Skip to content

“Without this update, Bitcoin Cash is irrelevant”

August 20, 2020

Bitcoin ABC, the dominant implementation of Bitcoin Cash (BCH), has released a controversial new update that BCH supporters must implement by November 15th to facilitate changes in the core protocol of the crypto asset.

The main developer Amaury Sechet said that One reason for the new update was to provide critical development funds to enable Bitcoin Cash to compete with Bitcoin and Ethereum.

“In comparison, Bitcoin Cash is underfunded and the result is poorly maintained infrastructure that relies heavily on the work of other teams like Bitcoin Core, as well as poor development tools.”

The update will introduce a new algorithm for adjusting the level of difficulty called “ASERT”. in response to long block times, along with a controversial feature that rejects all newly mined blocks that do not pass 8% of the rewards to a specific purse to fund the advancement of the ABC protocol known as the “Coinbase Rule” . ‘.

“Without this update, Bitcoin Cash is irrelevant”“Without this update, Bitcoin Cash is irrelevant”

Sechet predicts that Without the Coinbase Rule, the future of BCH will be a “slow journey into irrelevance”.But he said the division in the church went much deeper than this issue. While some attribute the BCH tensions to the Coinbase Rule, “it wasn’t a difficulty adjustment even a month ago… These details are not very relevant. “

“A break occurs first at the community level, and then reasons are found to continue it.”

He added: “I don’t think anything can be done right now to bring the community together“.

What is the problem?

Bitcoin ABC said that The Coinbase rule makes it possible to “hire more technical talent to maintain and develop the network”. Prediction that this will remove bottlenecks in the transaction chain in order to further speed up BCH transfers.

The Coinbase rule should become a catalyst for a tough fork in November.;; Some proponents of the alternative BCH implementation ‘Bitcoin Cash Node (BCHN)’ are calling for Sechet to step down.

The most prominent proponent of Bitcoin Cash, Roger Ver has expressed his rejection of the Coinbase ruleCompare the Reddit update to a change that made the BCH “look more like Dash”. He said to Cointelegraph:

“I like Dash, but I don’t think BCH should be changed to look more like DASH. I wish that those in the BCH community who want to switch to BCH would look more like DASH is selling their BCH for DASH. “

They are demanding that Sechet resign

In a blog post demanding the resignation of Sechet, the BCHN supporter, Nilac The Grim described “the dreaded” IFP Coinbase Rule “as the main source of contention among the BCH fieldsand note that alternative implementations by BCH, Bitcoin Unlimited, bchd, Flower, Bitcoin Verde and K-nuth are against the introduction.

Nilac said that Recent fundraisers have shown that “the community is happy to pay for their development project”.and stressed that “there is no problem financing the infrastructure”.

Talk to Cointelegraph Nilac predicted that despite tensions, Bitcoin Cash will avoid a hard fork in November.

“We are in association with the mining groups in China and it is pretty clear that they are also against this one-way change in the basic coin reward.”

Sechet isn’t sure if BCH will file a fork in Novemberand stresses that “BCHN accepts blocks coming from ABC, but not the other way around.”

“This means there will be a fork if the BCHN has more hash than ABC, but not the other way around,” he said.

However, in the event of a fork, Sechet warned “BCHN chain is removed” if the BCH chain becomes longer than the BCHN chain after chain breaks.

“”I don’t think an exchange in their mind lists an asset that can be disposed ofso they might be forced [ejecutar] a hard emergency fork to ensure the chain’s survival, “he added.

Receive Breaking News !

Enable Notifications    Ok No thanks