Bitcoin Cash Price Rise ahead of Hardfork
Bitcoin Cash (BCH) is up by 15 percent ahead of the upcoming hard fork. The bitcoin cash (BCH) network typically conducts a hard fork twice in a year and schedules these as part of its protocol upgrade. The next such hard fork is going to happen on Nov 15 this year but appears to be packed full of drama if the fluttering happening across cryptoworld is any indication.
The Hardfork: Nov 15
The roadmap for bitcoincash.org is published and Coinbase, the influential crypto exchange has already offered support on this move.
There is a conflict of interest – with Wright offering an alternate solution. The proposal is considered as a competing offer as it questions a few of the protocol changes that are not in line with the roadmap.
Coinbase is monitoring the hard fork process and is expected to set to work so that customers are not unduly disturbed and at the same time the network is able to match the needs of the security standards that are in place at Coinbase.
In an announcement, the exchange has said that it will pause the ‘sends and receives’ process such that BCH wallets on the website are not disturbed. This will be applicable to its apps on iOS as well as android as well.
The request is out that on its Pro and Prime all BCH sends and receives should be completed before the hard fork timings announced by the project. In the transition period, Coinbase will be the custodian of the BCH.
The exchange has also said that it will monitor the cash network in the process of the upgrade. Since it cannot predict the time-frame of the entire upgrade process, it believes that upon completion it will evaluate the network. Then it will prioritize in term of what has to be “re-enabled” on the aspect of sends and receives.
It also states that customers will also have time-based updates on the progress. The outcome of the network will once again see that the network will arrive at a consensus.
It also concludes that the in the event that a viable chain persists after the fork and multiples persist, it will always review the issue in terms of customers needs and ensure that they will always have access to their funds and chain.
The contentions are on the aspect of BitcoinABC Client and canonical ordering. The two protocols: DSV being OP_CHECKDATASIGVERIFY and OP_CHECKDATASIG.
Riding high on the contentions, Bitcoin Cash is up by 15% currently, even as Binance also offers support for a hard fork of Bitcoin Cash.
