It is best not to send tokens before and after this hard fork, because Bitcoin Cash ABC and Bitcoin Cash Node have not implemented replay protection, so sending any of these tokens may result in another blockchain The equivalent currency was sent accidentally.
This article is from bitcoinmagazine
Original Author | Aaron Van Wiredum
Translator | Moni
Produced | Odaily Planet Daily (ID: o-daily)
According to Coin Dance, Bitcoin Cash (BCH) was successfully forked (network upgrade) at about 22:22 on November 15th, Beijing time. Block 661648 was dug by AntPool. According to the Huobi market, BCH plunged at 8 o'clock that night and dropped to 236 USDT for a short time. It has now rebounded to around 244 USDT, a daily drop of nearly 5%.
In mid-2017, the Bitcoin ABC software client announced that it would break away from the Bitcoin protocol and launch its own cryptocurrency: Bitcoin Cash. Since then, Bitcoin Cash has deployed backward incompatible hard points every six months Fork upgrades require network-wide upgrades in all Bitcoin Cash clients. Although most of the upgrades proceeded relatively smoothly, when the time came to 2018, there were conflicts within the Bitcoin Cash community, resulting in a split between Bitcoin Cash (the party that retained the original name) and Bitcoin SV.
Thinking back to the last time the community split (November 16, 2018), BCH was split into two: BCH ABC (now BCH) and BCH SV (BSV). At that time, the computing power battle between the two camps attracted much attention from the industry, and BCH declined during the month. Nearly 60%. Two years later (to be precise at 12:00 on November 15th, UTC), another hard fork upgrade and another dispute within the Bitcoin Cash community caused it to split again, but the enthusiasm was not as good as it was in the past.
How did this controversy happen?
(And who are the parties to the dispute?)
The core of the Bitcoin Cash hard fork dispute is an upgrade called the "Infrastructure Funding Plan" (IFP). According to the rules of the agreement, the infrastructure financing plan will force 8% of each block to be rewarded. % (Bitcoin Cash earned by miners) is delegated to software projects that support Bitcoin Cash, such as Bitcoin ABC.
According to the Bitcoin ABC team, the “infrastructure financing plan” (sometimes called the “miner tax”) will be designated through a new organization called the Global Network Council, which is composed of major miners and crypto Composition of currency holders. So far, the Global Network Council has only announced that it will hold its first meeting in January 2021, but other than that, the details of the selection of members or the fund allocation procedures have not been publicly disclosed.
Bitcoin Cash Node is a software fork of Bitcoin ABC. It was initiated by Bitcoin Cash developers and users who opposed the "Infrastructure Financing Plan" and had removed the upgrade from its source code.
There are many reasons for the controversy of the "infrastructure financing plan", such as:
1. Some people refuse to upgrade for reasons of encryption concept, because they believe that the "miner tax" is inconsistent with the original concept and original design of Bitcoin Cash (or Bitcoin).
2. "Infrastructure financing plan" will reduce network security, because if miners earn less token rewards when mining a block, then it will not attract miners to mine, and ultimately will lead to computing power to ensure network security decline.
3. The "Infrastructure Financing Plan" did not disclose the details of the allocation of funds. This situation may eventually allow Bitcoin ABC to obtain more benefits than other clients. Therefore, the fact that Bitcoin ABC is still trying to promote change after being opposed by some of the Bitcoin Cash community is actually one of the core issues that caused controversy.
Does this hard fork include any other protocol changes?
Yes, both Bitcoin ABC and Bitcoin Cash Node will deploy new difficulty adjustment algorithms.
