Expected Bitcoin Cash Hardfork Brings to Life
It seems that the hardfork that has been planned for Bitcoin Cash for a while has started to integrate seamlessly.
14 Data received at 02:00 on the morning of November. According to the results, 82% of the network’s ports have migrated to the new software version.. Updated with version 0.16.0, the goal of the software is to make mining rewards more attractive to those who protect the blockchain.
Roughly at 12 last night, a new In the updated Bitcoin Cash blockchain, 6 new blocks have been generated so far, and no new blocks have been created in the old network. These results are a very good sign, as the mass update of the entire network means that no different coin will be created depending on the old network.
As we wrote in our news the other day, this hardfork aims to replace the mining protocol with another algorithm.. As a result of this change, the difficulty of producing the blocks that miners produce every 600 seconds is balanced.
The idea behind this is to avoid sudden difficulty changes in the algorithm, and frequently use the Bitcoin blockchain. Preventing Bitcoin Cash miners from trading. The biggest reason for this ‘migration’ was that people preferred to mine on the most rewarding blockchain.
The rules outside the mining protocol will remain the same.. All of these rules were set when Bitcoin Cash left the Bitcoin blockchain in August.. After this split, Bitcoin Cash took a huge advantage by increasing the block size on its blockchain from 1MB to 8MB.
A Perfect Update
In fact, users were confident that this hardfork would go flawlessly because a change in mining method was deemed necessary.
Two well-known mining pool managers Haipo Yang and Jiang Zhuoer announced that they did not think the update would be controversial.. Users in groups opened for Bitcoin Cash on the Chinese messaging application WeChat also expressed the same opinion.
In fact, this consensus is due to the fact that the old mining algorithm constantly affects productivity in a positive and negative way.. Many of the developers working on the blockchain agreed, too.
A blog post discussing the hard fork and software update stated that the old mining rules were “problematic because they did not approve user transfers at a stable rate and the block generation rate did not remain constant”.
A developer named Juan Garavaglia was pressing for a successful update of the Bitcoin Cash network, claiming that this fork would be seamless.. He also made a statement as “miners and network nodes that contribute to the coin economy are important to update for fork.”
After the start of Hardfork, Yours and Ledger have already done the software update.
If the software update is held in the long term, it could bring good news for Bitcoin Cash.
The Future of Hardfork
If The software update could bring good news for Bitcoin Cash if held in the long run.
Proponents of the protocol think that SegWit2x cancellation will be more effective for the future of Bitcoin Cash.. SegWit2x was a hardfork planned for Bitcoin last week, but was canceled due to disagreement among users.. SegWit2x would increase the block size from 1MB to 2MB to address Bitcoin’s scaling problem.
When SegWit2x failed, Bitcoin owners began to turn to other alternatives. had begun. For this reason, last weekend, the price of Bitcoin Cash broke a new record by exceeding $ 2500 on the exchanges.. However, as some analysts commented, this rise in price did not last long.
Analyses are being made, but psychological factors also have a great impact on the market.. Small-scale miners continue to follow the events closely and pursue profits.
Yimo Cheng, who lives in China by doing tax accounting, operates a mining system at home.. But he still shuns Bitcoin Cash mining, he says, as the majority of the coin’s interest comes from China, which goes completely against the original idea of Bitcoin decentralization.
Bitcoin’s “more international