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The Bitcoin Cash (BCH) network will undergo a protocol upgrade on November 15, 2020. Bitcoin Cash (BCH) has been regularly carrying out a network upgrade every November. However, the network upgrade for this time is drawing much more attention, because a hard fork of Bitcoin Cash (BCH) is scheduled under the leadership of ViaBTC, the main group of Bitcoin Cash (BCH).
In order to understand this hard fork of Bitcoin Cash (BCH), we need to first understand the background of the creation of the crypto called Bitcoin Cash (BCH) and the concept of hard fork. Today, we're going to talk about why Bitcoin Cash (BCH) was created and what hard forks are, and we will further discuss about this Bitcoin Cash (BCH) hard fork in our next post
With the development of all the blockchain industries, including Bitcoin (BTC), blockchain platforms are constantly improving and upgrading by every platform network participant. Hard fork is the act of modifying the basic functions of the blockchain itself. Hard fork is one of the troubleshooting and upgrade approaches to blockchain, after which the upgrade resolves existing problems and becomes a blockchain with protocols that are completely different from the previous one. Because of the nature of the blockchain technology, the new hardforked blockchain crypto cannot be linked to the existing blockchain crypto, so the existing blockchain crypto holders will generally receive 1:1 airdrop.
Bitcoin Cash (BCH)
Bitcoin Cash is one of the leading types of hardforked Bitcoin for self-growth and expansion. Bitcoin is the first crypto-currency, but over time, it showed many weaknesses. One of the most fatal weaknesses was the slow processing of transactions. Satoshi Nakamoto, known as the founder of Bitcoin, designed blocks with 1MB of storage capacity to be created once every 10 minutes when designing initial Bitcoin, although there was no problem with this speed and capacity in the early days. As millions of people around the world began trading Bitcoins, the capacity became far from being adequate to process all the transactions. As a result, participants in the Bitcoin network continued to discuss the increase in bitcoin network capacity from 2016 to 2017, but failed to reach an agreement. As transaction fees on bitcoin networks rose significantly as well, they no longer trusted bitcoin networks. Some users had failed to receive confirmation even after a few days. As a result, Bitcoin Cash, which complements weaknesses of the existing Bitcoin, was created under the leadership of mining companies such as Bitmain (led by CEO Woo Ji-han) and ViaBTC.
The key feature of Bitcoin Cash, which was hardforked from Bitcoin, is that it has 8MB of storage capacity per block, which allows much more transactions to be stored in one block compared to 1MB of existing Bitcoin.
That is all about the background of Hard Fork and Bitcoin Cash. In the next post, we'll discuss more about Bitcoin Cat (BCC), which is scheduled to be released on November 15, 2020.
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