The new Bitcoin Cash blockchain (similar to the Bitcoin block) will be found by miners in an average of about 10 minutes, but because Bitcoin Cash and Bitcoin share the same mining algorithm, sometimes some Bitcoin miners seek Higher profits will be transferred to Bitcoin Cash network mining. However, the computing power of Bitcoin Cash only accounts for a very small part of the computing power of the entire Bitcoin network. Therefore, when some Bitcoin miners transfer to the Bitcoin Cash network, the latter's computing power will fluctuate greatly-this situation will cause Periodic emergencies, in which Bitcoin Cash will generate blocks much faster than 10 minutes, and the subsequent increase in network difficulty. After the difficulty increases, those “profit-only” Bitcoin miners will move to the Bitcoin network to continue mining BTC, leaving the real Bitcoin Cash miners on the lower-profit chain. Not only that, a sharp drop in computing power will also cause a sharp drop in block generation speed, and users will feel that Bitcoin Cash transaction confirmation is very unreliable.
In order to help stabilize the speed of block production, the Bitcoin ABC team originally proposed a new dynamic difficulty adjustment algorithm called Grasberg. However, the deployment of the Grasberg algorithm may trigger other changes. It is said that the algorithm intends to slow down the blockchain production for several years in order to correct the "historical drift" problem-it is undeniable that it was due to various reasons (such as past difficulty algorithms). Etc.) The current Bitcoin Cash block mining speed is indeed faster than originally planned.
However, the proposed "historical drift" correction has caused great controversy in the Bitcoin Cash community. In fact, this was the original motivation behind the Bitcoin Cash Node hard fork, which included the introduction of a new difficulty adjustment algorithm called ASERT. On August 18th, the Bitcoin Cash Node Bitcoin Cash Node announced the launch of its important version update 22.0.0. This version implements the technical features of the network upgrade on November 15, 2020, including the ASERT difficulty algorithm, improved technical documentation, bug fixes and performance improvements.
The Bitcoin ABC team finally accepted the implementation of the ASERT algorithm and abandoned Grasberg, which means that Bitcoin Cash ABC and Bitcoin Cash Node will be compatible-in addition to the "infrastructure financing plan."
Why Bitcoin ABC was launched
Two versions of the software client?
Last weekend, Bitcoin ABC announced that it will release two versions of the Bitcoin ABC software client. One version of the software will implement the "Infrastructure Financing Plan" protocol rules as planned, but the other version will not, but will be compatible with Bitcoin Cash. Node is fully compatible.
However, the Bitcoin ABC team will only work to implement its development roadmap on the software version that implements the "Infrastructure Financing Plan" agreement rules. The specific content of the development roadmap includes:
1. Provide a more flexible block size limit;
2. Reduce the risk of unconfirmed transactions being repeatedly spent.
As for the other version that does not support the "Infrastructure Financing Plan" protocol rules, only minimum maintenance services can be obtained, and only to maintain compatibility with Bitcoin Cash Node, there should be no further optimizations and improvements in the future.
This hard fork will definitely trigger
Is the Bitcoin Cash token split?
incomplete.
First of all, it is worth noting that the Bitcoin Cash clients (Bitcoin ABC and Bitcoin Cash Node) have been programmed to terminate the current protocol, so they more or less require a hard fork upgrade, which means that the current version of Bitcoin Cash will almost certainly not continue to exist.
Obviously, if Bitcoin ABC or Bitcoin Cash Node cannot attract enough computing power to completely generate an effective blockchain, there will be no splitting of modern coins, because only the blockchain that can attract enough computing power can Continue to exist.
In fact, only if both Bitcoin ABC and Bitcoin Cash Node have sufficient computing power to generate a viable blockchain, token splitting will only happen, which means that Bitcoin Cash Node needs to get more than half between the two Total computing power of the network.
In addition, there is another interesting situation to avoid token splitting. If Bitcoin ABC ABC attracts more than half of the computing power between the two (and maintains the majority), then the Bitcoin Cash Node client will actually follow the Bitcoin ABC blockchain-which is actually why for Bitcoin Cash Node, The new Bitcoin ABC software is actually a soft fork. The agreement rules of the two parties are similar. The only difference is the addition of the “infrastructure financing plan” rule restrictions.
