Monday, March 30, 2020

Exchanges Not Having it, Huobi and Kraken Name Bitcoin ABC Winner of Hash War

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The interesting hash battle that seemingly erupted after the recent Bitcoin Cash (BCH) Hard Fork seems to be shaping up for its winning champion after just five days. Bitcoin Cash’s conservative wing, Bitcoin ABC has hogged the moment right from the start and seems to have finally and officially toppled over its rival, Bitcoin SV, after official public announcements by major exchanges Huobi and Kraken.

The Bit War

Bitcoin Cash was founded in August last year; to cater to the popular demands of scalability and transactional costs of Bitcoin (BTC), with a hard fork becoming inescapable after influential figures led the charge for changes in Bitcoin including Roger Ver. The new currency’s imprint included a scheduled hard fork meant to be carried twice in a calendar year, but just a year after its creation, November’s proposed change was not accepted by significant quarters as factions erupted from a divided community. The resultant dominant factions would take shape in Bitcoin ABC (Adjustable Blocksize Cap), and Bitcoin SV (Satoshi’s Vision) led by Craig Wright, who famously identified himself as the real identity of the mysterious Satoshi Nakamoto.

Bitcoin cash hard fork

Sooner or later though, it seemed unavoidable that Craig Wright and his Bitcoin SV wing would lose the hashing wars after Bitcoin ABC received sufficient backings from prominent exchanges and figures such as Coinbase, Binance, and Bitmain compared to Bitcoin SV. Bitcoin ABC has also reportedly processed an impressive 38.6 percent more hashes than its competing counterpart.

Exchanges Finally Name Winner

While a lot of popular figures and analysts, including Vitalik Butertin, have taken it upon themselves to declare their own winner and to predict which of the forks would be lasting longer, crypto exchanges have for some reason stayed away from the modern raillery.

A number of prominent ones have had enough of the technological banter though, and have come out to nominate a winner. 

Huobi Global has confirmed that the ABC version of Bitcoin Cash (BCH) will be retained for the designation of BCH.

For more details, please refer to attached image.

— Huobi Global (@HuobiGlobal) November 18, 2018

Huobi, for one, has discarded the cumbersome BCHABC and BCHSV tickers and has decided to retain the former for the general designation of Bitcoin Cash (BCH). Huobi goes on further to point out the latter’s weakness and why it is not supported, citing its absence of “a two-way relay protection.”

Kraken, another US-based exchanged, has echoed the same decision, flatly citing that the new SV wing has little to no significant block explorers with respective miners consequently processing at a loss.

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