According To Hash Watch: For Upcoming Fork, Bitcoin Cash Services Reveal Contingency Plans
Here are the details of the impending hard fork of Bitcoin Cash. How do the experts respond to this development? Get the details straight from them.
Bitcoin Cash Is Going For A Hard Fork
It's still expected that the network will bifurcate as the Bitcoin Cash blockchain is set to upgrade on Sunday, November 15. Today’s data shows that 754 out of 1000 bitcoin cash blocks were mined with the BCHN software as so far a number of crypto services have revealed contingency plans for the fork.
The latest feature that will be added to the network is the ASERT Difficulty Adjustment Algorithm (DAA) as in 11 days the Bitcoin Cash upgrade is coming. As one of the seven BCH full node projects has introduced the Infrastructure Funding Proposal (IFP) into the codebase, however, the community is also preparing for a contentious fork. As it has created a great divide between those who support it and those who do not, the IFP has been extremely controversial. Now we find that the report comes on how most of the BCH market participants as also including businesses, executives, miners, and developers from six full node projects decided to bid Bitcoin ABC farewell was in September.
Bitcoin ABC is not faring well in comparison to BCHN as far as coin votes, hash power, and futures markets are concerned. It was found that by Wednesday afternoon, the Bitcoin ABC futures begin showing that the market is now trading for much less than BCHN futures. Indicating the token is swapping for $20 per unit is Poloniex ABC futures paired tether (USDT). Priced similarly at $20.50 per ABC token are ABC futures on Coinflex. As the ABC token is swapping for $16.34 at the time of publication the ABC futures on Coinex are even lower. The ABC airdrop will have a very small market valuation amid the totem pole of top coin market cap positions if the process ends up being roughly the same after November 15, 2020.
A few infrastructure providers have announced contingency plans for the upcoming fork since the last report. The mining operation Poolin has revealed its plans for the BCH fork scheduled on the 15th since the last report.
Poolin was detailing that expected to undergo a hard fork on the 15th of November, 2020 was the Bitcoin Cash network. Bitcoin Cash ABC and Bitcoin Cash Node are the currently two competing fork proposals. Thereafter just 76.3% of BCH blocks were then signalling support for the BCHN over the last 7 days when compared to 1.0% for ABC as per the latest data from Coin Dance. Users holding BCH prior to the fork will receive the new assets in the event of a successful fork.
The Take Of The Situation According To Industry Experts
The firm Bitgo detailed that it was preparing for the upcoming fork on November 15 as well on October 30. The company tweeted: expecting that it will be the dominant chain post-fork, Bitgo is currently running BCHN nodes. In preparation for the fork, they will pause all BCH services at 00:00 a.m. UTC Nov. 15. As soon as the dominant chain is confirmed, they will monitor the network and restore service. To ensure the safety of client coins is the primary goal. The company added they will post the details on Bitgo’s approach to thereby upcoming potential fork in a blog post next week.
The Sans Francisco exchange Coinbase revealed its plans for the upcoming fork during the evening crypto trading sessions (ET). Coinbase tweeted that on November 15th, 2020, Bitcoin Cash is expected to undergo a hard fork. Subsequently, when Coinbase is set to run BCHN nodes and that expects it will be the dominant chain post the fork when done prior to the fork. Thereafter it is that BCH now sends /receives to and from coinbase.com and also Coinbase Pro will pause and they will be re-enabled once we have determined the upgrade is stable once the fork begins.
As Coinbase further added,
It is necessary to keep in mind that as we are not then supporting BCH ABC forked coin it is as they send/receive on coinbase.com or Coinbase Pro once the fork is complete.
According To Hardware Wallet Firms
Revealing its contingency plans on November 4, 2020, was the hardware wallet firm, Satoshilabs manufacturers of the Trezor wallet. Finally, Satoshilabs has then decided to run the Bitcoin ABC and thereby conceding to understand that there come service interruptions according to the blog post.
Explaining further Satoshilabs post says it will either remain unchanged or switch to supporting only the forked chain named Bitcoin Cash Node depending on user consensus following the fork.
Thereby it was observed that the company was adding that Satoshilabs is set to monitor whether the forked chain has sufficient support to justify supporting it by following the fork. Satoshilabs will drop support for Bitcoin Cash ABC and connect to the new network if the community chooses Bitcoin Cash Node. Not pleased with Satoshilabs decision to operate the minority nodes were Bitcoin Cash proponents and Trezor owners on social media and forums.
Together with it, the hardware wallet company Ledger Wallet has now given information on how the firm then will handle the upcoming upgrade in mid-November furthermore. The hardware wallet company wrote: from the 12th of November at 07:00 UTC for security reasons, Ledger will suspend their BCH services. To see which chain will remain viable both technically and economically, they will be keeping an eye on the developments after the fork.
When it came to be viewed that thereby the exchange Okex, has now then informed customers as it is about the trading platform’s BCH fork contingency plans just seven days ago. The blog post then notes that expected to undergo a hard fork is the Bitcoin Cash network. Bitcoin Cash ABC and Bitcoin Cash Node are the currently two competing fork proposals. Okex users holding BCH prior to the fork will receive the two new assets, BCH ABC and BCHN in the event of a successful fork.
Saying that this is a contentious hard fork that may result in an additional token is the trading platform Binance detailing its BCH fork arrangements on November 3, 2020. Binance plans to delist the market on November 9, 2020, as interestingly the exchange is listing a leverage tokens market called BCHUP and BCHDOWN. Thereafter now for Huobi, it has also announced that there is a trading platform here with the contingency plans moreover two days ago.
Huobi’s blog post then explains the upgrade is therefore expected to fork Bitcoin Cash out of two chains, mainly BCHA and BCHN. Huobi Global respects the opinions and consensus of the community and users and will set a transition period for the fork since there is no fair naming standard for the BCH fork in the current community. They will end the transition period and rename BCHA or BCHN after the community has formed a consensus on BCH naming.
The Concluding Words
BCH supporters are preparing for the outcome with just over a week left until the upgrade and possibility of a minority fork. Also make sure they have control over their bitcoin cash private keys, as the best thing users can do is patiently wait. Making sure the trading platform has updated customers on how it will proceed with the fork are BCH enthusiasts who store funds on an exchange should. They should move their BCH to another location before the fork if a BCH user is unhappy with the direction of any third-party software provider or trading platform.