Schisms in blockchains are quite a common thing – Bitcoin Cash itself was born in a similar way in the past, when it split out of the original Bitcoin. But in November 2018 we’re the witnesses of another hard fork born out of civil war within the community.
>> Blockchain Development: What Is Fork?
Satoshi’s Vision vs Adjustable Blocksize Cap
The schism is based in the forming of two blockchain development teams:
- ABC (Adjustable Blocksize Cap): Roger Ver and Jihan Wu of Bitmain
- SV (Satoshi’s Vision): Craig Wright and Calvin Ayre
Both are battling for control over the blockchain and for influence of the technical changes within Bitcoin Cash code. The dialogue within the community split and a campaign of disinformation and politics began trying to attract as much miners and hashing rate as possible.
Why? Because overwhelming power can swallow the second blockchain, and both parts are competing for this hostile takeover. This kind of fight results in huge costs for both sides.
Results for cryptocurrencies’ market
The troubled times affects prices: on 15 November 2018, ABC traded at about $289, while it’s competitor was $96.50, but they are not giving up, and a split that was initially thought of as a temporal state, may result in a permanent creation of two different cryptocurrencies. Some of the exchanges already accepted that, and trade both BCSV and BCABC tokens.
The fourth-largest cryptocurrency falls into two pieces, in a fight that doesn’t seem to end soon.
Looking for a skilled blockchain development team?
We can help you with your blockchain project, smart contract audit or ICO.
