Bitcoin has been cited as the ‘all-conquering economic juggernaut’. As it’s the hardest money ever…
Despite the fact that the Bitcoin Cash (BCH) network upgrade went through on 15th November, the war between its resulting blockchains – BCHABC and BCHSV – continues.
Prior to the hard fork, BCHABC was predicted to come out on top as the clear winner thanks to backing from Roger Ver and Bitmain.
However, soon after SV advocate Craig Wright revealed that BCHSV owns a majority of the hash rate, it surged in value and overtook BCHABC, which in turn slumped over 62%.
But what do both BCHABC and BCHSV stand for? And who is going to win the hash war?
Bitcoin Cash ABC (BCHABC)
The Bitcoin Cash ABC project is led by Bitcoin evangelist and angel investor Roger Ver and co-founder of Bitmain, Jihan Wu.
BCHABC wants to preserve the original functionality and vision of the Bitcoin Cash network with a block size of 32MB. But because the hard fork was considered a network upgrade, some improvements have been implemented.
For example, supporters of the network revealed in an official post that its two-pronged approach to scaling will:
- Remove immediate implementation bottlenecks to increasing the block size limit.
- Lay the technical groundwork for massive future on-chain scaling.
The BCHABC chain has also introduced code for for the interoperability between cryptocurrencies, which was originally absent from Bitcoin Cash.
Bitcoin Cash Satoshi Vision (BCHSV)
The Bitcoin Cash SV project is led by Craig Wright, who has previously declared himself as Satoshi Nakamoto.
Even though it was founded not long before the hard fork on 16th August, it has gathered support from news outlets like CoinGeek, CalvinAyre and Bitcoin.org.
In an attempt to restore “the original Satoshi protocol,” this chain wants to change the current BCH structure.
For example, it would entirely overwrite the network scripts of Bitcoin ABC and increase the block size of BCH from 32MB to a maximum of 128MB.
Furthermore, BCHSV has a “neutral wing” represented by Bitcoin Unlimited, which is proposing a comprise that would feature the ability to change both Bitcoin ABC and Bitcoin SV to empower miners with their vote during the hard fork.
Who will win the hash war – BCHABC or BCHSV?
Since the first block was mined, BCHABC has continued to lead the way with a 61% hash rate, compared to BCHSV’s 39%. In order to assert further dominance, Jihan Wu allegedly mobilised some of his mining force and was quoted as saying:
“I have no intention to start a hash war with [Craig Wright], because if I do – by relocating hash power from BTC mining to BCH mining – BTC price will dump below yearly support; it may even breech $5,000. But since [Craig Wright] is relentless, I am all in to fight till death!”
While various industry commentators claimed that BCHABC had won due to more hash power, more activity, and a higher price, Craig Wright wrote on Twitter: “Just a reminder…Sustainable hash…Not a day, not weeks, not a burst. Continuous competition until one dies as we do not stop.”
But seeing as the hash war has been detrimental to both projects, its difficult to determine any clear winner.
To find out more about Bitcoin Cash, visit our Bitcoin Cash facts page