New address format for Bitcoin Cash released

BitcoinABC releases new software with new CashAddr address format
16 January 2018   1246

Today BitcoinABC released a new version of their software with implementation of CashAddr format. What is it and how does it work?

First of all, no it's not a fork, neither soft, nor hard, and not a new protocol. And no, there will be no change in users' public or private keys. So, with that out of the way, let's look at what did change.

If you have ever seen Bitcoin or Bitcoin Cash address, you now hw it looks like – just a sequence of numbers and letters. The new address format is just a different encoding variety, to lessen the confusion between BTC an BCH. The new Bitcoin Cash address will look like that

bitcoincash:qpm2qsznhks23z7629mms6s4cwef74vcwvy22gdx6a

Notice the bitcoincash prefix. That's the whole point. While it's always there, but previously may have been omitted or missing entirely, now it's an integral part of the address. While you can still use the old address format in your transactions, the developers strongly encourage users to utilize the new format, even providing the links tools for converting “legacy” to a new CashAddr style addresses, like https://cashaddr.bitcoincash.org/

Please remember to use only trusted tools, so there will be less chance to get a scam address instead of the target one.

And upgrade your wallet, most of the services will implement the changes quite fast, but it can be prudent to alert the devs about a new format, so the transition will be smoother and faster.

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   517

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.