Bitcoin Cash Node (BCHN) in the Lead with 123 Blocks Following the Hard Fork Chain Split

The Bitcoin Cash Network, a hard fork of the largest network Bitcoin, has yet again split into two new Blockchains.

Out of the total hash rate, Bitcoin accounts for the majority at 98.1% while Bitcoin Cash has a share of 1.2%, and a mere 0.7% goes to mine Bitcoin SV, which was the result of the hard fork from Bitcoin Cash in Nov. 2018.

During this upgrade, Bitcoin Cash ABC (BCH ABC) received no hash power making it possible for Bitcoin Cash Node (BCHN) to become the dominant software of the Bitcoin Cash network.

BitMEX’s research arm said there are no two chains because BCHN produced three blocks after the split, and not a single one was produced by BCHA.

But Bitcoin ABC took to Twitter to share that Bitcoin Cash blockchain has split into two chains, and now there are two separate coins called BCHA and BCHN. As such, people who owned Bitcoin Cash before the split now own both of those coins.

All of this has been because Bitcoin Cash went through a hard fork on Nov. 15 at 12:00 UTC, which has been contentious.

It is a regular thing for the Bitcoin Cash network, which undergoes an upgrade every six months. If the community is unable to meet consensus, the chain splits, which is what happened when BSV came into existence and exactly what’s happening this time as well.

This time, the upgrade also included a controversial new “Coinbase Rule,” which requires 8% of mined Bitcoin Cash to be redistributed to Bitcoin ABC to fund protocol development.

This was opposed by another group who removed this “miner-tax” from their source code.

With the last common block between the BCHN & BCHA networks now mined by Antpool, the chains have split at height: 661,647.

The BCHN chain is currently 123 blocks ahead.

Bitcoin Cash Hash Rates by Network Summary
Source: Coin.Dance

Even before the fork, 80% of the miners supported it, and some major crypto exchanges also announced support for BCHN.

With hash power in BCHN’s favor, if BCH ABC doesn’t attract enough hash power, the blockchain may just disappear.

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Author: AnTy

Ethereum Developers Set to Release ETH 1.x “Berlin” Hard Fork in January After Delays

The Berlin fork stands as a hard fork of the current ETH 1.x proof-of-work (PoW) blockchain. This system-wide upgrade includes low-level changes to improve the original mainchain while ETH 2.0 is still under development. At first, the planned launch was to be in July but pushed back to summer thanks to a perceived need for higher client diversity, alongside clients and employees experiencing burnout.

Geth Ruling The ETH Nodes

In particular, devs highlighted Geth, which stands as one of 11 client specifications. Even so, 79% of all Ethereum nodes operate on it, having gained 5% since December last year. As such, developers have a serious concern that some critical bugs could develop thanks to the rolling updates to ETH 1.x, which itself is gearing towards a complete transition to a Proof-of-Work (PoW) consensus algorithm.

Péter Szilágyi stands as the team leader for Geth and gave a statement last Friday about the matter. He highlighted that it’s critically important that this update is done right, seeing as Geth is the majority of the network. Szilágyi stated that the ETH team couldn’t afford to not be correct about this matter.

Rushing Could Lead To Disaster

As a result, the update needed to be delayed to ensure that the entire thing will operate smoothly. With the five languages listed by the Ethereum foundation, 11 clients in total, a small niche or nuance for the one client can quickly turn into a catastrophic bug if not appropriately investigated.

Ever since, the process of including various Ethereum Improvement Proposals (EIPs) and determining which one will end up in the hard fork, has seen a significant shift.

Changing Of EIP Lineups

At the original launch plan in June, Berlin was scheduled to add three EIPs. The first was EIP-2315, which held simple subroutines for the EVM. The second was EIP-2537, which would add BLS12-381 curve operations. Lastly, EIP-2929 would see gas cost increases when it comes to state access opcodes.

Now, however, things have changed. EIP-2537 will now not be included within the Berlin update. EIP-2537 will make it possible for the ETH 1.x and the ETH 2.0 blockchains to speak with each other, thanks to similar cryptographic setups.

The remaining EIPs will see a new life, as it will now be included within the YOLO v3 short-run testnet, which is set to release within the next few weeks.

It should be noted that EIP-1559 and other important EIPs that would restructure the transaction model of Ethereum will now no longer be included within the Berlin update.

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Author: Ali Raza

Swerve Amasses $600 Million in Deposits; Over 60% of Curve within a Week of Launch

Swerve Finance, an unaudited fork of DEX Curve Finance, has amassed more than $600 million in deposits or the total value locked (TVL) in the protocol.

In under a week, this decentralized finance protocol has gotten about 60% of Curve’s deposits, which currently stands at just under $1 billion.

This week, cryptocurrency exchange Poloniex also listed the SWRV token against USDT. Currently, the token is trading at $4.88, down 87.5% from its all-time high hit on the launch day itself.

“Swerve has the best rate out of any exchange for USDC, USDT or TUSD to DAI by both exchange rate and transaction fee! Get some stables and collect your comfortable APY,” boasts the decentralized exchange.

