2020-11-5 20:47 |
Bitcoin Cash will be undergoing a hard fork on November 15 to attempt to implement a new model for mining rewards distribution. SatoshiLabs will continue to support the current implementation of Bitcoin Cash called Bitcoin ABC, though there may be service interruptions during the hard fork. Depending on user consensus following the fork, this will either remain unchanged or switch to supporting only the forked chain, named Bitcoin Cash Node.
There will be no tools in place to support the split itself!Will there be a coin split?
Most likely, yes, new Bitcoin Cash Node coins will be created by the competing hard fork. When the hard fork occurs on November 15, wallets and exchanges supporting the new network will take a snapshot of user balances. The new Bitcoin Cash Node network will mint coins equivalent to the number of BCH (i.e. BCHABC) held in those wallets and begin broadcasting and handling transactions. There will be no snapshot of BCH held in your Trezor so users will not be eligible to receive new coins during the split, unless they withdraw to a wallet which supports it.
What do I need to do to participate in the Bitcoin Cash fork?
SatoshiLabs will not be participating in the fork until a decision is made by the community. If you wish to take part in the fork, you should transfer your BCH balance to another wallet which is supporting the coin split, to make sure you receive any coins resulting from the hard fork.
Will SatoshiLabs support both Bitcoin Cash chains if there is no clear consensus?
Following the fork, SatoshiLabs will monitor whether the forked chain has sufficient support to justify supporting it. If the community chooses Bitcoin Cash Node, SatoshiLabs will drop support for Bitcoin Cash ABC and connect to the new network. This will not be discussed until after the hard fork. At the time of writing, 75% of blocks have signaled support for the new Bitcoin cash Node network.
Wasn’t there already a Bitcoin Cash fork?
Bitcoin Cash was minted by way of a hard fork of the Bitcoin blockchain in August 2017, resulting in an equal amount of BCH in circulation as there was BTC at the time. Since then, Bitcoin Cash forked again in 2018, creating Bitcoin Cash SV (Satoshi’s Vision, also known as BCHSV or simply BSV) and Bitcoin Cash ABC (an acronym for Adjustable Blocksize Cap). Bitcoin Cash as it existed before the ABC/SV split is only maintained by a very small subset of the community. After the split, three coins networks will exist and compete for hashpower.
Why is the hard fork happening?
The team behind Bitcoin ABC have proposed a new model for mining rewards that would see 8% of each block reward being sent directly to the Bitcoin ABC team, purportedly to fund development. Much of the community disagrees with this and therefore Bitcoin Cash Node has been created to prevent the developer payout from being implemented.
When will the Bitcoin Cash fork take place?
The Bitcoin Cash fork will take place on November 15 to implement the mining protocol upgrade. Many exchanges and wallets will be pausing their servers for a period surrounding the upgrade so, if you wish to be eligible for any coin rewards, make sure you move your coins to a compatible wallet well before that date.
Why is Trezor not supporting the Bitcoin Cash Node network immediately?
As is the case with any blockchain hard fork, the decision of which network will be supported is based on consensus by the community and is largely dependent on the hashing power contributed by miners to the particular network. Trezor will support whichever chain the community chooses, but it may take time for consensus to be reached.
What Trezor Users Need to Know About the Bitcoin Cash Fork was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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