In other words, if a part of the block reward is allocated to the Global Network Committee (or anyone else), then Bitcoin Cash Node clients should accept the request, but they just don't require this to happen. In this case, blocks that do not grant funding for the "Infrastructure Financing Program" will be rejected by most miners, and therefore will not enter the blockchain at all, thus ensuring compatibility.
(Odaily Planet Daily Note: There may be other more complicated scenarios, such as the use of a new hard fork may also lead to token splits-but these possibilities are relatively small and beyond the scope of the topic of this article.)
What might happen after this Bitcoin Cash fork?
For now, Bitcoin Cash Node has more computing power support than Bitcoin ABC. At the time of writing this article, this ratio exceeds 80%, while Bitcoin ABC does not return to 1%. In addition, Bitcoin Cash Node seems to have received more community support. Large cryptocurrency exchanges and crypto companies such as Coinbase, Kraken and BitGo have also expressed support for Bitcoin Cash Node. Therefore, it seems likely that Bitcoin Cash will continue to exist through Bitcoin Cash Node and compatible versions of Bitcoin ABC. (Although some cryptocurrency exchanges may choose "BCHN" or other code variants, some cryptocurrency exchanges may also receive the "BCH" code).
On the other hand, it remains to be seen whether the Bitcoin ABC version that supports the "infrastructure financing plan" will attract enough computing power to generate a viable blockchain. But if this happens, Bitcoin ABC may have a strategic advantage over Bitcoin Cash Node, namely:
If Bitcoin ABC has more computing power than Bitcoin Cash Node, even after the token split occurs (but up to ten blocks), theoretically the Bitcoin Cash Node blockchain will "collapse", as more and more Bitcoin The Cash Node client started to accept the Bitcoin ABC blockchain, and the Bitcoin Cash Node blockchain will eventually disappear. Any tokens mined on the Bitcoin Cash Node blockchain and any tokens received on the Bitcoin Cash Node blockchain will also disappear.
If Bitcoin ABC attracts enough computing power to even make it feasible, then Bitcoin ABC may damage the trust of Bitcoin Cash Node, which will further help Bitcoin ABC. (But in fact, this unlikely situation can itself be offset by the "Bitcoin Cash Node" through another protocol upgrade.)
So far, if we consider all factors, it seems that Bitcoin Cash Node is more likely to represent the continued existence of “Bitcoin Cash” (Bitcoin Cash), and Bitcoin ABC is likely to create a “new” cryptocurrency, and the token is most likely to be Called "Bitcoin ABC" (the token code may be designated BAB).
I hold BCH, what do I need to do for this fork?
If you own the private key, you basically don’t need to do anything. If a token split occurs, you can use both tokens. (However, you may have to upgrade to a new client/wallet software, depending on the client/wallet software you are using.)
However, it is best not to send tokens before or after this hard fork, because Bitcoin Cash ABC and Bitcoin Cash Node have not implemented replay protection, so sending any of these tokens may result in another block The equivalent currency was accidentally sent on the chain. To ensure that this does not happen, you'd better wait until the hard fork is over and things become clearer.
You may also want to postpone receiving tokens on the Bitcoin Cash Node blockchain. Although the risk seems small, if the blockchain attracts more computing power, the blockchain may "collapse" to Bitcoin ABC In the blockchain, the tokens you received at this time are likely to disappear. Similarly, to ensure that this does not happen, you'd better wait for the hard fork to end and the situation becomes clearer.
If your tokens are deposited on a cryptocurrency exchange (or other cryptocurrency custody service), after the hard fork, the exchange should determine whether the two tokens are received at the same time, or one (and which). Several major large-scale cryptocurrency exchanges on the market have issued relevant announcements. Some support Bitcoin Cash Node and some support both. The specific information published by the exchange shall prevail. If you are still not at ease, the safest way may be to withdraw the tokens from the exchange.
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