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Bitcoin Cash blockchain faces glitch after scheduled network upgrade implementing Schnorr signatures and more

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Bitcoin Cash: More than 99% of the BCH's market cap was moved on its blockchain in the last 24-hours
Source: Pixabay

Bitcoin Cash faced a network upgrade on May 15, 2019, at 5:30 PM UTC, which was scheduled a few weeks ago to implement security and privacy to the blockchain.

The official blog of Bitcoin Cash informed about the network update on May 01. The update was completed and activated as of block 582680. The new updated version of the blockchain is Bitcoin ABC 0.19.4

It was noticed that no blocks were found after 582680; the network was stuck without the production of any blocks. The second block, after the update, took about half an hour to be produced.

Source: Cash.Coin.Dance

BitMEX research also posted a tweet about the same:

In the updated tweet, BitMEX Research stated that the Bitcoin ABC 0.18.2 was “reporting the chain as invalid from block 582,680.”



Source: BitMEX Research

However, at press time, 9 blocks were produced according to “Cash.Coin.Dance“. Bitcoin.com tweeted about the upcoming update:

This article will be updated as the story develops.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin Cash

Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool

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Bitcoin Cash's hashrate comes dangerously close to being controlled by one mining pool
Source: Unsplash

Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.

Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.

Source: Coin Dance

The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.

At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.

Source: Coin Dance

This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.

Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.

A Reddit user commented:



“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “

Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:

“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”

In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.

Source: Coin Dance

 

 





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