Bitcoin Cash to introduce new address format

Bitcoin ABC is going to introduce new address format for Bitcoin Cash in order to avoid wrong address coins transfer
23 November 2017   2857

Due to the fact that the legacy chain (BTC) and Bitcoin Cash (BCH) share a common address format to date, it has caused confusion and resulted in some users losing their money after sending BTC to a BCH address, and vice versa. In an effort to put an end to this problem, Bitcoin ABC’s lead developer Amaury Séchet is proposing a new address format for BCH, one that will make it incompatible with the BTC chain. This is reported by The Bitcoin News.

Using a new format will prevent users from mistakenly sending money on the wrong chain. It also accept payloads up to 512 bits which ensures we can deploy more secure way of doing multiparty smart contract in the future. Finally, it uses a version field ensuring we can encode new features in these addresses in the future without having to use a new format.
 

Amaury Séchet

Lead developer, Bitcoin ABC

Thus, the new address format, called cashaddr, not only helps end the confusion. It also prepares the Bitcoin Cash system for further upgrades in the future, including multiparty smart contract.

The upgrade can be implemented easily and does not need a hard fork. Séchet is planing implementatio for January 14 —which is perfect as it avoids the Christmas holiday season, when transactions may be at its peak, while also being ahead of another holiday season, the Chinese new year which falls in February.

UnitedCorp to File Lawsuit Due to "BCH Manipulations"

Suit is filed against Roger Ver, Kraken and Bitmain
07 December 2018   164

The technology company United American Corp (UnitedCorp) sued Bitmain, Kraken, Bitcoin.com, Roger Ver, and others involved in a “well-planned scheme to take control of the Bitcoin Cash network.” This is reported on the website of the corporation.

Representatives of UnitedCorp argue that the actions of the defendants caused the "global capitalization meltdown of the Bitcoin Cash." These actions, the company believes, were aimed at enriching the above market participants to the detriment of others.

The company’s website also contains a diagram of the actions of the above market participants:

Bitcoin Cash Manipulation Scheme by UnitedCorp
Bitcoin Cash Manipulation Scheme by UnitedCorp

The events described are related to the recent hardfork of Bitcoin Cash, as a result of which the network of this cryptocurrency split into two competing chains. After hardfork, according to UnitedCorp, the companies and individuals in the lawsuit took control of Bitcoin Cash.

We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time. In order to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them.
 

Benoit Laliberte

President, UnitedCorp

At the same time, the company is convinced that these actions were aimed at centralizing the BCH network. Also, UnitedCorp claims that on November 20, the Bitcoin ABC development team introduced the “poison pill” into the blockchain. It was presented as “Deep Reorg Prevention”. These actions, confident in the company, were, in fact, aimed at strengthening control over the network and its future updates.

UnitedCorp requires a court order prohibiting defendants from engaging in future activities that harm the Bitcoin Cash network. In addition, the company intends to receive compensation for damages, the amount of which will be established in court.

It should be noted that Bitcoin SV, a cryptoactive asset that emerged as a result of hard forks, came in fifth in the CoinMarketCap market capitalization rating.

The rate of Bitcoin SV is growing despite the general decline in the market. Over the past 24 hours, the price of BSV has increased by 21%, and the asset capitalization has approached $ 2 billion.

At the same time, the main competitor of BSV - Bitcoin Cash - has fallen by 16.5% in the last 24 hours, having consolidated on the 7th line of the rating.