About the Bitcoin Cash Hard Fork
A few weeks ago the Bitcoin Cash network (BCH) announced, for next November 15th, a Planned Network Update, which will be reflected in some protocol modifications.
Why a Bitcoin Cash Hard Fork may occur?
As happened with Bitcoin, on August 1, 2017, there was a division in the community on whether or not to increase the size of the block.
This lack of consensus resulted in a Hard Fork of the Bitcoin blockchain, which later gave birth to Bitcoin Cash.
If you want to know more about what is and what caused the Bitcoin blockchain Hard Fork, from which Bitcoin Cash was born, do not miss the article dedicated to this interesting topic: What is a Hard Fork and what effects it produces
Right now the BCH community faces a similar situation, due to a lack of consensus between the two development teams of Bitcoin ABC and Bitcoin SV, in relation to the future of BCH’s blockchain, which could lead, on November 15, to a split of the network in the block 1542300000.
This means that, in the case of a Bitcoin Cash Hard Fork and the split of its blockchain, a new chain, independent of the old one, and a new token will be created.
In this case, all BCH holders will not only maintain their BCH tokens, they will also obtain an equivalent token amount of the new cryptocurrency created with the fork.
As a result, we are witnessing a great debate and growing concern, since the Hard Fork could affect the price of both tokens.
What will happen with the Bitcoin Cash’s Hard Fork and what improvements will it bring?
In case you missed it, the Bitcoin Cash community has already executed two important Hard Forks (the first on November 13th, 2017 and the second on May 15th, 2018) to improve the mining algorithm (EDA) by a new one denominated Difficulty Adjustment Algorithm (DAA) and to increase the maximum block size to 32 MB.
With the Planned Network Update of November 15th, the Bitcoin Cash network has announced the following improvements:
Bitcoin ABC, in its platform, announces the integration of new features such as:
- A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable uses such as the use of oracles and cross-chain atomic contracts.
- The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.
- Several minor technical fixes and improvements.
Source of the official announcement: Bitcoinabc.org
Bitcoin SV endorses the returning to some technical characteristics of the original Bitcoin network and announces the following:
- It will replace the Bitcoin ABC scripts with its own
- It will increase the Bitcoin Cash block size from its current 32MB to a maximum of 128MB.
We remind that Bitcoin SV (Bitcoin Satoshi’s Vision) is a new full node implementation of the BCH protocol.
Launched by the company NChain and designed to comply with the original vision of Satoshi, Bitcoin SV is focused on scalability and to secure the 0-conf protocol (zero confirmations) and, therefore, is incompatible with the implementation of Bitcoin ABC .
Bitcoin Unlimited has already been prepared to implement the Bitcoin ABC and Bitcoin SV changes, allowing miners to vote for the features they want.
With this news we hope to have aroused your curiosity and if you are a Bitcoin Cash holder, in the case of Hard Fork, we advise you to be aware of the notices and updates posted on the BitcoinABC.org and Bitcoin.com portals.
Here is the complete November Upgrade Timeline.
