Bitcoin Cash development team members say the first day post-fork has gone “great” for the project — but there are still plenty of challenges ahead.
Seeing Bitcoin Cash in Action ‘Removes a Lot of FUD’
Perhaps the best thing about Bitcoin Cash is that its emergence hasn’t been earth-shattering so far. Despite the most optimistic and pessimistic predictions, it hasn’t caused any major disruption to the original Bitcoin network, or price.
Nor did it force miners into an immediate dilemma over which chain to support. BCC (or BCH) still feels experimental, and miners will get the chance to watch it for a while before deciding whether, or how much, to jump in.
Juan Garavaglia is CEO of Bitprim, which is part of the Bitcoin Cash development team. He told Bitsonline he was pleased with the first day since the fork, but now feels the pressure from all users who’ve placed their trust in the project.
The challenge and responsibility is huge, he said, though seeing the code actually up and running has given them confidence.
“After so many negative comments and pseudo scientists saying a hard fork requires an overcomplicated process, or is even impossible to execute — to see it in action removes a lot of FUD.”
Lead Developer: Nodes Behaved as Expected
Bitsonline also asked Bitcoin Cash lead developer Amaury Séchet (a.k.a. “Dead Alnix”) for his initial thoughts.
Until the end of last year, France-based Séchet worked for Facebook. He created the “Bitcoin ABC” software originally as an experimental Bitcoin scaling solution, looking first at the “extension blocks” concept. Then when Bitmain announced its UAHF contingency plan, he and fellow developer Freetrader decided to run with it.
JS: What are your thoughts on the activation so far? All going according to plan?
AS: It went great so far. The nodes behaved as expected. There is hashrate support. Blocks will be slow for a few days (while) the time the difficulty adjustment algorithm kicks in, and then it’ll be going smoothly.
JS: In the first 24-48 hours after the fork, what would you consider a sign of success?
AS: It’ll be hard to figure out what’s going during the first few days. There will be a lot of confusion and blocks are going to come slowly. I get within that time frame, success means the fork happened and a few blocks have been mined on it.
JS: Have you seen any sign of other external attacks on Bitcoin Cash or its miners yet?
AS: So far not much outside of social media campaign (at the time I’m writing this, we are still prefork). I trust this will come, however.
JS: How is Bitcoin Cash handling replay attack protection now?
AS: Bitcoin Cash updated one of the steps of the signature process. Because of this, signatures that are valid on the Bitcoin Cash chain will appear invalid on the Bitcoin Core chain, and vice versa. In addition to providing replay protection, this new mechanism solves a long standing problem in Bitcoin known as quadratic hashing — where an attacker could produce transactions that are very expensive to validate. It also increase the security of hardware wallets.
JS: Do you have a prediction for Bitcoin Cash’s future value?
AS: Well nobody really know how it is going to turn, so I wouldn’t advice to dump all your BTC for BCC. But I’m confident BCC’s future is bright.
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Images via Bitcoin Cash, The Future of Bitcoin, Pixabay