Not surprisingly, BCH will usher in its second fork on November 15. The two chains that are going to part ways, one is BCHA and the other is BCHN. In the history of the blockchain, every time a fork, the fork chain has to be split out. And this time, there was a voice leaning toward BCHN in the BCH community.
Who is the real BCH?
Blockchain communities often make decisions based on voting results or hard indicators such as currency prices and computing power. Take the first fork as an example. In November 2018, BCH forked into BCH and BSV. Which is better, BCH and BSV? The market is judged by the most intuitive computing power growth and currency prices. BCH will conduct a second fork on November 15th. Exchanges represented by CoinEx and OKEx have chanted the slogan “The higher the price”.
The two exchanges stated in September and October respectively, “After the fork is completed, the chain with a higher price will be selected to inherit the naming of BCH.” According to data from the trading platform CoinEx, the BCHA token price is 0.1 BCH at the time of writing. The 24-hour decline was 12.7%, and the price of BCHN was 0.9 BCH, and the 24-hour increase was 2.69%. If nothing else, BCHN wins. Measured from the perspective of the percentage of computing power, among the latest 1,000 BCH blocks generated, more than 700 blocks were mined by the BCHN community (including BCHU, BCHN and other nodes). In the past 7 days of BCH block production, 71.3% of the blocks were mined by the BCHN community. BCHN’s computing power is more than half of the BCH network, and BCHN also wins in terms of computing power.
Community speech can reflect public opinion.
After the community represented by CoinEx founder Yang Haipo officially announced the fork in August, Roger Ver, a well-known BCH evangelist, tweeted to express his position: “Bitcoin ABC announced that it will fork away from BCH. Good luck.”
The implication is that it believes that the Bitcoin ABC faction does not represent the real BCH.
Searching for “Bitcoin ABC” on Twitter, you can find a lot of bad comments. For example, a user named “Josh Green” advised users not to run Bitcoin ABC (software) and not to refer to their website. He wrote on Twitter that “Bitcoin ABC will levy an 8% tax on miners, which has been hit by the community, miners, The opposition of the futures market.” According to the report of Block Rhythm, Bitcoin ABC and its lead developer Amaury once launched a dynamic difficulty adjustment (DAA) algorithm proposal Grasberg, which does not seem to have received support from community members other than the ABC team itself.
It can be seen that the public opinion of the BCH community as a whole does not favor Bitcoin ABC. In the people’s mind, BCHN also wins. There seems to be no suspense about the result of BCH’s second fork.
Why fork?
In the world of blockchain, forks stem from different ideas, conflicts of interest, and freedom of choice. The bifurcation slogan shouted by the BCHN community is “BCH is bitter and ABC is long.” PayPal Insight wrote in its analysis of the BCH second fork, “Some influential BCH community members expressed concern about the community’s excessive dependence on the ABC team. “At present, there are three mainstream teams promoting the development of BCH: Bitcoin ABC, Bitcoin cash note, and Bitcoin Unlimited, among which Bitcoin ABC has played a very important role. An introduction document shows that Bitcoin ABC has been leading the development of the project and has so far released 65 software versions and conducted more than 25 million tests for the BCH network. At present, it is the BitcoinABC team that disagrees with most members of the BCH community.
Yang Haipo, the founder of CoinEx, responded to the question of whether BCH is split or not by Weibo users: “BCH SXs are still arguing about whether to eat eggs from the big end or the small end. They must be divided!” Bitcoin ABC differs from the community on the development path and focus of BCH. In addition, the real fuse of the fork is that Bitcoin ABC wants to “mandatory tax” on miners.
An update note issued by Bitcoin ABC mentioned: On November 15th, BCH will add new financing functions, and 8% of the mining proceeds will be used to provide development funds for the network. Based on this, the team can recruit a large number of technical talents. , For network development.
This update is the “Coinbase Rule” mentioned by the community, which is a kind of IFP, that is, an infrastructure financial proposal. Bitcoin ABC wants to impose a mandatory tax on 8% of the mining revenue of miners to resolve development funds. Long-term problems. According to industry practitioner Nangongyuan, Wu Jihan had promoted IFP before, Jiang Zhuoer had previously held a neutral attitude towards the “miner donation plan”, and his mining pool had prepared to support IFP.
But at present, perhaps because Coinbase ABC is arbitrary in promoting project updates, and IFP has moved the “cake” of the miner community, Coinbase ABC has received very little support.
There are two parties to the BCH fork, one is the Coinbase ABC team (BCHA), and the other is the community represented by Yang Haipo (BCHN). At present, important BCH participants including Roger Ver and Jiang Zhuoer support BCHN. In fact, the source of developer income is a common problem in blockchain projects. It is true that some development teams are financially struggling. Developers develop projects full-time or part-time, but they can only rely on limited and unstable community donations to solve the funding problem, and they can even “rely on love to generate electricity” and do free development. jobs. But this status quo does not apply to BCH.
BCH is forked from Bitcoin. All BTC in the Bitcoin network are produced as mining rewards for miners. The development team does not have development rewards (development funds) from the chain. However, it is worth noting that Bitcoin has fans from all over the world, and also benefited from the expectation of rising currency prices. At present, at least 10 organizations have provided financial support to the Bitcoin development team. As the main fork of Bitcoin, it can be inferred that the situation of BCH is similar. Although there is no development funds from the chain itself, the BCH development team should not lack donations.
In fact, Twitter user im_uname recently tweeted that Bitcoin ABC’s funding target for development by April next year-3.3 million U.S. dollars, or about 14,500 BCH, has been half completed by June this year. , The team has raised more than 7000 BCH.
Bitcoin ABC has no shortage of funds. im_uname continued to write on Twitter “Bitcoin ABC may just want more and endless funds.”
Fork benefits: pull plate and candy
Although the community is not optimistic about the BCHA after the fork, the community seems to welcome the fork. On October 28, OKEx announced that it would choose the higher-priced chain to inherit the naming of BCH, and airdrop the tokens of another chain to users 1:1. Subsequently, the price of BCH rose against the trend and rose to $270. about. Although the gap between the two chains is already wide, considering that “the more expensive chain can inherit the BCH naming”, there is still about half a month before November 15th, and the two sides of the fork may stage a “pulling war” , There are many users of BCH that have a “pull up” view on the recent trend of BCH.
From another perspective, the BCH fork will be an inclusive activity for token holders, because users can get token airdrops for free. After the community proposed the fork, Jiang Zhuoer once said “support the good faith fork (no name grab + replay protection), and give everyone candy.” In order to get the airdrop candy, some users have already bought coins and hedging operations. . As of now, UAICoin data shows that BCH ranks fifth in market capitalization, with a currency price of US$259.82, which is down 2.04% in 24 hours.
What is the situation of BCH’s subsequent forks? Beep News will continue to be updated. In addition, Beep News hereby reminds readers that the above is not considered as investment advice. Readers are advised to pay attention to the risks of crypto investment.
