After about 18 hours of Hashwar, ABC is clearly in the lead thanks to the help of BTC miners. The ABC developers secure their chain with checkpoints and declare themselves the winner. This is as boring as premature.
Imagine, it’s war, and it’s all exactly as everyone predicted: there was a Hardfork bitcoin cash blockchain last night at Block 55676, split into two chains. The ABC chain was able to mobilize a large amount of hashing power from Bitcoin miners, thanks in large part to Roger Vers Pool’s Bitcoin.com, which redirected its customers’ BTC-focused hashrates to BCH, well ahead of the SV chain ,
By midnight, the ABC hashrate was almost three times as high as Bitcoin Cash at the time of the fork. This allowed ABC to produce around 40 more blocks than SV and become the longest chain. This was celebrated as a victory by the ABC supporters: The upgrade was successful, the majority of miners supported it, it runs on the strongest chain.
Shortly thereafter, the ABC developers have released a client that updates the checkpoints. Checkpoints are used in Bitcoin to mark certain blocks as “valid”. This allows users who start a new node not to validate each block individually but to jump to the checkpoint. Satoshi has already announced checkpoints in 2010 to avoid the slight but not completely impossible threat that the blockchain will be reorganized months later, “after the software has settled on a widely accepted blockchain.”
A checkpoint seals the success of a fork. In the case of Bitcoin Cash, though, it seems a bit premature to speak of success or failure and of victory or defeat. But the ABC developers have distributed a new release barely an hour after the Fork, in which the hash of block 55676 on the ABC side is made to checkpoint. This protects the ABC chain from being reorganized by SV Miner attacks. There are – very tender – indications that this was a plan by nChain that was thus nullified.
The prices of the futures react to the events. ABC futures currently cost 0.052 Bitcoin while SV futures stand at 0.02 Bitcoin. The Altcoin exchanges Binance and Poloniex have announced that they will soon start trading with BCHABC and BCHSV, while other exchanges are beginning to trade the coin on the ABC chain as BCH.
All too surprising, what happened last night was not. Nobody expected the ABC side to be able to temporarily mobilize enough hash power. Even Calvin Ayre of CoinGeek – the most important supporter of SV – expected it. Today he explains in his magazine CoinGeek: “CoinGeek and nChain are fighting with a lot of breath. We will fight BCH mines and as long as necessary. “He announces that he has the means to last for months.
In fact, the Hashwar probably just started. While the ABC chain’s Hashrate has dropped back to 7 Exahash, the SV chain has returned to about 4.8 Exahash. Bitcoin.com still provides around 70-80 percent of the ABC hash rate. However, the pool has already announced that it will only divert BTC hash power to BCH for 24 hours. Once this is over, another Pro-ABC Miner will have to take over, possibly ViaBTC and Bitmain.
There have not been any real attacks yet. There are shallow expectations that this will change tomorrow when “Satoshis Shotgun” will launch a new stress test on the Bitcoin Cash network. The developers of Satoshis Shotgun have recently received an investment from CoinGeek. Unfortunately, unfortunately, this weekend could be exciting as well.
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