Bitcoin Cash Hard Forks Successfully
Today, at block number 504031, Bitcoin Cash upgraded to a new difficulty adjustment algorithm (DAA). The new DAA is designed to solve the problem of wild difficulty variations caused by the EDA. What we expect to see in the coming days and weeks are an average block time of 10 minutes and the difficulty should no longer vary wildly. In theory, Bitcoin Cash will now share hash power with Bitcoin exactly in proportion to their respective prices.
Because the upgrade occurred via hard fork, this is an important milestone for Bitcoin Cash. We have learned a lot from this hard fork:
- It is possible to hard fork a twenty billion dollar system with two weeks notice.
- All wallets, exchanges and apps that I tested upgraded successfully. Those are: Yours, Copay, Unit Wallet, Ledger Wallet, Shapeshift. It seems the existing communication channels are adequate for informing businesses and users to upgrade.
- From the point-of-view of users, all services and wallets updated automatically and users did not have to do anything. The only people who had to manually upgrade were businesses and hobbyists running full nodes.
- There was some disagreement about the details of the hard fork. This did not present a problem because the level of agreement was sufficiently high that everyone upgraded. The next hard fork should involve greater consensus amongst the interests involved. singularity has two articles on a process we can use for this in the future: one, two.
- At the time of writing, the hard fork has not impacted the price of Bitcoin Cash. We expect most users will not notice hard forks in the future and as such it would be unusual if they impacted the price. However, it is noteworthy that the Bitcoin Cash community is willing to hard fork as needed, which is not true for all cryptocurrency communities. This is an important property to have which has probably already been factored into the price of Bitcoin Cash.
We expect there will be more hard forks on Bitcoin Cash in the future to add features. We look forward to working with the Bitcoin Cash community on those hard forks.
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