Bitcoin Cash appears to be successfully navigating a planned hard fork that will fundamentally alter its mining protocol.
Bitcoin Cash has enjoyed a roaring weekend in which values – by one means or another – stretched past the $1500 USD mark before settling at $1200 USD values. Now, the cryptocurrency appears to be successfully navigating a planned hard fork with ease.
Executed at 9pm UCT, Bitcoin Cash’s latest hard fork seeks to alter its mining algorithm in a move that will adjust difficulties every 600 seconds.
The motive behind the hard fork is to ensure that Bitcoin Cash avoids large and sudden changes in difficulty that might encourage minders to switch between Bitcoin and Bitcoin Cash blockchains based on whichever chain is offering the greater reward.
The hard fork will not affect the cryptocurrency’s block size, which remains fixed at up to 8-megabytes following its split from the primary Bitcoin chain earlier this year.
At the time of writing, a majority of network nodes have switched to newer software – meaning that the upgrade might continue unabated and might not result in the creation of yet another Bitcoin derivative.
Bitcoin Cash has seen renewed interest in recent days, as Bitcoin’s planned SegWit2x hard fork was officially canceled by some of its leading proponents. Other entities, however, have threatened their intent to continue with the hard fork as planned.
Debate remains as to whether Bitcoin Cash stands as the victim of artificial pump and dump tactics, or whether genuine support has migrated to the burgeoning cryptocurrency in the wake of Bitcoin’s development woes.
What are your thoughts? Could Bitcoin Cash represent a better contender for the throne than its mainstream counterpart does today? Be sure to let us know your opinion in the comments below!