As part of the preparation for the upcoming Bitcoin Cash hard fork which is scheduled to take place on November, 15, Bitmex Research, one of the world’s leading exchange has developed a new site, forkmonitor.info to monitor the fork. This was recently announced on their blog, stating that it’ll mainly handle Bitcoin and Bitcoin Cash upgrade protocols at the moment.
The new site by the Hong Kong-based crypto exchange was developed with the help of the software engineer, Sjors Provoost. The site which has been connected to 5 Bitcoin nodes and 8 Bitcoin cash nodes, will show users the fork’s progress and any unintentional bugs that may occur. Moreso, the dominant chain that will be created after the fork will be visible.
According to Bitmex Research;
There is potential for three competing chains: a hardfork implemented by Bitcoin ABC, a second hardfork implemented by Bitcoin SV, and potentially the original rules chain.
Although the new site is in line with the expected BCH protocol upgrade, Bitmex says that it will focus more on Bitcoin after the fork, and also handle soft forks. This will be made possible by increasing the number of Bitcoin nodes with the use of older versions of Bitcoin Core. Also, the source code of fork monitor will be made free for use and share to enable other developers to make modifications where necessary.
Other Crypto markets which have shown support for the BCH hard fork are Binance and Coinbase, and that includes a hardware wallet known as Ledger. Binance and Coinbase as two of the most popular crypto exchanges have informed their customers that an hour before the fork, transfers will be temporarily inactive until the fork is over.
For Binance, this will be about an hour before the fork, which is around 3:00:00 PM (UTC). Coinbase, on the other hand, will pause sending and receiving requests at precisely at 8:00 AM PST on all BCH accounts. Each of these methods is to ensure a smooth operation and allow the Bitcoin network to meet the security standards of each exchange during the upgrade.
In the same vein, Ledger whose announcement came before the duo has stated that it will suspend BCH services during the Fork. Although transactions will be suspended on the site, its customers will still be able to transact during the fork, but with the help of a third party app known as Electron Cash. Nevertheless, caution has to be exercised since there are potential risks that may occur.