Bitcoin Cash Fork: the ABC-SV Schism, Hash War Begins
The Bitcoin Cash protocol has undergone a scheduled, though contentious, hard fork. Now, a much-trumpeted “hash war” between the Bitcoin ABC and Bitcoin SV implementations is underway, with ABC taking an early lead in blocks mined but with SV having quickly closed the gap.
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Two Roads Diverged In A Digital Wood
The Bitcoin ABC and Bitcoin SV implementations of the Bitcoin Cash protocol diverged via two separate technical roadmaps today, November 15th, at blockheight 556,766.
Under the new rulesets, Bitcoin SV will embrace a 128 MB blocksize while retaining topological transaction ordering (TTOR), and Bitcoin ABC will retain 32 MB blocks while embracing canonical transaction ordering (CTOR).
The divergence has led some exchanges, foremost among them being Bitfinex, to roll out two new ticker symbols: BAB for the ABC-backed chain and BSV for the SV-backed chain. It’s not clear for now whether one side will win out and consolidate under the title of “BCH” or if the BAB-BSV schism will remain.
At press time, BAB was hovering around $330 USD and BSV around $85 on Bitfinex. On November 14th, bitcoin cash had sunk to just over $400, suggesting investors were initially gravitating toward ABC’s roadmap in the wake of the fork.
On the flip side, many other exchanges, like Coinbase, temporarily paused bitcoin cash trading as the smoke settled.
Bitcoin Cash (BCH) sends, receives, buys and sells are now paused. Please follow @CoinbaseSupport for further BCH fork updates.
— Coinbase (@coinbase) November 15, 2018
ABC Takes Early Lead, SV Catches Up
As BCH blocks continued to roll in after block 556,766, the hash war that SV backers like CoinGeek’s Calvin Ayre and nChain’s Dr. Craig Wright have recently been calling for was officially underway.
That “war” came on the heels of SV-focused mining pools gaining a majority of the Bitcoin Cash network hash rate in the days preceding the November 15th upgrades.
It was a different story in the first two hours post-fork, however, as Roger Ver’s Bitcoin.com pointed its BTC mining pool toward mining BCH via ABC’s implementation immediately before block 556,766.
“This extra 4 EH should shift the playing field in favor of ABC/BU,” noted Bitcoin Unlimited Chief Scientist Peter Rizun on Twitter.
This extra 4 EH should shift the playing field in favor of ABC/BU.
It would take more than the average electrical output of the Hoover dam's generator station to power 4 EH. Roger just diverted an entire river. pic.twitter.com/4Sk0IRssSo
— Peter R. Rizun (@PeterRizun) November 15, 2018
“The Bitcoin.com pool now has more hash rate on it than the entire BCH network had earlier today,” Ver said for his part.
nChain’s Dr. Wright retorted “[s]till not enough.”
The shift was at least enough to give ABC the early tilt versus SV in the hash war. At one point in the aftermath of the fork, ABC-focused mining pools had achieved an eight block lead over Bitcoin SVers.
There’s no telling who will ultimately win out, though. At press time, ABC’s advantage had evaporated and SV had achieved parity in blocks mined.
ABC took the earliest rounds of the battle, then, but SV has now drawn even. And it looks like Ayre and Dr. Wright won’t go down without a fight.
Bitsonline will continue to track the aftermath of the Bitcoin Cash fork as the situation develops.
What’s your take on the Bitcoin Cash fork? Do you back ABC, SV, both, or neither? Let us know in the comments section below.
Images via Bitfinex, Coin Dance, Pixabay