A Tale of Two Blockchains
The hash war rages on in the crypto community – several hours after Bitcoin Cash broke off into two distinct blockchains.
Now, we wait to see which of the two networks will dominate the BCH software, or if two chains will continue to coincide for the long haul.
The disagreement that led to the split started when one iteration of the Bitcoin Cash protocol called Bitcoin “Satoshi’s Vision” or Bitcoin SV opposed upgrades introduced by Bitcoin ABC. Disputing ideas and opposing upgrades led to two different blockchains being created and an all-out hash war.
The November 15th event really kicked off around 1 p.m. EST when the first Bitcoin ABC block was found by the mining pool Bitcoin.com. Approximately 22 minutes later, the first Bitcoin SV block was mined by Mempool.
Although ABC drew first blood, at the time of writing, there’s no sign of a 51% attack, as both Bitcoin ABC and Bitcoin SV continue to find blocks.
As the fork is currently ongoing, it’s still not recommended that you transact on either chain until the situation cools down. There’s still a chance a BCH transaction could replay on both chains.
We’ll continue to keep an eye on how the fork has impacted the network in the days to come. Check back in with us or follow us on Twitter for updates.
Update, November 16: A handful of exchanges have announced that they will be supporting both coins for now. While other exchanges will wait to see how they should proceed, many have suspended deposits, withdrawals and trading for BCH until the dust settles.
According to data from Coin Dance, 197 blocks have been mined under the new consensus rules. Bitcoin ABC has mined 17 more blocks than Bitcoin SV.