So finally, the split has taken shape, wherein as it was predicted there would be a split between Bitcoin ABC as well as Bitcoin Unlimited. There were indeed quite a few predictions connecting Bitcoin Cash Network Update and some of them have securely found their place in a ‘hard fork’.
Moreover, as scheduled, BCH Network Update began on the 15th of November! The time this update began, Bitcoin Unlimited and Bitcoin ABC were leading Bitcoin SV. As per sources, these calculations were made based on hash rate beside number of nodes.
Rules of Bitcoin Cash Network Update
Rules are part and parcel of life; hence, it would not be wrong to say that this update brought about a shift in aspects wherein Cryptocurrency Exchanges have started to suspend BCH Trading including Withdrawals.
What is Bitcoin ABC?
Protocol Update News sent about differences flying in the air and hence there is a disparity clearly seen as already two camps have been set up. One of these camps is for implementation of Bitcoin Cash Network in Bitcoin ABC while the other is Bitcoin SV or Satoshi’s Vision.
For now, though, our focus shall be on Bitcoin ABC and what does it stand for?
Well, for the beginners, ABC in Bitcoin ABC is essentially an abbreviated form of ‘Adjustable Blocksize Cap’. According to the supporters of this structure, ABC does not require major modifications as it is complete in itself. At the max, there may be ‘removal of software bottlenecks’ apart from ‘change block size limit’ ability given to ‘node operators’.
When these changes are made then there would not be further requirements making the platform run smoothly without any sort of fluctuations. It is also to be noted that Roger Ver, a Crypto Evangelist supports Bitcoin ABC!
Bitcoin SV is also Not Far Behind
Yes, you read it correctly, Bitcoin SV, another camp that roots for implementation of Bitcoin Cash Network Update has some of the bright minds on the block. One may also be surprised to know that Bitcoin SV is led by none other than Craig Wright, who also claims to be Bitcoin Inventor (who went earlier by Satoshi Nakamoto!).
Change is the order of the day and so does Wright and rest of SV camp thinks because they are confident enough to say: a few rectifications here and there shall make the whole process great! They have hence put forth the idea of changing BCH Structure available at present. Plans are also underway to ensure that Block Size increases from 32 MB to 128 MB; would not that be great?
Bitcoin SV camp has decided to overwrite ‘Network Scripts of Bitcoin ABC’ as well. With such and many other similar changes, there is certainly going to be a ‘clash of titans’ kind of a competition.
This shall certainly impact Crypto Market in the longer run (could be); another reason for such a statement is the fact that utilization of ‘hard fork’ resulted in the split of Bitcoin Cash thus, it would, as a matter of fact, be having its effects on the network!
What do you think about this?