The network update for Bitcoin Cash began on November 15th as it had been predicted earlier. Many consumers and market analysts had earlier predicted that the update would lead to a hard fork.
The Updated Report
This was a test to see which crypto coin has gained the highest market command. The competition was between Bitcoin Satoshi Vision, Bitcoin Unlimited and Bitcoin ABC. Both Bitcoin Unlimited and the Bitcoin ABC are currently ahead of Bitcoin Satoshi Vision when it comes to the hash rate. The two are also leading in terms of the number of nodes each has. Under the rules of the new consensus, 41 blocks have so far been mined, and in all these, Bitcoin ABC has taken an early lead with 12 blocks ahead of the remaining two. This latest report has not improved things well as expected. As a result of the update, several crypto exchanges in various world cities have suspended the trading of Bitcoin Cash as well as its withdrawals.
Bitcoin Cash Community Now In Two Camps
The whole community of Bitcoin Cash has been divided into two main camps following that latest news of protocol upgrade. At the moment, there are two key proposals for the execution of the main Bitcoin Cash network, and they are in the shape of Bitcoin SV or Satoshi Vision and Bitcoin ABC. Bitcoin ABC is an abbreviation that stands for Adjustable Blocksize Cap. The proponents of Bitcoin ABC have argued out that Bitcoin Cash’s basic structure does not require any type of radical change because it is sound in nature. Some of the changes that had been earlier proposed included doing away with the software bottlenecks and giving the node operators an opportunity to change the limit of their block size.
Both of the two camps have a strong support base that has continued to grow. Bitcoin ABC, for instance, is supported by Roger Ver, one of the popular crypto evangelists in the world market. Bitcoin SV, on the other hand, has its team of supporters led by Craig Wright. Craig Wright has been in the headlines for several reasons, but the most memorable time is when he declared himself to be Satoshi Nakamoto, the mysterious inventor of Bitcoin.
The Proposed Changes
The camp led by the self-imposed Satoshi Nakamoto has promoted several radical changes that are meant to alter the current structure of Bitcoin Cash. In the proposed amendment, the split of BCH would be designed to fully overwrite the Bitcoin ABC’s network scripts and increase the block size of Bitcoin Cash from 32 MB to a maximum of 126 MB. There was a heated debate in the entire debate that was mainly caused by the issue of upgrading Bitcoin Cash. Wright, for instance, found himself in a heated verbal exchange with Jihan Wu, who is Bitmain’s co-founder. The latter had accused Mr. Wright to be a spy for Blockstream.
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