On November 15, 2018, around 4:40 PM GMT (epoch 1542300000), a Bitcoin Cash hardfork is scheduled to take place. If you have ever wondered what will happen after the Bitcoin Cash hardfork, then you will find the answer in this article.
Before we move on, we will explain what a hardfork is.
What is A Hardfork?
A hardfork is the process by which the underlying software used by a blockchain network is changed. In most cases, the new software that is introduced will feature improvements that will make the blockchain network more scalable, reliable or robust.
For example, the Bitcoin Cash (BCH) network was a hardfork of parent blockchain network. Bitcoin. Bitcoin Cash was produced because all the stakeholders on the Bitcoin network did not agree on the changes to be made to Bitcoin’s underlying software.
While some stakeholders wanted to make a set of changes, others wanted something entirely different, which they believed will improve the network. Because of this lack of consensus, a hardfork was initiated on the Bitcoin network, and Bitcoin Cash was born.
If there was an agreement by all the stakeholders, then only a defined set of changes will be made to the underlying software, and no new network or cryptocurrency will be created.
Now, that you understand what a hardfork is, let’s get to know the situation surrounding Bitcoin Cash hardfork on November 15
ABC Proposal Vs. Craig Wright’s Satoshi Vision
It may interest you to know that just over one year after the Bitcoin Cash network was created, stakeholders are facing the same issues which warranted the Bitcoin split. Two groups are divided about which changes should be made to the existing Bitcoin Cash protocol.
The first group includes BCH developer Amaury Sechet who is proposing “a set of technologies that will allow network participants to agree as much as possible on what the next block is going to look like.”
According to a paper released by Amaury in July, he explained that the Bitcoin Cash network would be strengthened if it introduces this pre-consensus model. The developer has strong support behind this idea in the form of mining giant Bitmain Inc. which holds a large amount of BCH.
The second group comprises of every other member of the BCH network who is against the model proposed by Amaury. It is led by Craig S. Wright, another popular influencer within the BCH community.
Craig is against a partnership formed in August by Bitmain and Wormhole, which gave Bitmain the power to burn BCH tokens. While Bitmain’s intentions of burning BCH tokens seem sincere, Craig doesn’t believe that this is true.
So instead of conferring Bitmain which such power, Craig explained in his paper called the “Satoshi Vision” that the network would be better off if it applied a protocol which was used by Satoshi Nakamoto while creating Bitcoin.
Craig’s proposal also has supporters, including another mining giant CoinGeek who some believe is supporting the proposal simply because major competitor Bitmain, is backing the other group.
This lack of consensus among different parties on the Bitcoin Cash Network has thrown the crypto community into doubt on what the outcome of the November 15 hardfork will be.
What Will Be The Outcome of Bitcoin Cash Hardfork?
For one thing, the hardfork will bring about a change in the underlying software used by the BCH network.
However, if the two warring parties fail to reach a consensus on what changes are made to the software, then we could witness the birth of new chains, of which one will become dominant This just means that the Bitcoin Cash network will continue to exist while a new network – an offshoot of the hardfork will be created.
A new cryptocurrency for the new network will also be formed. What will you call it? Bitcoin CashCash or BitcoinCash+?
What will happen to the value of Bitcoin Cash after the hardfork?
We will only find out after November 15.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.