The Bitcoin Cash blockchain will be upgraded on Sunday, November 15, but the network is still expected to fork. So far, many crypto services have announced contingency plans for forks, and today’s data shows that 754 of the 1,000 bitcoin cashes were mined using BCHN software.
Within 11 days, the Bitcoin Cash upgrade is about to be carried out, and the latest feature that will be added to the network is the ASERT Difficulty Adjustment Algorithm (DAA). However, the community is also preparing a controversial branch because one of BCH’s seven full-node projects has introduced an infrastructure financing proposal (IFP) into the code base. IFP has caused great controversy because it creates a big gap between those who support it and those who do not. In September, news.Bitcoin.com reported how most BCH market participants (including companies, executives, miners, and developers) from six full-node projects decided to bid farewell to Bitcoin ABC.
In terms of coin tickets, hash power and futures markets, Bitcoin ABC performs poorly compared to BCHN. Block statistics from the portal Coin Dance show that 75.4% or 754 of the 1,000 blocks were mined using BCHN software. 11 of the most recent 1,000 BCH blocks have been signaled to ABC, accounting for 1.09% of the 1,000 blocks mined. The SHA256 hash rate pointing to the Bitcoin Cash network on November 4 (Wednesday) was approximately 2 exahash (EH/s) per second.
Bitcoin ABC futures showed that the market trading price on Wednesday afternoon was much lower than BCHN futures. The Poloniex ABC Futures Tether (USDT) indicates that the tokens are being exchanged at a price of $20 per unit. The price of ABC futures on Coinflex is similar, at $20.50 per ABC token. The ABC futures on Coinex are even lower because the ABC token was exchanged for $16.34 at the time of issue. If the price ends up being roughly the same after November 15, 2020, the market value of the ABC airdrop will be very small among the totem poles ranked by the top coin market value.
Since the last report, some infrastructure providers have announced contingency plans for the upcoming fork. For example, the mining business Poolin revealed the BCH fork plan planned on the 15th.
“The Bitcoin Cash (BCH) network is expected to undergo a hard fork on November 15, 2020,” Poolin said. “There are currently two competing fork proposals, Bitcoin Cash ABC (ABC) and Bitcoin Cash Node (BCHN). According to the latest data from Coin Dance, 76.3% of BCH blocks in the past 7 days expressed support for BCHN. ABC’s support rate is 1.0%. If the derivation is successful, users who hold BCH before the derivation will receive new assets.
The mining pool also stated that the operation will convert all BCH hashrate into BTC one day before the hard fork, and it also plans to suspend BCH payments on November 15. The hard fork has been completed and the network is stable. According to Coin Dance data, as of press time, Poolin has only captured touches that exceed 1% of the BCH network hash rate.
On October 30, Bitgo detailed that it is also preparing for the upcoming fork on November 15. “Bitgo is currently running a BCHN node and hopes it will become the dominant chain after the branch,” the company Tweet. “We will suspend all BCH services at 00:00 AM UTC on November 15 to prepare for the fork. Once the dominant chain is determined, we will monitor the network and resume services. Our main goal is to ensure the safety of our customers’ coins We will publish more details about Bitgo’s response to the upcoming potential branch in a blog post next week.”
During the encrypted trading session (ET) in the evening, the San Francisco exchange Coinbase revealed its plans for the upcoming fork. “It is expected that by November 15, 2020, Bitcoin Cash (BCH) will experience a difficult fork,” Coinbase Tweet. “Before the fork, Coinbase will run the BCHN node and expect that it will become the dominant post-chain fork. Once the fork starts, BCH will be sent to coinbase.com and received from coinbase.com, Coinbase Pro will be suspended, and We will re-enable it after we confirm that the upgrade is stable.
After the fork is completed, please note that we will not support sending/receiving BCH ABC forked coins on coinbase.com or Coinbase Pro.
The hardware wallet company Satoshilabs (the maker of the Trezor wallet) disclosed its emergency plan on November 4, 2020. According to the blog post, Satoshilabs has decided to run Bitcoin ABC and acknowledged that it “may disrupt service.”
Satoshilabs’ post explained: “Depending on the consensus of users after the fork, this will remain the same, or instead only support the forked chain called “Bitcoin Cash Node”.
“After the fork, Satoshilabs will monitor whether the fork chain has enough support to prove its support. If the community chooses a Bitcoin Cash node, Satoshilabs will give up support for Bitcoin Cash ABC and connect to the new network.” Bitcoin Coin cash supporters and Trezor owner on social media Satoshilabs’ decision to operate a few nodes made the forum dissatisfied.
In addition, hardware wallet company Ledger Wallet also provided information on how the company handles the upcoming upgrade in mid-November. The hardware wallet company wrote: “For security reasons, the ledger will be suspended from 07:00 UTC on November 12th.” “We will pay close attention to the development after the fork to see which chain is technically and economically. The above will remain feasible.”
Seven days ago, the exchange Okex notified customers of the BCH fork contingency plan of the trading platform. The blog post stated: “The Bitcoin Cash (BCH) network is expected to undergo a difficult fork.” “There are currently two competing fork proposals, Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). If the fork is successful, Okex users who held BCH before the fork will get two new assets, BCH ABC and BCHN.”
Trading platform Binance detailed its BCH fork arrangement on November 3, 2020, and stated that this is a “controversial hard fork that may result in additional tokens.” Interestingly, the exchange is listing one The leveraged token market called “BCHUP” and “BCHDOWN”, Binance plans to withdraw from the market on November 9, 2020. In addition, two days ago, Huobi Exchange also announced a contingency plan for the trading platform.
“It is expected that this upgrade will separate Bitcoin Cash from the two chains of BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node),” Huobi’s blog post details. “Because there is no fair naming standard for the BCH branch in the current community, Huobi Global respects the opinions and consensus of the community and users, and will set a transition period for the branch. After the community reaches a consensus on the naming of BCH, we will end the transition And rename BCHA or BCHN.”
There are only more than a week left before the possibility of upgrades and minority forks, and BCH supporters are preparing for the result. The best thing users can do is to wait patiently while making sure they can control their Bitcoin Cash private keys. BCH enthusiasts who store funds on exchanges should ensure that the trading platform has updated their customers on how to fork. If BCH users are not satisfied with the instructions of any third-party software provider or trading platform, they should move their BCH to another location before the fork.
What do you think of the upcoming Bitcoin Cash upgrade and the possibility of chain splits? Let us know your thoughts on this topic in the comments section below.
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