Hard forks and lack of governance were a huge issue during the rise of cryptocurrency back in late 2017. It seems this hasn’t changed in 2018, as we have just encountered a new Bitcoin Cash hard fork controversy.
Hard forks are required for large blockchain network updates and require all nodes running the network to switch over to the new chain at a designated block number. Unfortunately, not every node running the network agrees with the direction of the project and decides to start its own fork with other nodes—creating a new ‘forked’ chain and new digital currency.
Hard fork splits in 2017 brought about the digital currencies Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum Classic (ETC), Bitcoin Diamond (BCD), Monero Classic (XMC), and Monero Original (XMO).
Bitcoin Cash Hard Fork Controversy
On November 15th, Bitcoin Cash underwent its second scheduled protocol upgrade. However, a competing proposal emerged that was not compatible with the original roadmap and caused the BCH community to be split into three fractions: Bitcoin ABC, Bitcoin Unlimited, and Bitcoin SV.
Bitcoin ABC represents the conservative approach to the update, which aims to preserve Bitcoin Cash from radical changes. ABC is led by Roger Ver, CEO of Bitcoin.com. Bitcoin ABC is also backed and represented by Binance, Coinbase, and Bitmain.
Bitcoin SV, or Satoshi’s Vision, was founded last Friday by a blockchain firm that is associated with Craig Wright—who has in the past deemed himself as Satoshi Nakamoto and has often been mocked by the crypto community. Bitcoin SV seeks to increase the block size of BCH from 32MB to a max of 128MB in hopes of increasing the network’s capacity and scale.
Bitcoin Unlimited is a neutral fork and the leaders are looking for a compromise between Bitcoin SV and Bitcoin ABC, asking for a vote between all the miners.
Hash War: Who’s Winning?
Just a reminder
Not a day, not weeks, not a burst.
Continuous competition until one dies as we do not stop pic.twitter.com/UbHPWRF7UF
— Dr Craig S Wright (@ProfFaustus) November 15, 2018
Currently, Bitcoin ABC has the most support but Craig Wright isn’t backing down.
Come on Roger
Keep burning – we do not want to get ahead just yet pic.twitter.com/HiLF2XXgH1
— Dr Craig S Wright (@ProfFaustus) November 19, 2018
This just shows the need for proper governance and voting within these blockchain projects, because this Bitcoin Cash hard fork controversy has become a circus.
Featured Image: Depositphotos/© olly18