According to the Bitcoin Cash Lead Developer, another fork is unlikely to occur anytime soon.
Forks seem to be rarer this year than last. This echoes the view of the lead developer for Bitcoin Cash, Amaury Sechet, who said that a fork of BCH is not likely as a result of the fact that the disagreement within the community is not as divergent as would warrant a fork.
Sechet stated today at CoinDesk’s Consensus Singapore that forks can be realistically reasonable under certain conditions beyond which they lose effect. He said that 99 percent of future forks will fail.
“I think there may be many, many forks in the road in the future, but 99 percent of them will become worthless eventually,” he noted. “There were many arguments about forks in the bitcoin communities before, but not many people really gave anything because everyone just kept fighting with each other.”
Speculations are due to disagreement over latest software
There have been speculations that the Bitcoin Cash community will likely face another fork soon due to disagreement over the latest software update proposed by some developers. Sechet, however, implied that even though these disagreements exist, the community is still aligned on some of the most vital objectives. He maintained that it is unlikely that Bitcoin Cash will fork into something else.
Jack Liao, the initiator of the Bitcoin Gold project, was of the same opinion. According to Liao, forks have been relatively quiet since this year. He claimed that internal communal strife had decreased. According to him, there would be no forks without conflicts. Even when these forks are imminent, the parties must have support to succeed at them.
Low energy mining
The Bitcoin Gold fork was meant to create a cryptocurrency that would have features similar to Bitcoin but be minable with GPUs instead of the highly demanding ASICs. The fork came just months after Bitmain, the ASIC manufacturer and mining giant, spearheaded the Bitcoin Cash fork with the aim of increasing the block size for faster transactions.
Another platform that has experienced a fork is Ethereum Classic. Speaking at the Consensus Conference, James Wo, who is the head of the Ethereum Classic Labs, the body charged with the advancement of Ethereum Classic projects, said that the value of a fork is dependent on the severity of the disagreement and disenchantment that caused it.
Forks serve different market segments
Wo should know considering that Ethereum, the number 2 coin according to market capitalization, is a fork of Ethereum Classic when a disagreement arose in the community over the reimbursement of funds lost to hackers back to investors in the DAO attack?
The issue of competition between forks was part of the discussion, to which Wo said that forks serve different market segments due to their peculiarities. He used ETC and ETH as case studies, saying that while ETC caters to segments demanding cheaper transactions, ETH serves those demanding more diverse services.
Sechet said that even though forks compete, the bickering between the Bitcoin community and its forks is the result of the marketing and promotional efforts of the communities, such as Bitcoin Cash, which refers to the cryptocurrency as the “true Bitcoin.”
Very interesting topic, thanks for the information. I think the cryptocurrency ecosystem is still evolving. Things will take shape in due course. With respect to the fork, I think there will be more forks on Bitcoin Cash because they are a product of fork themselves. Folks like that hardly agree in the long long.
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Aw, this was an extremely good post. It is not surprising that Bitcoin Cash will continue having forks. Those guys have been contending with everything and spending some time in squabbles will always pull a network backwards. The actual effort of building is possible only with consensus but what can I say? Let’s see how they fare.