Bitcoin Cash to change the address

New address format was proposed by Amory Sechet from Bitcoin ABC in October 2017
22 December 2017   1453

The ecosystem of Bitcoin Cash (BCH) is being prepared for the "Address Change Day", which is scheduled for January 14 next year. This is written by Bitcoin.com.

The Bitcoin Cash network and companies supporting this crypto currency will switch to the new Cashaddr address format, based on the Bech32 code base. It was proposed by the Bitcoin ABC developer Amory Sechet in October this year and, in particular, is designed to prevent Bitcoin Cash from sending to bitcoin address.

Also, the new format will provide the possibility of implementing a number of improvements and new functions in the protocol. For example, Cashaddr will create conditions in the future for the implementation of the concept of evidence with zero disclosure (Zero-Knowledge Proof) in the Bitcoin Cash network. In addition, new addresses will create conditions for implementing improved checksums and QR encoding.

In order to reduce confusion for users with the use of different addresses, I think it is important to deploy this shortly and stop the fragmentation of the ecosystem. Deploying such a change on the network will take some time for all the wallets, exchanges and merchants to upgrade. We will support Bech32 for bitcoin cash on January 14th. We’ll provide a simple converter as well so users can convert the deposit address to the current format — Withdrawals will work to both formats.

Amory Sechet

Developer, Bitcoin ABC

The developers of the Blockchair blockchain, the Openbazaar project, Stash, Edge and Electron Cash wallets have already started preparing for the transition to the new address format. Also on the support of Cashaddr reported P2P-platform BTCpop.

Two Mining Pools to Gain 50% of the BCH Hashrate

Media reports that Coingeek and BMG Pool are affilated with odious Australian entrepreneur Craig Wright
18 September 2018   489

The centralization of Bitcoin Cash mining has reached a new level after only two pools - Coingeek and BMG Pool - have established control over more than 50% of the total network hash. This is reported by Trustnodes.

Bitcoin Cash Mining Pools
Bitcoin Cash Mining Pools

Earlier today, there were also reports that at some points the aggregate capacity of both pools reached 58%.

While BMG Pool directly belongs to the odious Australian entrepreneur Craig Wright, the no less scandalous Calvin Ayre, who maintains close ties with Wright, is considered the nominal owner of Coingeek.

The current situation, the media believes, does not exclude the possibility of collusion of the 51% attack on the network. In particular, in this case there is a probability of double spend of coins, which, accordingly, will force the exchange to increase the number of required transaction confirmations.

At the same time, the current situation is likely to be a demonstration of power by Craig Wright on the eve of the November upgrade of the network. As a result of disagreements between different groups of developers, it is still possible that Bitcoin Cash, which at one time split from bitcoin, will itself be split into two separate chains.

Note that the Bitcoin Cash hashrate on the whole continues to remain at a fairly low level, accounting for less than 8% of the bitcoin.