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Bitcoin Cash (BCH) Ecosystem In Turmoil

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Bitcoin Cash (BCH) ecosystem enters uncertainty ahead of its hard fork.

Bitcoin Cash (BCH) continues to be the fourth largest cryptocurrency in a competitive ecosystem of the top five by MCAP. However, there seems to be some lack of agreement between the two node implementations. Interestingly, the Bitcoin ABC and Bitcoin SV rivalry will play out this month with the planned Bitcoin ABC hard fork.

Normally, cryptocurrency miners access the process of mining through what developers call node implementations. These are gateways that connect miners or developers to the given network, like Bitcoin.

Bitcoin ABC and Bitcoin SV Rivalry Deepens

In the Bitcoin Cash ecosystem, there seems to be some lack of agreement on how to go about the mining process. In particular, there is already the Bitcoin ABC which is a dominating power. This node implementation has the blessings of many reputable cryptocurrency exchanges. Further, Coin.Dance notes that Bitcoin ABC has the largest number of nodes in the Bitcoin Cash ecosystem.

Interestingly, Bitcoin SV (Satoshi Vision) is a very new entrant into the Bitcoin Cash ecosystem. Created by Craig S. Wright of nChain just last month, SVPool already has 3.1% of BCH mining activity. In particular, Wright insists that Bitcoin SV will try to prevent the planned hard fork of BCH via Bitcoin ABC.

Further, Wright details that the changes that Bitcoin ABC plans are quite divisive. In remedy, the Bitcoin SV node implementation will also introduce its own changes later. However, this will depend on whether developers will adopt the nod implementation in huge numbers. Normally, making changes to a network requires a lot of support within the ecosystem.

Ecosystem Stress Test

Fortunately, recent developments point towards a wider Bitcoin SV adoption. In the latest Bitcoin SV stress test, the node implementation excelled beyond expectations. According to an official statement, mining pools running Bitcoin SV were able to mine five 32MB size blocks. That is the largest block size ever mined on any public blockchain, the statement reads.

In essence, such a large block will be able to store more transaction data. This means that it will support faster transactions and even more users without experiencing unnecessary network drags. According to Bitcoin SV developers, the performance of the node demonstrates its superiority to competitors.

Further, the excellence in the preview test results “validates the growing hash support for Bitcoin SV.” Even as the Bitcoin ABC and Bitcoin SV rivalry continues, Coin.dance estimates that “Bitcoin SV now has support ranging from 58-68% of the total BCH network hash, compared to Bitcoin ABC with only 19-32%.”

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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