Editorial 2 months agoErik Gibbs
Bitcoin ABC doesn’t believe in Bitcoin BCH
The only going debate regarding how to proceed with the Bitcoin BCH blockchain has led some to claim that the upcoming hard fork in November could lead to a new cryptocurrency being created. Those who understand the importance of blockchain integrity, and the place Bitcoin BCH plays in the advancement of digital currencies, are working together to ensure that this doesn’t happen. But there is a minority of individuals who are apparently pushing for it to happen.
One of these is Bitcoin ABC. The development team has repeatedly spoken out against several advances that are being added to Bitcoin BCH, including the Nakamoto Consensus. Per the application’s white paper, “They (the miners) vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.”
However, the Bitcoin ABC doesn’t like this idea. One of the team’s developers, Johnathan Toomim, was asked why Bitcoin ABC is against the model, to which he responded, “Because it doesn’t work! Nakamoto Consensus would work for a soft fork but not a hard fork. You [can’t] use a hash war to resolve this issue! If you have different hard forking rule sets you are going to have a persistent chain split no matter what the hash rate distribution is. Whether or not we are willing to use Nakamoto consensus to resolve issues is not the issue right here. What the issue is, is that it is technically impossible.”
To put it bluntly, this—coupled with other recent developments of which Bitcoin ABC has been apart—show that the developers don’t believe in Bitcoin BCH. They don’t believe, despite overwhelming evidence, that the blockchain can continue as has been designed and seem to be determined to create their own cryptocurrency.
If that’s what they want to do—create their own cryptocurrency—then that’s what they need to do. Just because they don’t understand why models such as the Nakamoto consensus and canonical transaction ordering (CTOR) work doesn’t mean that they need to try to kill them. Given that all of the information on how to create a cryptocurrency is out in the public and is open source, perhaps it’s time that they concentrate on creating their own digital currency and let Bitcoin BCH continue to be the blockchain it is now—one that works.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Editorial 2 days ago
Growing pains of a new technology
The recent hash war seemed vaguely familiar. What does all this remind you of? - A new technology with the potential to change the world - Rival groups fighting over protocols they each see as ...
Editorial 4 days ago
Exchanges need to delist ABC Coin immediately!
In light of the mess made of the November 15 Bitcoin Cash upgrade and the billions of dollars knocked out of the overall cryptomarket as a result of Bitcoin ABC's reckless behaviour, we're asking cryptocurrency ...
Editorial 1 week ago
Crypto crash creating credibility, not chaos
The cryptocurrency sell-off has a number of investors singing the blues. More than a handful of individuals bought into crypto following Bitcoin Core’s (BTC) massive price gains last year, expecting to see the same explosive ...