Bitcoin Cash Protocol Update Released

The release of Bitcoin ABC 0.16.2 includes a number of improvements to the bitcoin cash protocol
03 January 2018   1435

The new version of Bitcoin ABC was released today, bringing closer the bitcoin cash community to have their own address format. The full node implementation of BCH includes a switch to a proprietary address format to distinguish it from bitcoin core.

It is expected that the change of address, which is scheduled to take place on January 14, will eliminate issues of BCH being sent to Segwit BTC addresses in error and help further distinguish bitcoin cash from the rest of the cryptocurrency market.

The release of Bitcoin ABC 0.16.2 includes a number of improvements to the bitcoin cash protocol, but the most notable is the addition of Cashaddr. It also utilizes the bech32 codebase and will apply benefits over and above a less confusing wallet address format. For instance, the new address system will make it easier to create QR codes and will pave the way for multi-party smart contracts to be added further down the line.

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   531

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.