Over the past few days, Bitcoin Cash has risen by almost 30%. One of the main reasons is hardfork, which is scheduled for November 15. But this separation is not just another blockchain upgrade or bug fixes, but the result of an internal struggle for the future of cryptocurrency, the vision of which among team members varies significantly.
Initially, Bitcoin Cash appeared as a result of splitting the bitcoin blockchain, as a solution to the problem of network scaling. After hardfork, the block size really increased from 1 MB to 32 MB. According to the main ideologist of Bitcoin Cash, Roger Vera, it is this cryptocurrency that reflects the true type of digital cash that Satoshi Nakamoto conceived.
Conflict of interest
But the “grinding” of the BCH blockchain did not end there. In August, a Bitcoin ABC client release was released, which includes activation of the Bitcoin Cash network update, which will take effect on November 15 of 2018. Among the innovations is the introduction of OP CHECKDATASIG, which allows you to check messages outside the blockchain. Also, the update will allow the use of oracles and form atomic swaps between different blockchains.
However, this solution was not to all developers. Developers nChain published their version of the client Satoshi Vision, which allegedly displays the true vision of Satoshi Nakomoto’s digital cash, and increases the block size to 128 MB. It is noteworthy that one of the Australian employees nChain Craig Wright has previously tried to impersonate the creator of Bitcoin. But, apparently, having failed in this, he now tries to implement the idea with the help of BCH.
Bitcoin ABC and Bitcoin SV standoff
The nChain Bitcoin SV protocol runs counter to Bitcoin ABC, the largest client of the full Bitcoin Cash node. Because of this conflict, two separate competing blockchains are likely to appear.
It is noteworthy that crypto exchanges have already supported the updated client of Bitcoin ABC Coinbase, Binance and OKEx. In this regard, the deposit and withdrawal of funds in BCH will be suspended before the start of the fork of the site.
As for nChain, earlier her senior researcher Craig Wright suggested that the authorities of Antigua and Barbuda make Bitcoin a national currency, while the company tried to patent the concepts of “Bitcoin” and “Blockchain”. Therefore, Wright’s reputation is dubious, given that he is accused of stealing 1,1 BTC million from his deceased business partner Ira Kleiman.
According to Andrey Sobol, the co-founder of Pandora Boxchain, this entire conflict among the top managers of Bitcoin Cash is a purely internal disassembly of the company that no one needs.
“The best description of the potential fork of BCash and the conflict of the headliners of this project is the marriage games of the toad and the viper,” the Sable sneers.
And the course is growing
Anyway, information about hardfork stirs interest in Bitcoin Cash among crypto enthusiasts, because in order to get a new cryptocurrency, you need to have some BCH. People want to get a freebie, and in order to do this they need to be on the BCH wallet. Due to this, the growing demand for Bitcoin Cash.
Roger Vera's goal is simple - to make Bitcoin Cash the first on any resource.
Until the parties to the conflict have reached a consensus, Bitcoin Cash continues to grow. But will there be a new cryptocurrency as a result of hard forks, it will be known only next week.