A third blockchain split for Bitcoin Cash in less than four years is in preparations for the blockchain according to the Bitcoin ABC development team so let’s read more in today’s bitcoin Cash news.
Bitcoin cash could undergo a third blockchain split with the proposed changes made by the team which will bring the miners a loss of 8% on their rewards for mining new blocks on the blockchain. The potential split caused controversy all across the community after the development team released a new version of its latest controversial upgrade.
The upgrade includes changes that will happen on November 15 which are designed to fund blockchain development but it is so unpopular as it can split the blockchain into two parts. This will not be the first time Bitcoin cash gets broken in half as the cryptocurrency began as a fork of Bitcoin in 2017. With the hard fork, there was a block size increase so that more transactions can be processed. A year later, BCH went through a second fork thus giving rise to the Bitcoin SV coin that wanted even bigger blocks. Now, it looks like a third split could be in preparations. Nishant Sharma who was involved in Bitcoin’s’ scaling debate and founded BlocksBridge Consulting later, stated:
“The current debate within the BCH community reflects that original endeavor of these former BTC developers to further decentralize the protocol development process. Whether this would again result in a split, remains to be see.”
It all started once the Bitcoin ABC development team, the full node implementation proposed an Infrastructure Proposal that will result in eight percent lows in miner rewards that will be used for infrastructure development. Every time a block is mined, 92% of the rewards produced will go to the miner and the rest will get sent to an account of the Bitcoin ABC team. Roger Ver tweeted:
“Diverting part of the Bitcoin Cash block reward to pay a single development team is a Soviet style central planner’s dream come true. Please stop.”
— Roger Ver (@rogerkver) August 31, 2020
If a split occurs, it will be bad news for the coin but there’s even a chance that the new coin will be created as a result of the split but they will lose the mining support as well as the current places on crypto exchanges. Every exchange will have to look at supporting the coin but if there’s no momentum, they could choose to not list it.
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