Bitcoin ABC, a development team behind Bitcoin Cash have announced the full details of the next Bitcoin Cash update (hard fork) set to roll out on the 15th of November 2018. The announcement is so far in advance of the update, as Bitcoin ABC have a responsibility to ensure that people are ready for the update and that none of the technology behind Bitcoin Cash are affected by the roll out.
The update is now live and ready to be downloaded and implemented, but as stated, the update won’t actually go live until November. So in essence, if this affects you, download now and forget about it, the rest will happen in good time, automatically.
According to the official Bitcoin ABC announcement:
“We are pleased to announce that Bitcoin ABC 0.18.0 has been released. You can download it at: https://download.bitcoinabc.org/0.18.0/. The goal of Bitcoin ABC is to help create sound money that is usable by everyone in the world. We believe this is a civilization-changing technology which will dramatically increase human freedom and prosperity. Bitcoin ABC 0.18.0 represents the next step towards this goal. Bitcoin ABC 0.18.0 includes implementation and activation of the Bitcoin Cash network upgrade that will take effect on Nov 15, 2018. All users of Bitcoin ABC should upgrade to version 0.18.0 as soon as possible.”
So what does the update include?
“The specific features included in the November 15th upgrade, and provided by Bitcoin ABC 0.18.0, are:
- A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable uses such as the use of oracles and cross-chain atomic contracts.
- The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.
- Several minor technical fixes and improvements.”
These updates are carried out to ensure that everyone on the network has access to a fairer and better product, therefore these updates are not simply just to keep developers busy, rather they are designed to address the needs of everyone, from miners to investors and general users of Bitcoin Cash. As cryptocurrency with a huge pro-adoption community, these updates are also designed with adoption in mind, therefore within this, Bitcoin ABC want to make Bitcoin Cash better for the average person to use. According to their official announcement:
“We aim to work in the best interests of miners, investors, and users of Bitcoin Cash, and to collaborate and coordinate with other teams and projects in the Bitcoin Cash ecosystem. Bitcoin ABC 0.18.0 grew out of this collaborative process. It implements network upgrade features developed with input and collaboration from many different groups. It is an important step in the process of careful and incremental technical progress to improve the utility of Bitcoin Cash and enable massive on-chain scaling. To become a solid base for application development and innovation, Bitcoin Cash needs to continuously improve and compete. At Bitcoin ABC, we are working diligently building a technical foundation to enable Bitcoin Cash to be the best money the world has ever seen.”
Bitcoin Cash’s hashrate comes close to being controlled by one mining pool
While Bitcoin Cash may have fended off the hacker who exploited a bug during the upgrade process, BCH is once again in the news, this time because it’s hash rate is dangerously close to being controlled by one mining pool.
According to a Reddit post, Bitcoin Cash’s hash rate came very close to being dominated by one mining pool, BTC.top. At the time the post appeared on Reddit, BTC.top controlled 53.47% of the hashrate.
Given that the mining pool controlled the majority of the hashrate, it would have given BTC.yop the power to double spend all Bitcoin Cash, halt transactions as well as successfully launch a 51% attack against the network.
However, at the time of writing, BTC.top’s control has been steadily decreasing, currently at 40.28%, still making up a bigger portion than any other mining pool. Worrying considering the decentralized nature inherent with cryptocurrencies.
As AMBCrypto reports, this isn’t the first time BTC.top has dominated BCH’s hashrate. On January 3, 2019, the same mining pool controlled 50.2% of the total hashrate for Bitcoin Cash. Additionally, the China-based private entity mined about seven consecutive blocks earlier today, presenting a major problem of BTC.top decided to use that hashrate.
Bitcoin Cash leads altcoin pump, up 11%; Is altseason still on the cards?
Sometimes a correlation to Bitcoin isn’t an entirely bad thing, and altcoins are proving this today. One such heavily correlated alt – Bitcoin cash (BCH) – is determinedly leading the entire market with an impressive 13% gain. So, is altseason still on the cards?
Bitcoin (BTC) is still revealing in its overnight gains, only just dipping its head below $8k, currently ebbing around that level at a price of $7945, still up +9.43% in 24 hours.
The rest of the top ten is also citing some impressive gains today with increases of more than 6% (almost) across the board:
Cryptocurrency market overview provided by Tradingview
Meanwhile head and shoulders above the rest, BCH is proving that strong correlation with Bitcoin by posting at 11.70 % increase on the 24-hour charts.
BCH/USD Chart provided by Tradingview
What’s next for altcoins?
One analyst, known as Crypto Michael suggested that Bitcoin needs to stabilize or find a floor before altcoins can pump effectively:
The better $BTC stabilizes / find a floor, the harder altcoins will pump.
— Crypto Michaël (@CryptoMichNL) May 19, 2019
Another crypto personality known as Satoshi Flipper, seemed to agree, suggesting that BTC “finding a range” will allow Altcoins to increase; adding that a true altseason could be discovered in June:
Full on degen #altseason still on track for June.
Next few weeks, as $BTC finds a range, we'll continue to see the popular alts bounce back 1st.
In June, ALL alts across the board will bounce back hard.
More disbelief on its way 😉
— Satoshi Flipper (@SatoshiFlipper) May 19, 2019
Similarly, a trader known as The Cryptomist posited that as long as Bitcoin’s current position within a bull pennant holds, alts could fly as a result of Bitcoin’s continued sideways movement.
Flagged form on 4hr timeframe
I expect this to be broken by the end of the month, so approx 29th May
Support low as 7.2, resistance high as 8080 regions.
If btc stays within this pennant until the end of the month, then I expect ……
ALTS TO MAKE A RUN! 😊 pic.twitter.com/sSydnkzgim
— The Cryptomist (@TheCryptomist) May 19, 2019
Looking at the father of altcoins, The Cryptomist also suggests that Ethereum (ETH) is showing signs of a similar bullish formation. Relaying that ETH could be looking at a breakout which may prompt the wider altcoin arena to do the same.
Bitcoin Cash [BCH]: First multisig transaction on BCH network is a donation to Free Ross Ulbricht campaign
Free Ross Ulbricht campaign gained significant momentum lately, owing to the sheer number of crypto luminaries coming out in support of the Silk Road creator. The collective crypto community, including prominent faces like the Bitcoin.com CEO and BCH coin proponent Roger Ver, criticized the draconian double life plus 40 years sentence to Ulbricht.
At press time, 166,288 individuals had signed the petition which sought justice for the former website developer. According to the campaign website, Ulbricht has served 2,056 days in prison till date.
In a recent development, the first-ever multisig transaction executed was a donation to the campaign to free Ulbricht. The three signers of the multi-signature on the Bitcoin Cash network were reportedly made by three individuals – Mark Lundebrug, Chris Pacia, and a Twitter user checksum0.
A total sum of $35.97 was donated to the convicted Silk Road founder’s campaign. One of the users who executed the transaction tweeted,
— checksum0 (@checksum0) May 19, 2019
The high profile multisig feature was reportedly implemented by Bitcoin Cash network on May 15. The digital signature scheme had been patented by its creator Claus Schnorr till 2008. The foremost privacy update, Schnorr signatures aim to minimize tracing and tracking cryptocurrency movements and dealings.