The official announcement of the new Bitcoin Cash fork was given today by Roger Ver, who announced that it will take place on November 15th.
— Roger Ver (@rogerkver) September 1, 2020
The reasons for the fork date back at least a couple of weeks ago when Amaury Séchet decided to publish a post about the future of this blockchain and propose some changes to the protocol, such as:
- The adjustment of the difficulty of the algorithm, aserti3-2d (ASERT) algorithm proposed by Jonathan Toomin and Mark Lundeberg;
- A new rule for the coinbase.
And it is precisely on the coinbase that the intention to proceed with a fork is based, because according to Amaury it would be fundamental that the development of a blockchain is determined also by the developers, but that they must be rewarded in some way so that they can operate the network without problems.
In fact, with the fork that will take place between Bitcoin Cash and Bitcoin ABC, a new fee of 8% will be applied to the newly mined coins that will be destined to the developers. In essence, they will be paid to allow the blockchain’s community to go ahead with development and to know that in any case their work will be rewarded.
The decision has therefore been taken and it is not modifiable since the software to implement these functions has already been written and, as said, it will be activated next November 15th, creating a new Bitcoin Cash (BCH) fork.
Revolut supports Bitcoin Cash
Revolut has recently decided to support new assets, namely Bitcoin Cash (BCH), but also Litecoin (LTC), and this will allow users to use these assets from the application.
The two crypto communities, in fact, had expressed this wish to Revolut and in just 4 weeks the team satisfied the request, as explained by Revolut’s head of crypto, Edward Cooper:
“At Revolut we pride ourselves in being a customer-obsessed brand. Since we launched our crypto offering in the States, we had swarms of customers requesting that we add Bitcoin Cash and Litecoin to the product. So, we took notice, got straight to work, and were able to deliver in just four weeks.”