COINS since birth, a discussion around it never stops, the first COINS in its founder, the power under the guidance of thinking is clear, but then in the hearing chose to disappear, handed the currency's fate to the free market, the currency of the community dispute is initially currency expansion plan, but gradually the community by the initial controversy evolved later split, that is the essence of the currency bifurcate. In this context, the first is the currency differences between miners and core developers, appeared first bifurcate COINS COINS BCH (COINS) cash, compared with COINS, learned a bit cash COINS and consensus mechanism, the characteristics of both the POW work proof mechanism, the difference is in the block size and difficulty algorithm to make the changes, but unlike the BTC, multiple development team is behind the BCH, it also for November 16 BCH force war the seeds. So what's behind the BCH force wars? We first understand the background of the warring parties and the reasons in the conclusion.
The two sides of the BCH computing power war are Bitcoin ABC represented by wu jihan and beefeaturedland, and the Bitcoin SV community led by CSW. CSW calls itself "nakamoto" because it is in Australia. It is also the chief scientist of nChain. Personally, I don't think it's necessary to figure out if there's a conflict between wu jihan and the CSW or a conspiracy theory. We just need to know a little bit about them.
The divergence between BitcoinSV and Bitcoin ABC versions
It is easy to understand that the upgrade of Bitcoin ABC is a gradual expansion plan, which advocates a moderate way to gradually increase the capacity of BCH itself. At present, such capacity expansion plan of ABC has not been opposed by users and has been supported by many BCH development teams. Without the emergence of CSW, this plan is acceptable to me personally. But at this time, CSW proposed another plan. First, he extended the limit of block size of BCH from the original 32M to 128M, and then restored the four operation codes that nakamoto designed in the early and early period but was banned, and also promised the investors 1:1 confectionery exchange mechanism. The simple understanding is that Bitcoin ABC is on the road to an intelligent contract similar to ethereum, while BitcoinSV brings BCH back to the original decentralized payment system of BTC, which is the root cause of this BCH computing power war between the two sides.
Progress of the BCH power struggle
At present, there is no situation that many media predicted that one party would be killed. Instead, both parties exist, namely BCH ABC and BCH SV. However, there are far more nodes supporting ABC than SV, so ABC blocks faster. At present, the price of ABC is 0.0504BTC and the price of SV is 0.016BTC
What's behind the BCH force wars?
First of all, I think the dispute between wu jihan and CSW is mainly a dispute of power and interest. One side boasts of embracing smart contracts, the other claims to be satoshi nakamoto and never forget his original intention. In fact, the two sides are actually competing for interests, just like the previous disputes between didi and kuaidi, and both sides consume a lot of resources every day. Another possibility is that wu jihan and CSW made malicious bets against the mainstream currency contract market through off-market funds through competition of calculation power. There were a large number of explosive positions on OKEX platform during the period of 14th, 15th and 16th, which made the market of coinage worse.
No matter what is behind, but from the power struggle we see a lot of money in the introduction of decentralization, a large number of work force behind the actual support, led to its being centralized, it is also a disadvantages of POW mechanism, the dispute has led to many of the work force in order to avoid risk BCH and turned to BTC mineral pools, lead to BCH overall power is reduced, and split into two after the chain, and calculate the force split again, this is two BCH chain is easy to make new attacks by 51%. This fork also has a big impact on BCH holders because of the potential for a replay attack, so it is very risky for investors. So BCH calculate force battle this time regardless of who is the final winner, also greatly lost the hearts and minds, the first is dampened the enthusiasm of the miners, most men will choose other currencies, at the same time because the two sides team in spend a lot of time in the denigration of each other, each other to calculate force, waste of resources, and results in the stagnation of BCH related technology development, lost a lot of community supporters. At that time, from a long-term and macro perspective, only in the fierce market competition will there be continuous innovation in the coinfield, and we still need to believe that blockchain technology can bring us a bright future.
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