The Bitcoin Cash community has been patiently waiting for a few weeks for the upgrade on November 15, 2020, and this day has finally arrived. The Bitcoin Cash network is upgraded every six months, but this time, Bitcoin ABC’s Infrastructure Financing Program (IFP) has caused conflict. Throughout the day, the following editorial will monitor the Bitcoin Cash upgrade in real time so that our readers can stay up to date.
Shortly after 12:00 PM UTC on November 15, 2020, Bitcoin Cash experienced a scheduled upgrade. Bitcoin Cash developers from various full-node projects changed the difficulty adjustment algorithm (DAA) to a new DAA named “aserti3-2d” (“ASERT” for short).
The aserti3-2d Github description details that people can get ASERT’s “high-level description of motivation and background” by reading the read.cash article by programmer Jonathan Toomim. The ASERT specification can be read on the “Bitcoin Cash Upgrade Specification” portal here.
As usual, Bitcoin Cash supporters watched the upgrade in real time by using the portal Coin Dance. The website is an upgrade, the information maintains a countdown clock, and three full node software clients are displayed in three different sections. In addition, the fork monitor operated by the derivatives exchange Bitmex has also been monitoring the fork.
The data displayed on Coin Dance includes Bitcoin Unlimited, Bitcoin Cash Node (BCHN) and Bitcoin ABC for full node customers. Statistics from Coin Dance show that BCH Unlimited 220.127.116.11 will follow the longest chain. Unless the 10 block reorganization protection is violated, Bitcoin Cash Node (BCHN) 22.1.0 will follow the longest chain. Bitcoin ABC 0.22.4 will follow the chain in line with the Infrastructure Financing Program (IFP).
As Bitcoin ABC insists on implementing IFP, it is expected to produce two incompatible networks. Except for the IFP version of ABC, every full node client will agree to the same rules. Bitcoin Cash (BCH) users should see a smooth transition, but if miners decide to mine the ABC software that introduces the controversial IFP mechanism, they may see an airdropped coin.
At around 6:55 AM Eastern Time, the upgrade was initiated at the Bitcoin Cash (BCH) block height of 661,641. After blocks 661,641, six more blocks need to be mined for the upgrade to take effect on the network. The height of the last ordinary Bitcoin Cash block is 661,647 and is mined by Binance.
The live encryption show hosted by Collin Enstad will be held on November 15 with Mike Komaranski The show will be empty on YouTube all day long with many special guests.
Readers of News.Bitcoin.com can view previous articles on this topic here, here, here and here. These editorials not only explain the current situation, but also explain the wallet and exchange contingency plan. Many wallets and exchanges plan to support both tokens in the event of a split, while other third-party services show support for only one side.
In the morning before the activation of the fork, the cryptocurrency trading exchange Coinex changed the futures market from BCHN and BCHA to BCH and BCHA to indicate the split. At the time of launch, the spot price of Bitcoin Cash (BCH) on Coinex was US$243 per unit, while the ABC airdrop token was US$15.82 per unit. On Poloniex, the trading price of the ABC airdrop and USDT pair is $14, and on Coinflex ABC, the trading price per unit is $11.
Christ Troutner, Software Developer Announce After the upgrade is resolved, the website hosting the split tool and the Alpha Web-based tool will be published on splitbch.com. Troutner also posted a demo of the splitbch tool on YouTube.
What do you think of the completion of the upgrade and split of Bitcoin Cash? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, png, Wikimedia Commons, BCH.info
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