The new Bitcoin Cash blockchain hard fork will take place on 15 November and all platforms including exchanges are preparing to support the chain that will be created.
A few days ago, in fact, it was OKEX’s turn to announce how to get the new cryptos.
Today, however, it was Coinbase Bitcoin Pro that announced the support, but it has already established that it will not support Bitcoin Cash ABC.
Coinbase’s modus operandi will therefore be different from OKEX’s: Coinbase will only support Bitcoin Cash Node, as it is expected to be the dominant chain. During the hard fork Coinbase will pause Bitcoin Cash trading to resume when it is finished.
Binance, Huobi, BitGo and many others have also announced that they will support the hard fork and will stop trading during this period.
The Bitcoin Cash hard fork: ABC vs Node
Currently the Bitcoin Cash community is divided into two factions: Bitcoin Cash ABC and Bitcoin Cash Node (BCHN) and on 15 November, with this new hard fork, if everything goes as planned, there will be a split in the chain.
We remind you that Bitcoin Cash, in turn, was also born in August 2017 from a Bitcoin hard fork, while in November 2018 it underwent another fork when Bitcoin SV (BSV) was born.
BCHN is likely to become the new leading Bitcoin Cash, as current data show that 754 blocks out of 1,000 are mined on this chain.
Why a hard fork?
Next Sunday this Bitcoin Cash hard fork will take place in order to update the so-called ASERT Difficulty Adjustment Algorithm (DAA), which is an algorithm that modifies the difficulty of mining in order to eliminate large fluctuations in the hashrate and maintain the 10-minute interval between blocks.
These changes will be made on Bitcoin Cash Node.
But the real reason for the dispute between the two communities is the addition of the so-called Infrastructure Funding Proposal (IFP) that one of the seven full nodes of Bitcoin Cash wants to add.
The developer Emergent Reasons explained this some time ago:
„Bitcoin Cash Node removes the activation and the VET code so that BCH can, as Jiang Zhuoer suggested in his latest update, have time to develop and implement voluntary methods. The positive side of the conflict is the renewed interest in accountability, communication, transparency and the use of BCH-based technology to obtain voluntary funding“.
The Infrastructure Funding Proposal aims to allocate 12.5% of the Bitcoin Cash block rewards to a fund dedicated to the team to purchase software and develop the project. This is therefore the Bitcoin Cash ABC project against which Bitcoin Cash Node is hurled, which is why the hard fork will soon take place.