Bitcoin Cash Hard Fork Aftermath Review: Top 4 Scenarios Likely To Play Out Post Blockchain Split

2018-11-22 01:22

A Look At The Possible Scenarios Following Bitcoin cash Hard Fork

At block 556767, on November 15th, the Bitcoin Cash network was divided into two offspring; Bitcoin ABC and Bitcoin SV. Following the fracture, both the factions claimed their rights for BCH brand name, and just like before the hard fork, no consensus has been reached.

In the near future, there are a few scenarios can happen depending on the sequences of events that take place.

Scenario 1: BCH Is Retired And Bitcoin ABC And Bitcoin SV Become Independent

Noth ABC and SV can grow to be independent chains and flourish in their own right. Even though possible, this scenario is extremely unlikely. Influential entities like BitGo, Kraken, and CoinMarketCap have reinforced that they are using the Bitcoin Cash brand for ABC. Strong resistance of SV supporters like CoinGeek and nChain almost make sure that hash wars will go on for a very long time.

Scenarios 2: The Hash Wars Forces One Side To Give Up

The hash wars could end if one of the chains gives up. Still, it is unknown who would be the arbiter of the winning chain, and both may try to produce “the longer chain.” Exchanges may become arbiters as some are ready to accept one version over the other. There is no timeframe for deciding which chain would be longer, but even one block could suffice. Nodes, however, are not enough to define a version’s dominance in the final analysis. Based on the Bitcoin white paper, the principle of deciding on the version of the blockchain entails both nodes and miners. As it says there, “The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.”

If ABC miners move their hashes back to a more profitable chain like Bitcoin, it makes way for SV miners to try an attack on the ABC chain. If instead, SV miners make the move, the vice-versa will happen.

Scenario 3: ABC Changes PoW

In case the attack becomes too long and too expensive, the impossibility to save the ABC version by brute force mining may lead to an emergency upgrade. Talks of a possible proof-of-work (PoW) change, in essence, making the chain independent, may leave the SV version free to mine the old type of blocks while having no way to take over the ABC version.

This would end the hash war but at the cost of losing the security provided by ASIC miners. It will also endanger the trust of a decentralized network, as it basically centralizes authority in the hands of the ABC developers.

Scenario 4: They Start To Attack Each Other

If none of the sides give in to the hash wars, one side has the possibility of attacking the other.

There are two ways ABC supporters can initiate attacks; forcing a sell-off of SV coin and initiating a 51% attack on the SV. Jihan Wu, who is the founder of Bitmain and a supporter of ABC says that he may start to sell his SV coins.

While the scenario for SV is much different as they do not seem to have enough hash rates to start an attack. They currently have 65% of ABC’s PoW and their hash rate is only 67% of their rivals. Although, SV poses a threat of lack of replay protection between the two.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62665.58 (+0.88%)
Объем 24H $24.433b
Изменеия 24h: 1.41 %, 7d: 0.79 %
Cегодня L: $61392.69 - H: $62665.58
Капитализация $1234.421b Rank 1
Цена в час новости $ 4516.24 (1287.56%)

bitcoin fork cash hard following scenarios claimed

bitcoin fork → Результатов: 126


Сеть Bitcoin Cash ждёт ещё один форк

Крупнейший форк биткоина Bitcoin Cash (BCH), который недавно опустился на шестое место рейтинга криптовалют CoinMarketCap, находится на пороге очередного разделения сети. Новый форк Bitcoin ABC реализует предложение Плана финансирования инфраструктуры (IFP), представленное генеральным директором BTC.

2020-8-17 10:18


Quasar hard fork: Bitcoin SV upgrades block size to 2GB

A planned hard fork has been executed on Bitcoin SV (BSV) despite deliberation over the timing of the scheduled upgrade, dubbed “Quasar”. The fork has upped the protocol’s block size limit from 128MB to 2GB—a development that according to the owners of the BSV project, Bitcoin Association, will help BSV scale to “1000+ transactions per […] The post Quasar hard fork: Bitcoin SV upgrades block size to 2GB appeared first on CryptoSlate.

2019-7-25 12:13


Bitcoin Cash Hard Fork: Hashwar Continues, ABC and SV Remain At Odds

The Hashwar: The Block Gap Starts To Close Now that November 15th has passed, all eyes have been glued to Crypto Twitter and websites regarding the Bitcoin Cash contentious hard fork/network upgrade, as it has yet to be determined whether Roger Ver, Jihan Wu, and their compatriots (Bitcoin ABC) have ousted Craig Wright and Craig […] The post Bitcoin Cash Hard Fork: Hashwar Continues, ABC and SV Remain At Odds appeared first on Ethereum World News.

2018-11-17 12:31


Фото:

Upcoming Bitcoin Cash / Bitcoin SV Hard Fork: The Situation So Far

There is a lot of excitement surrounding Bitcoin Cash at this time. There is a good reason for that, as the network sis et to undergo a hard fork. Similar to other altcoins, there will effectively be an attempt to split the network into multiple chains, as numerous forks may emerge as “viable” come November […] The post Upcoming Bitcoin Cash / Bitcoin SV Hard Fork: The Situation So Far appeared first on NullTX.

2018-11-9 20:00


Craig Wright challenges Bitmain CEO, Says Bitcoin Cash a split and not a fork of Bitcoin

There has been debate in some quarters among the major shareholders of bitcoin cash(BCH) a fork of bitcoin that is also known as ABC, which came into existence in August 2018, after the scalability challenge of bitcoin and the high gas fees paid to miners resulted in this fork with larger block size and cheaper […] The post Craig Wright challenges Bitmain CEO, Says Bitcoin Cash a split and not a fork of Bitcoin appeared first on ZyCrypto.

2018-9-1 20:12


Фото:

Bitcoin Core Announces Hard Fork a Success, Claiming BTCC Is Faster Than Bitcoin Cash [BCH]

The team behind Bitcoin Core (BTCC) announced that the latest update, its one-minute block hard fork (HF), was a success. Bitcoin Core Marks Hard Fork a Success In an official post on Twitter, published August 16, the BTCC team stated that after the successful hard fork, BTCC has now more on-chain blockspace per 10 minutes […] Bitcoin Core Announces Hard Fork a Success, Claiming BTCC Is Faster Than Bitcoin Cash [BCH] was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-22 13:45


Фото:

Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline

Just recently the Bitcoin ABC development team has published the Bitcoin Cash ‘November 15 Upgrade Timeline’ which details what the programmers plan to do before the hard fork. As the upgrade approaches the ABC development team wants to ensure a smooth hard fork by making sure every full node participant and miner is ready with […] The post Bitcoin ABC Developers Publish Bitcoin Cash Upgrade Timeline appeared first on Bitcoin News.

2018-7-10 12:05


Cryptocurrency still cruising as US Federal Reserve Bank Recognizes it

One of the 12 regional Reserve Banks in the US central banking system, The Federal Reserve Bank of St. Louis, have added four cryptocurrencies to its database. Bitcoin, its off-spring from a fork, Bitcoin Cash, Litecoin, and Ethereum are the four cryptocurrencies which were chosen and daily data on their prices will be listed on […] The post Cryptocurrency still cruising as US Federal Reserve Bank Recognizes it appeared first on ZyCrypto.

2018-6-28 17:44