the lead developer of Bitcoin ABC, the historically dominant implementation of Bitcoin Cash, released an update introducing a new “Coinbase Rule” that diverted 8% of the block reward to a fund were. Development under your control.

The conflict triggered the implementation of the competing Bitcoin Cash Node (BCHN)which has since secured the support of more than 75% of BCH miners.

The implementation of Bitcoin ABC is controversialas it includes a “tax” of 8% on all block rewards that go to a wallet controlled by Sechet.

Trezor’s decision not to support splitting coins during the fork means this Users who have Bitcoin Cash in their wallet will need to switch to an exchange or other wallet in order to have their BCHN coins on the fork.

The move left a lot of Trezor users behind confused with Twitter user John Moriarty said he was “very disappointed”:

“The * vast majority * of the BCH ecosystem opposed the IFP introduced by ABC … you need to explain why people’s coins have suddenly lost over 90% in value, and then deal with changing chains after the fact . “

Moriarty’s thread received praise on Reddits r / BTC, and user AD1AD called it “Pretty embarrassing unprofessional behavior”. and called the company’s statement misleading. Other users were also unhappy with the move:

For the past seven days, only 1% of all BCH blocks signaled Bitcoin ABC support, which means that the hashing performance that supports the ABC proposal has been quite low. Bitcoin Cash Node (BCHN) has received support from miners since its inception, with 75.3% of the blocks currently being mined signaling their support..

November 15, the date of the fork, also marks the second anniversary of the split from BCH / BSV during the last hard Bitcoin Cash fork, an example where both chains of fork survived via unforgiving ways. . Last month the price of BCH hit new lows versus BTC, and the next diversion is unlikely to improve morale in an already broken community..

Similar Posts