Bitcoin Cash Successfully Finishes another Hard Fork
Nov 14, 2017 Posted / 10099 Views
Bitcoin Cash earlier planned hard fork was successfully completed yesterday November 13th.2017 at around 4pm EDT fixing the issues with Bitcoin Cash Difficulty Adjustment Algorithm (DAA). The main development team working on the new sets of algorithm that forked the Bitcoin cash network includes Bitcoin ABC, Bitcoin Unlimited, Nchain and XT developers. The problem with the old algorithm was that it allowed for too much hashrate fluctuations. The Bitcoin cash community had a series of proposals to choose a solution to fix the DAA from. The proposal which reach final consensus among the Bitcoin community came from Amaury Sechet lead Developer at Bitcoin ABC.
The major aim of the fork therefore was to adjust the difficulty to hashrate targeting a mean block interval of 600 seconds while preventing abnormal variations of the difficulty factor. The new update is hope to trigger the network to adjust difficulty rapidly when hashrate changes exponentially while preventing feedback oscillations. The update was developed basing on the 144-period simple moving average by the Bitcoin ABC team. The Bitcoin ABC developers detailed on their website that the difficulty is adjusted after every Block basing on the work done and time spent in the last 144 blocks.
The main achievement of the update will be observed it the new algorithm manages to successfully maintain block times to a value of about 10 minutes per Block without major variations. At the time of this writing the 10 minute block time target had been achieved already. Many people in the Bitcoin Community believe that this update will give miners a clear path on both the BTC and the BCH fronts without invoking unprecedented and unnecessary competitions between miners from either side. The target Block height of 504031 which activated the fork was found on the platform BTC.top.
Both BTC and Bitcoin Cash are having an aggressive increase in prices with the later having a more consistent increase of recent. Miners are at liberty now to select between mining Bitcoin and Bitcoin Gold but nonetheless mining profitability will be greatly affected by the market prices of the two currencies. However the current market condition makes it slightly more profitable to mine BCH than to mine BTC currently.
Supporters of Bitcoin Cash became very excited following the news of the successful hard fork that Bitcoin Cash was awoken to though the full impact of the DAA upgrade is yet to be time tested. Many early adopters of Bitcoin believes that Bitcoin cash is the ultimate store of Value and means of exchange. Whether Bitcoin cash will beat Bitcoin on the legitimacy fronts still remains an issue to be witnessed in the future.
Meanwhile Bitcoin users seem to be very upset with the progress Bitcoin Cash is making towards Bitcoin, it will still remain to the entire Bitcoin community (supporters of BTC and BCH) to glorify the currency that will wear the Crown. We got excerpts of user opinions from some major online Bitcoin forums and quoted them as below,
“BCH means nothing to BitCoin except when BCH is attacking the network or massively manipulating the exchange prices .BCH or formally known as Btrash is a "dead man walking" Buy BTC Bitcoins and hold. That's all you need to do.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.