Swerve is fast catching up to Curve. However, volume on the former platform is not strong enough, yet The daily volume recorded on Swerve Finance is just about $15 million compared to Curve’s $135 million.

Curve is the second biggest DEX after Uniswap, which registered $1.3 billion of volume in the past week, accounting for 22% of the market share, compared to Uniswap’s nearly 65% share.

Overall, DEXs are seeing huge growth in 2020, recording $11.6 billion in total trading volume in the month of August. Now in September, already $10.9 billion in combined volume has been seen, as per data source Dune Analytics.

Swerve cloned Curve, a decentralized exchange protocol for trading stablecoins, with the key difference of the latest project being “100% community-owned and governed,” which means SWRV is generated by users with deposits right from the beginning.

Curve’s token CRV’s launch, however, was a botched one. Before the planned schedule, an anonymous developer front-run it and deployed the smart contract with some accusing the protocol of pre-mining the tokens.

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Author: AnTy

Qtum Completes Testnet Hard Fork Prior to the Real Event in August; Adds Offline Staking

The Qtum network has completed a hard fork on its testnet in the run-up to its mainnet hard fork, which is scheduled to take place on August 28, 2020, on block height 680,000. The testnet hard fork – initiated on June 29 at block no 625,000 and the last phase of the testnet – are scheduled to start on July 6 before the mainnet upgrade undertaking.

This hard fork would introduce offline staking on the Qtum network. The firm also confirmed that, during the testnet phase, more than 300 network participants managed to gain 1000 Qtum through staking. The firm released a statement on the addition of offline staking and said:

“Offline staking is one of the biggest changes to the Qtum protocol to date. Up until now, Qtum has allowed Proof-of-Stake consensus staking only from online nodes that secure and operate the blockchain. As a result, QTUM holders who did not want to run a full node had security concerns, or struggled to meet the resource and power requirements were unable to participate in staking.”

The founder of the Qtum network believes that testnet staking would help users become familiar with its staking ecosystem, and help clients understand how easy it can be to stake your token and earn passive income on top of it. He said:

“This will empower the community to undertake the same tasks in a realistic setting when the mainnet hard fork goes live in late August, bringing offline staking to the Qtum ecosystem.”

Offline Staking Would Make Qtum More Decentralized

Qtum believes the offline staking service would make the network more decentralized than ever as it would attract more traders towards the staking. The staking will be the second hard-fork for the blockchain network; the first one took place back in October 2019 at block number 466,000.

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Author: Rebecca Asseh

Ethereum Classic Successfully Completes Third Hard Fork Phoenix, Earlier Than Expected

  • Ethereum Classic (ETC) completes its third successful hard fork on May 31, 2020.
  • The hard fork implements the “Ethereum Istanbul” hard fork upgrades making the two sister chains totally compatible.

Ethereum Classic completed its third successful fork of the year, named Phoenix, which introduces complete compatibility with Ethereum, including its Istanbul hard fork upgrades.

The ETC Phoenix upgrade scheduled to go live at block number #10,500,839, however, came about ten days early from the planned event date. This hard fork follows the successful updates of Atlantis and Agharta upgrades in the past year.

While the two blockchains will remain completely independent, the update increases the efficiency in collaborative use cases, tools, and future opportunities to absolute technical compatibility between ETH, ETC.

So far, a total of 326 clients or 68.4% of the total client nodes have successfully synced to the Phoenix upgrade including Corgeth, Multigeth and OpenEthereum (which has a few issues).

Despite the hard fork going live over 14 hours ago, Besu client node is yet to sync on the new update fully. Besu is used by enterprise clients, including projects like Hyperledger, which does not affect the blockchain in any way.

Parity client is currently moved to OpenEthereum after the Parity Tech devs no longer manage and maintain the client.

ETC/USD Remains Stagnant Despite Successful Fork

The price of ETC against the dollar dropped on the news of the fork coming ten days early – losing three percent in the past day. The ‘original Ethereum’ currently trades at $7.00 across major exchanges, representing a 6.2% spike in the past week.

Ethereum Classic continues its fight to supremacy after surviving a certain death during Ethereum’s fork from the chain. Recently, the leading blockchain developers on Ethereum Classic, ETC Labs, announced they would integrate Chainlink’s decentralized oracle system to improve the system.

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Author: Lujan Odera

Bittrex Exchange Won’t be Returning the ‘Stolen’ $5M in Funds From Steem Owners

Yesterday, the Steem blockchain went through the controversial hard fork 0.23 that seized the tokens of former Steem “witnesses” — blockchain validators that created another blockchain called HIVE.

The hard fork – codenamed “New Steem” – seized 23.6 million STEEM tokens from 64 witnesses.

A letter was also sent on Tuesday by a legal firm representing the affected members, urging cryptocurrency exchanges not to support the hard fork.

But Bittrex would be doing no such thing because the exchange co-founder Richie Lai said, “my own personal feelings do not matter.”

Yesterday, when $5 million worth of tokens were meant to be seized, they were moved to the main wallet of the Bittrex exchange in an attempt to move them to their original owners.

But it was for nothing.

In an official announcement, the exchange said they wouldn’t be returning the funds.

