Business 8 November 2018

Paul How

Poloniex exchange offers ‘neutral’ choice before BCH protocol upgrade

A week ahead of the protocol upgrade for Bitcoin BCH, and one cryptocurrency exchange is offering users the chance to put their money where they believe the cryptocurrency is headed.

Poloniex, the exchange acquired earlier this year by Goldman Sachs-funded Circle, announced in a blog post that it has begun selling BCH as mined with the Bitcoin SV (Satoshi Vision) implementation, as well as that using the Bitcoin ABC implementation. This is on Poloniex’s assumption that the November 15 upgrade will result in a hard fork that creates two tokens.

“This is the first time we are offering pre-fork trading… We believe the responsible thing to do in this case is remain neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity,” the exchange said.

It also said that it was offering four trading pairs: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC. Customers will not be able to withdraw their BCHSV and BCHABC assets ahead of the upgrade.

Bitcoin SV has been designed specifically to support the idea of Bitcoin as first developed by Satoshi Nakamoto in 2008, enabling the BCH network to continue to massively scale, and allowing tokenization on the BCH chain. Just recently, CoinGeek awarded £5 million to Tokenized, an on-chain token system designed exclusively for the BCH network and that proudly uses the original Satoshi Vision design of Bitcoin.

Bitcoin ABC developers, on the other hand, have proposed a canonical transaction ordering rule (CTOR), that nChain, the blockchain research and development firm responsible for Bitcoin SV, maintains is risky to implement and unproven in providing its claimed benefits.

nChain has pointed out that with the imminent chain split, it is not seeking a Bitcoin variant with Bitcoin SV, but merely providing another choice for BCH miners. It also said that with significant miner hash power supporting Bitcoin SV, the Bitcoin SV consensus rules “stand a very strong chance of becoming the dominant implementation on the BCH blockchain.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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