The fate of the VSN ABC fork is still in question, says the technical director of the CEX.IO exchange
According to Dmitry Volkov, CTO of the international cryptocurrency exchange CEX.IO, it is too early to talk about the death of the bitcoin cash ABC fork, since the situation may still change.
Cryptocurrency hard forks happen regularly, but most of them go unnoticed. Attention is attracted only by those in respect of which the community has not come to a consensus on the implementation of any changes in the blockchain.
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The recent split in bitcoin cash is related to a change in the approach to financing a project in the BCH ABC chain. The new protocol stipulates that a portion of the block reward will be collected for the development of the project. The significant amount of tax imposed in favor of the development team also caused a lot of outrage from the community.
On the eve of the hard fork, 84.2% of miners supported the development of an alternative project on the BCHN blockchain. Fork ABC did not receive a single vote in its support, so a lower hash rate in its network is likely to lead to the fact that ABC will lose computing power, and with it protection from the centralization of emission and, as a result, the lion’s share of capitalization.
The split of the BCH blockchain has already forced many exchanges to suspend the deposit and withdrawal of bitcoin cash for some time, which led to a significant decrease in arbitrage between trading floors. The market has become less global, divided into clusters with a noticeable difference in price between them.
However, according to Dmitry Volkov: “The fate of the ABC fork has not yet been determined, and the actions of the project team may still significantly affect it.”
The community has also not fully determined the price of the smaller blockchain BCH coins. This could hold out for several more weeks until the situation with the ABC network stabilizes.