Trezor’s failed attempt to support the Bitcoin Cash fork came under fire after announcing that it will wait to see the outcome before pledging to support the ABC or BCH node so let’s read more in today’s Bitcoin Cash news.
The hardware wallet manufacturer Trezor got under a lot of criticism after it announced that bitcoin Cash Holders are hoping to receive an airdrop with the hard fork expected for November 15 that will have to transfer their coins elsewhere. The parent company of Trezor, SatoshiLabs, asserted that it will wait for the community to determine which Bitcoin Cash implementation will dominate the network moving ahead:
“SatoshiLabs will not be participating in the fork until a decision is made by the community. If you wish to take part in the fork, you should transfer your BCH balance to another wallet which is supporting the coin split, to make sure you receive any coins resulting from the hard fork.”
Our official announcement regarding Bitcoin Cash hard fork.
Trezor will not be supporting any coin split that may result from it.
Read the full statement here:https://t.co/JoWiZZxC8y
— Trezor (@Trezor) November 4, 2020
Once the fork happens, SatoshiLabs will monitor whether the forked chain has enough support to justify supporting it and will support whichever implementation secures most of the support from the community. SatoshiLabs will assess whether the minatory chain has enough support to justify supporting it. Bitcoin Cash is set to split in two with the next scheduled upgrade on November 15. The internal tensions started with Trezor’s failed attempt to support the hard fork and especially when Amaury Sechet, the lead developer of Bitcoin ABC published an update that will introduce a new “Coinbase rule” diverting 8% of the block reward to the development fund in his control.
The conflict sparked the rival implementation of the Bitcoin cash node which was secured with support since then from more than 75% of BCH miners. Bitcoin’s ABC implementation is controversial as it includes an 8% tax on all block rewards going to a wallet controlled by Sechet. Trezor’s decision not to support the fork means that the users who hold Bitcoin Cash in their wallets will have to move them to an exchange or some other wallet in order to get their coins in the fork. The move left many Trezor users shocked with Twitter user John Moriarty saying that he was very disappointed:
“The *vast majority* of the BCH ecosystem has rejected the IFP being introduced by ABC … You’ll have to explain why people’s coins suddenly dropped in value by over 90%, and then deal with switching chains after the fact.”
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