Who Remembers The Race for Hash Power Between BCH And BSV?

bitcoin cash hard fork

The most contentious fork in recent times, the ABC-SV hard fork effect reverberated throughout the cryptosphere as the networks which split from Bitcoin last year struggled to get back on its feet after its own internal squabbles led to a fork.

The effect is such that a day after the hard fork, the crypto industry has been hit by an inexplicable market downturn that has seen capitalization go down billions of dollars.

Contention About Everything

The fork also left in its aftermath two networks contending about everything from which networks gets more miners to what should be done with the Bitcoin Cash moniker.

BCH Satoshi Vision, one of the forks is proposing none of the networks takes over the moniker stating that neither should lay claim to the BCH brand, a proposition which would not likely go down well with ABC considering that most exchanges have already listed the latter as BCH.

Calvin Ayre, the founder of Coingeek made the position of the BCH SV network known when he wrote in a blog post saying:

“We will accept that all exchanges list ABC’s coin as BAB (Bitcoin ABC) and Bitcoin SV’s coin as BSV (Bitcoin SV). Note, we are on record as saying the Wormhole token protocol used on ABC’s chain is technically no longer Bitcoin, so ABC’s coin would be Bitcoin in name only. We also want all wallets, payment processors and other service providers to do the same, and we want the ABC faction to work with us to push this through. For this, both sides agree not to attack each other’s chain, and let the chains compete as separate offerings in the marketplace. Basically, both sides give up the claim for BCH and start even.”

Talking of starting even, the ABC network is in control of more miners and hashpower, a situation that has continued to generate animus between the two networks.

In the run-up to the fork, the quest for which network dominates the hashrate was the top issue in contention. The hours prior the fork showed Bitcoin Cash ABC leading its contending fork with greater hashrate and longer chains.

ABC Took Undue Advantage of Bitcoin to Get Ahead

The Bitcoin Cash SV is maintaining that the ABC cheated in the hash race by diverting the Bitcoin.com mining pool to support the BCH ABC.

Ayre insists that without the diversion of mining power meant for the Bitcoin mainnet by the ABC team BCH SV would have won the hash war.

Roger Ver, who is one of the main backers of BCH ABC owns Bitcoin.com mining pool even though he has been rooting for Bitcoin Cash and actively promoted the network for months.

SV is in Business for The Long Haul

Bitcoin Cash hard forkThe Bitcoin Cash SV team is not deterred according to Calvin Ayre. On the contrary, they are committed to slugging it out in the long term to ensure that the network which claims superior technology is well established.

According to Ayre, the Coingeek mining pool, “always planned for this to be a long fight and still continue voting with our sustained hash power until the rented hash is gone, as I always said we would do.”

To prove the superiority of the BCH SV (Satoshi Vision), Ayre accentuated the feat of scaling the network to the maximum block size of 128 MB stating that this is close to the vision that Satoshi had for Bitcoin. He said that the SV have proven that Bitcoin as originally designed was capable of scaling.

Orphaned Blocks A Tad Too Early

The controversy over the fork continued after it was reported that SV blockchain went through reorganization that caused some blocks to be orphaned.

When the news broke, it was initially thought to be an attack due to the circumstances surrounding the fork.

A report by CT on the occurrence described the event known as a reorg stating,

“Reorgs occur when two miners solving a block at the same time cause a temporary fork in the network. The miner that solves the next block then dictates how the blockchain continues as their fork now has now performed more work as per the Proof-of-Work (PoW) algorithm rules.”

Allegations of Centralization

Emin Gün Sirer , an eminent cryptographer and one of the early pioneers of the proof of work concept was not impressed with the performance of the SV network calling to question the possibility that the miners could orphan blocks on the network.

He wrote that the signs are pointing to a network that is not decentralized, “You can only invalidate your own block and create a new tail if you’re the majority miner. BCHSV is a centralized coin.”

Kraken one of the exchanges that have listed BCH SV came up with a warning stating that the coin did not meet its listing requirement in what may actually be a biased statement considering an initial position in which the exchange made it clear it would only list one of the two contending forks BCH ABC.

The Kraken Bias Story

The exchange went on in the release by writing,

“Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.”

The Bitcoin Cash created parties among many players that aside the main actors, it is difficult discerning entities acting based on neutrality.

Most exchanges halted trading of both altcoins (ABC and SV) in the hours prior to and after the fork. The stance of Kraken reflected its original support for ABC.

Even though BSV is currently trading at $32 at Kraken, the coin cannot be written off simply because its rival fork made early progress in a technical sense.

It will be in the interest of both altcoins to prove that they can be worthy players in the industry considering that the main reason why the parent Bitcoin Cash was created was to become everything that Bitcoin was created to be that it fell short.

Unless the coin put their acts together, critics of Bitcoin Cash such as Nick Szabo, the eminent cryptographer who called BCH a “centralized sock puppetry” would have been proven right.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

1 thought on “Who Remembers The Race for Hash Power Between BCH And BSV?

  1. Very informative! I had no idea about ABC’s involvement in this whole fork with bitcoin. I took some bad losses with this crash, many say that it’s only going to keep plummeting. I am glad to hear that Bitcoin intends to wait this out though.

    I’ve never heard of Kraken, but I find the information about them very intriguing. Thanks for the update!

Leave a Reply