Bitcoin News

Bitcoin News | Recent Developments in Bitcoin Money Hard Fork

Bitcoin News | Recent Developments in Bitcoin Money Hard Fork

Bitcoin Money, the giant block assignment that split from the Bitcoin blockchain in August in 2017, forked into two different coins the last week: “Bitcoin Cash SV” (BCHSV and “Bitcoin Cash ABC” (BCHABC).

Post one week, the Bitcoin Cash ABC chain has collected more evidence of work and is ahead of the Bitcoin Cash SV chain. The native currency of Bitcoin Cash ABC, BCHABC, is also trading high on the exchanges. Therefore, the majority of the Bitcoin Cash ABC proponents feel victorious. However, the Bitcoin Cash SV proponents are in no ways considering the war to be over anytime now.

Some of the recent development and essential points on the Bitcoin Cash hard fork are as follows:

The Survival Attack

While many expected a “hard battle” breaking out between the chains, there was probably no symptom of this kind of an attack in the week following the split. Even a hint about Bitcoin Cash SV chain suffering a survival attack was just fake news.  Here, it is worth noting that in the very first place, Bitcoin Cash ABC received threats of being attacked.

The “hard battle” has turned into what the others and the Wright address as “persistence hunting” or “endurance attack”. The idea is that while Bitcoin Cash ABC has the potential of defending its chain from attacks, this has been possible at an expensive cost and also this would not last for a very long time. Around 51% attacks are likely to occur when more miners move away from the network.

The Checkpoint System

To do away with the 51% attacks, the development team at Bitcoin Cash ABC came up with a brand new checkpoint system. Above the initial checkpoint that marks the culmination of the Bitcoin Cash ABC, the latest release of Bitcoin Cash ABC software in no ways allows for reorgs of blockchain deeper than just ten blocks. This effectively means that once there are ten confirmations for a transaction, it will be considered final by the software. If there are over ten blocks to be replaced, the Bitcoin Cash ABC clients will reject it. This is even though there is a valid and longer chain.   

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