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Bitcoin Cash [BCH] ABC establishes position as dominant chain; implements deep reorg protection against Faketoshi’s attacks

Anirudh VK

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Bitcoin Cash [BCH] ABC establishes position as dominant chain: implements deep reorg protection against Faketoshi's attacks
Source: Unsplash

Opinion: Bitcoin ABC, which has been awarded the Bitcoin Cash [BCH] ticker on Coinbase, recently announced an update to their implementation of the BCH protocol. Interestingly, and controversially, this version includes deep reorganization protection, effectively cementing its place as the valid chain.

Even as ABC has more Proof of Work than the Satoshi’s Vision chain, which has led to its adoption as the standard for the BCH chain, this update effectively protects the chain from attacks from the competing platform.

Theoretically, hashpower can be diverted from the BCHSV chain in order to force a reorganization of transactions on the BCHABC chain, which effectively means that any businesses or services in the BCH ecosystem cannot use the coin without fear of the transaction being reversed. This also challenges the idea of the blockchain being immutable, as transactions can be changed at a later point in time.

Therefore, Bitcoin Cash ABC seems to have taken the step and made reorganization substantially more difficult to occur on the current BCH chain. This, according to them, is due to a “threat to the fundamental functionality of the chain” caused by a “few miners that continue to threaten the BCH network”. They began their announcement by stating:

“We are happy to inform you that the Bitcoin Cash network has been very stable since the upgrade on November 15th. You may have read on different media there are a few miners that continue to threaten the BCH network with chain reorganizations. Many see this as a threat to the fundamental functionality of the chain and its use as peer to peer cash.”

ABC went on to state that they understand the uncertainty for users and the market in general, leading to them taking the step to make transactions immutable after 10 confirmations on the blockchain. This could be the first step in ensuring that the majority chain is going to be ABC’s implementation, which would later make way for Wormhole and other updates to potentially upgrade the very definition of BCH.



jtoomim, a user on Reddit, clarified:

“The current system allows a short-term bursting hashrate attacker to win far too easily against a constant-hashrate defense. With this change, it requires 2x as much attacker hashrate to pull off the attack, and the attacker does not get to automatically reorg. Instead, it gets raised to human intervention, and the judgment of humans will be less favorable to attackers than the default judgment of code.”

This also acts as a nail in the coffin of BCHSV, who are now required to muster over two times the current hashing power of the BCHABC change to reorganize transactions. Craig Wright seems to be fighting a losing battle as his chain has now become the minority network. While this is not exactly a replay of the hash wars of 2017, it is evident now that there are two widely divided chains with a large divide in support, community, and hashpower as well.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin [BTC] was never meant to be fast, claims Samson Mow as BCH responds with criticism

Biraajmaan Tamuly

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Bitcoin [BTC] was never meant to be fast, claims Samson Mow; BCH twitter responds with criticism
Source: Pixabay

Since the start of 2019, Bitcoin’s [BTC] valuation has witnessed a number of surges, each of which has resulted in the virtual asset breaching the $8000 mark, while also recording no major price corrections. The situation has left the crypto-community with a sense of optimism and new-found trust, since various crypto-analysts are hopeful about the future of virtual assets.

However, doubts were recently raised when Bitcoin’s [BTC] Lightning Network, designed to solve the long-term scalability issues of Bitcoin, embarked on a decline over the last month.

However, Samson Mow, CSO at Blockstream, indicated that transaction speed has never been a major issue for the Bitcoin network.

In a recent interview with Max Keiser on the Keiser Report, Mow stated that Bitcoin was “never meant to be fast” in the first place. He clarified that Bitcoin was meant to act as a store-of-value, a medium for wealth transfers among peers and most importantly, it needed to be reliable.

Mow agreed with the argument that the relatively longer duration taken by Bitcoin [BTC] was supposed to be a feature, and a not a bug.

He added,

“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

Samson Mow’s comment was quickly picked up by @Bitcoin, an account controlled by BCH proponent Roger Ver. The account responded,

Source: Twitter

The account continued to shed light on Samson Mow, picking on his previous comments, including one where Mow had said, “Bitcoin [BTC] is a horrible, horrible payments system,” and statements like “Bitcoin [BTC] isn’t good for people that live on less than $2 per day.”



Mow responded back and tweeted,

“$BCH was one of the greatest transfers of wealth from stupid people to smart people.”

tag Samson Mow, Max Keiser, Bitcoin, and your wish





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