Calvin Ayre, a businessman with an inclination towards the cryptocurrency space, Bitcoin Cash [BCH] in specific, posted a tweet on 30th September. Here, many incompetencies of the Wormhole protocol by Bitmain were mentioned, stating the idea as unreliable and invalid.
Wormhole is a protocol that is to be implemented by the BCH community and is scheduled for November 2018. This has caused a huge conflict among the members of the ecosystem. In this ongoing battle, Ayre sided with Craig Wright, the Chief Scientist at nChain whereas Bitmain found its support from Roger Ver, another BCH proponent who claims to be a significant part of the Bitcoin ecosystem in its early days.
One of the many accusations made by Ayre’s Coingeek is that the protocol will compromise the security of the BCH network. According to the nChain proponent, this can lead to the regulators raising questions regarding the reliability of the network, hence, hampering its growth.
The proposition by Bitmain is also based on the idea of issuing new tokens called WHC, which can only be attained by the users on sending BCH to a burn address. Coingeek author opposed this idea strongly and wrote:
“In order for a burn to take place, a special burn address needs to be created and this presents another problem—you can’t actually back anything in a burn. This means that the Bitcoin BCH sent to the burn address would become invalid.”
Furthermore, the post stated that the burn is an equivalent of destroying the asset, leading an asset to become worthless and irrelevant to the user.
However, not many Twitter users who follow the cryptocurrency space are convinced with Ayre’s viewpoint of Wormhole. A user named LedByReason took to the comments section and criticized the post. The user wrote:
“This is a bizarre article. I don’t see how one can stop wormhole cash on a decentralized network.”
Jason Gaylord, another blockchain space follower and Bitcoin Cash enthusiast stated:
“I believe when he says “it will never be allowed” he is saying a hash war is inevitable and he doesn’t expect to lose it.”
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