Bitcoin Cash Community in China Seems to Favor Another BCH Fork
It seems that the Bitcoin Cash (BCH) community disagreement is leading up to another BCH fork.
“BCH has long suffered from ABC and needs to change.” Said Haipo Yang, founder of crypto mining pool ViaBTC and Bitcoin Cash (BCH)-based crypto exchange CoinEx.
On August 5, the BCH supporter took to Weibo (China’s Twitter) to seek opinions from BCH fans and create a WeChat group regarding another BCH fork temporarily named Bitcoin Cat.
I am considering to build a new Bitcoin fork inherit from BCH called Bitcoin Cat. It’s a temporary name. Cat is cute and harmless, there won’t have a war.
— Haipo Yang (@yhaiyang) August 6, 2020
According to Yang, instead of purely forking a new coin, his intension is to split a new chain from BCH to realize one of his experiments or ideals on money.
“Another BCH fork is not a marketing stunt, it’s just an idea and not settled for the moment. More people are welcomed to participate and discuss it. Looking back 3 years ago, BCH was forked from the Bitcoin blockchain. As a matter of fact, BCH was born in a hurry, and there later appeared many disagreements and questions in the community, such as whether the block size should be infinite, how long the block time should be, and whether to run the smart contract, etc., which have not been well dealt with till today.
Lacking a good governance mechanism, BCH is now facing chaos and disagreement, and even in the middle of division of the community. The community has a lot of complaints about developers, but it’s hard to replace and change. I have many views and ideas on the future development of BCH, but I did not have a great influence on the previous BCH fork. And now, I want to start a new fork.” Said Yang in a recent AMA.
BCH KOLs in the country show support
Upon Yang’s initiative, BCH enthusiasts, miners, OGs and KOLs in the country swarmed into the “Bitcoin Cat” WeChat group where group members soon rose to the maximum 500 people.
It seems the BCH community in China is mostly in favor of the fork. A line of BCH KOLs has voiced their support for Yang, and the tone is definitely not combative, but of joy.
“No name grab + replay protection = a fork of goodwill, a candy coin.” Said Jiang Zhuoer, founder of BTC.Top as well as a fervent BCH advocate.
Product Operation Manager of BCH.Club Wang Hongli commented that Haipo’s Bitcoin Cat could be a safe fork as he promises there will be replay protection. “In my opinion, it is likely a candy coin.”
Some BCHers in the group said that though they don’t want to see a split, they just want to kick Amaury out.
Cause of the potential fork
There is a lot of infighting within the community at present and among BCH developers about replacing the network’s current difficulty adjustment algorithm (DAA), which many indicate may lead to a chain split.
A Difficulty Algorithm Adjustment (DAA) is basically an algorithm that adjusts the mining difficulty parameter. Bitcoin (BTC) adjusts the mining difficulty parameter every 2016 blocks (about 14 days), but in 2017, Bitcoin Cash (BCH) added an Emergency Difficulty Adjustment (EDA) algorithm running alongside the DAA, under which the difficulty adjustment period is greatly shortened to only 144 blocks (about 1 day).
Since then, people have been complaining about the DAA, as some miners game it by switching large amounts of hashrate to and from BCH, which results in inconsistent block mining time and undermine normal miners’ interests.
Regarding this, a BCH developer team proposed to modify DAA to EMA, which could make block time smoother, and some proposed to optimize it with ASERT algorithm. As it is planned according to the DAA, the next upgrade will come November this year via a hard fork.
But here’s the problem – Bitcoin ABC developer Amaury Sechet was not happy with the proposal. He then announced a new DAA called Grasberg, which other developers and the community object, arguing that Grasberg will cause blocks to be mined 12.5% slower and 11.11% fewer coins to be emitted for the next 6.5 years.
On August 3, Bitcoin Cash developers met for a DAA meeting, but the meeting didn’t seem to go well. Despite the disagreement between the BCHABC (the main developer of BCH) and BCHN (the new development team of BCH, partly from the original ABC) communities, neither party wants a hard fork.
While those who have been unhappy with how things are going like Yang is finding some new way out by initiating a fork, and it seems he has many followers on this.