Since the chains were separated, the ABC network has only been able to generate six blocks for the blockchain with new rules at the moment, according to the coin.dance service. The other side, however, has over 100 blocks and clearly dominates the field. According to coin.dance, the hashing performance at BCHN is 1.49 exahash / s, ABC only comes to 0.037 exahash / s. However, it is not surprising that the miners primarily rely on a network where they do not have to pay a fee. ABC was only able to score points with the nodes in the network, around 35 percent accept the protocol change here.
In the run-up to the fork, some exchanges were skeptical about a Bitcoin ABC coin. Coinbase announced that it only supports BCHN and does not accept ABC. Kraken also sided with BCHN and stated that an ABC coin would only be listed if the network could attract 10 percent of the Bitcoin cash hashrate in the long term. Binance said it favored the chain with the greatest hashing performance.
It remains to be seen at the moment whether Bitcoin ABC will become viable cryptocurrency at all. As part of the fork, the price of Bitcoin Cash fell slightly and is currently around 249 US dollars. According to Coinmarketcap figures, Bitcoin Cash is currently number six among cryptocurrencies in terms of market capitalization.
Bitcoin Cash separated from Bitcoin in 2017, pioneering a whole series of forks of Bitcoin. The bone of contention at the time was the inadequate scalability of the cryptocurrency and the related question of whether the 1 MByte block size of the Bitcoin should not be increased. They split over this, and since a fork in August 2017 there have been separate blockchains and separate currencies. Bitcoin Cash relies on larger block sizes in order to handle more transactions on chain.
In 2018, there was another fork of Bitcoin Cash, after hard public disputes Bitcoin SV split off around the Australian Craig Wright. Wright had also previously made headlines claiming he was Bitcoin inventor Satoshi Nakamoto, without providing any evidence.
Picture by Pixabay