Bitcoin ABC: Another Bitcoin Cash Fork Is On the Way

News
Sun, 08/16/2020 - 10:45
article image
Alex Dovbnya
Bitcoin Cash, the sixth largest cryptocurrency, is on the verge of another hard fork
Bitcoin ABC: Another Bitcoin Cash Fork Is On the Way
Cover image via stock.adobe.com
Contents

Bitcoin Cash (BCH), the largest fork of Bitcoin (BTC) that recently slipped to sixth place on CoinMarketCap, appears to be on the cusp of another chain split

The new Bitcoin ABC fork will implement the Infrastructure Funding Plan (IFP) proposal introduced by BTC.TOP CEO Jiang Zhuoer in early 2020 that would require miners to pay a tax.     

A schism within the Bitcoin Cash community 

With only three months left until the network’s next planned upgrade, which is scheduled to take place on Nov. 15, the Bitcoin Cash community is once again plagued by infighting.

Apart from the IFP, mining difficulty is yet another bone of contention that has to the current schism.  

After splitting from the original Bitcoin blockchain on Aug. 1, 2017, the controversial spin-off adopted a new algorithm adjusts that the mining difficulty after every mined block. For comparison, Bitcoin’s mining difficulty changes with every 2016th block.

In order to ensure more consistent block production, “optimal” mining profitability, and predictable coin emission, Amaury Sechet, the lead developer of the coin’s Bitcoin ABC implementation and IFP supporter, came up with a new difficulty adjustment algorithm called “Grasberg” in late July.

Things turned ugly during a meeting of Bitcoin Cash developers that took place on Aug. 4, according to OpenBazaar’s Chris Pacia.   

Related Roger Ver Names 3 Main Problems with Bitcoin Cash (BCH)
Related
Roger Ver Names 3 Main Problems with Bitcoin Cash (BCH)

From Bitcoin SV to Bitcoin Cat 

Ethereum co-founder Vitalik Buterin, while commenting on such flared tensions, said that he was wrong to predict that BCH’s development would get better after they got rid of self-proclaimed Satoshi Craig Wright. 

Bitcoin Cash already suffered a hard fork that occurred on Nov. 15, 2018, resulting in the creation of the Wright-backed Bitcoin Satoshi Vision (BSV).  

Bitcoin Cash
image by medium.com

Recently, ViaBTC founder Haipo Yang even suggested a tongue-in-cheek proposal to create the “Bitcoin Cat” hard fork.

“I am considering to build a new Bitcoin fork inherit from BCH called Bitcoin Cat. It’s a temporary name. Cat is cute and harmless, there won’t have a war.” 

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.