About the Hard Fork of Bitcoin Cash, Explanation on the Difference Between BCH and BSV
A hard fork of the Bitcoin Cash was held on November 16th, and two kinds of currencies, BCHABC and BCHSV, were born. Many of you knew that it in wake of a made a hassle of a hash war. In this article, I will explain the difference between BCHABC and BCHSV for the hard fork of Bitcoin Cash, which has become a well-known topic.
The Bitcoin Cash hard fork
Several “clients” originally existed on the Bitcoin Cash network. It is like a team that occupies an important standing position of the network, which develops, records, discusses updates, and so on. The fact that these clients muttered about the contents of the next update became the beginning of the hard fork where the two currencies discussed in this article were born.
The update claimed by Bitcoin ABC had two major changes: “Implementing smart contracts using Oracle” and “Implementing cross-chains.” Oracle is a system that plays a role of capturing information from the outside to blockchains that cannot take in information themselves. The idea being they capture information such as news, weather, exchange prices, and effectively use blockchain.
Cross chains are a mechanism that allows you to directly trade tokens on different blockchains that are independent and not intersecting. For example, Ethereum has its own blockchain, Bitcoin has its own blockchain, and it was necessary to go through the exchange in order to exchange them. However, when a cross chain is installed, commissions are reduced and direct exchange becomes seamless.
Conversely, the client called Bitcoin SV (Satoshi Vision) rebounded against the update claimed by the Bitcoin ABC side. Bitcoin SV centered around Craig Wright declared that he would also make a hard fork by presenting an update plan that is considered to be in line with Satoshi Nakamoto’s original vision in a manner that opposes ABC’s assertion.
The change on the update on the SV side was “to expand block capacity from 32 MB to 128 MB” and “to restore the previously eliminated Bitcoin code and increase the hash script.” Its vision is to update with the intention of bringing a big block to solve the scalability problem, to make it a currency that can be used for business, and to return Bitcoin Cash as the original Bitcoin.
In this way, although there are two kinds of coins hard-forked from Bitcoin Cash, which rebounded heavily after the fork, there is still concern that a hash war will occur eventually and attacks such as 51% attacks will happen. There are also many problems such as not implementing full protection. However, now both sides show the intention of implementing replay protection and are moving towards reconciliation. I would like to keep in mind that this is the current situation because it is a cryptocurrency that is managed not by centralization but by the community itself.