“The fact is, we only interpret the data on the blockchain, and in this case, the consensus of the blockchain – regardless of how it was reached – agreed that the funds from those 64 accounts be moved to the ‘community321′ account.”

Bittrex’s stance is clear, the witnesses are in control of the blockchain, and they get to decide what happens with these tokens. And now, unless Bittrex changes its decision, those Steem owners won’t be getting their funds back.

Back in December 2019, Tron founder and CEO Justin Sun bought the Steemit blogging platform. In February, this year, he made a hostile takeover of the platform which led the Steem community to build its own blockchain, Hive.

At that time he worked with Huobi, Binance, and Poloniex, which he acquired in November, last year. The crypto exchanges have a lot of power given that they used the voting power gained through customer’s funds. However, Binance and Huobi later withdrew their support and Sun has been since battling with the community.

About the latest hard fork, Sun denied his or Steemit Inc.’s involvement but said: “the hive witnesses did this to them first and took all their assets.”

He is also working with law enforcement to fight against the Hive witnesses.

“As for Steemit Inc., many millions of dollars were stolen by Hive witnesses. We are working w/ law enforcement & will take actions to get our funds back! We have lots of sympathy for all Steem witnesses who have suffered the same at the hands of the Hive witnesses,” wrote Sun.

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Author: AnTy

Steem Freezes $5 Million of 64 Hive Users Funds in Coordinated Hard Fork Today

  • Steem Blockchain’s hard fork on May 20th has been lauded by current Witness Group Triple A as essential to ensure network stability. However, some of the users are opined that these are punitive measures to those that did resist the Sun’s takeover bid.

The Steem project has been thrust into the spotlight yet again. This is as an oncoming hard fork on May 20th will see some users accounts frozen and lose up to 23.6 million STEEM valued to be well over $5 million.

The Tron CEO, Justin Sun acquired the SteemIt blogging site towards the end of the last year. Then was involved in a hostile takeover for the Steem Blockchain despite widespread criticism from the Steem Community.

Hostile Takeover

The Delegated Proof of Stake (DPoS) protocol allowed the takeover as the SteemIt Blog owned about a fifth of the total STEEM tokens. This combined with key support from Binance, Huobi and Poloniex was enough to rally their weight (about 45.6 Million STEEM) behind new witnesses in a bid to get rid of ‘rogue actors’. This was seen as an attempt to quell the soft fork within the Steem Blockchain and resulted to some staunch Steem users retreated to their new Blockchain namely the Hive.

The witness group, Triple A recently highlighted that the imminent update will only target those that are deemed a direct threat to the Blockchain. They cited that this would be crucial in ensuring the Network was stable and improve the Steem Ecosystem.

“Publicly attacking users, collecting personal information, threatening murder… spreading fake news, and damaging network stability.”

Punitive Measures to Hive Defectors

However, some share the sentiment that these are just some of the punitive measures Sun is rolling out for those who opposed his takeover bid. This and the fact that majority of Hive’s users weren’t allocated any free token according ‘TheMarkyMark’ who was a witness prior to Sun’s takeover. A screenshot from a Steem employee stirred speculation that some user accounts would be victimized by the new update. The code that was released on May 19th confirmed this as it was seen to contain names of the supposed ‘rogue actors’.

The targeted users have not taken the issue lightly and have threatened all those supporting the hard fork with civil suits. Targeted users such as ‘They Call Me Dan’ and ‘pharesim2’ are set to lose $600,000 and around 80,000€ respectively if the hard fork is to go through.

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Author: Lujan Odera

Bitcoin Cash Miners’ in Loss as Breakeven Point Still the Same as Before Halving

While Bitcoin halving is still just over 20 days away, its fork Bitcoin Cash (BCH) already underwent its scheduled network halving last week.

A pre-set inflation adjustment, halving results in a 50% reduction in the new issuance supply of the tokens. Following BCH’s halving, both the hash rate and price of the asset declined substantially.

The week of its halving, BCH had the largest price decline among the large-cap cryptocurrencies, losing 9.5% of its value last week. In comparison, the top two digital assets, Bitcoin and Ethereum saw modest declines of 6% and 2% respectively during the same period.

At the time of writing, while BTC is trading at $7,180, down 2.23% YTD, BCH is trading at $239, up 4.40% YTD and its fork BSV is up 106% YTD $197, however, both BCH and BSV have much lower volume than BTC that makes it easy to manipulate.

It’s block production also got hit hard, with Jameson Lopp, co-founder, and CTO of Casa noting:

As for its hash rate, following the halving of BCH, the network hash rate declined considerably as miners reduced resources dedicated to its mining. Prior to the halving, the hash rate was hovering around 4,000 PH/s only to tumble down to 800 PH/s before rising to about 1,900 PH/s.

BCH mining profitability over time

After the halving, the mining rewards declined by half but while this block reward reaction increases the scarcity of the asset, it can also negatively impact the miners because of their revenue decline inline with reduced new supply.

While BCH price crashed after the March sell-off, down 95% from its all-time high, leading into the halving, the network hash rate remained near highs further affecting the profitability of miners negatively. TokenBlock noted,

“The network hash rate is closely related to miners’ profit margins. The hash rate increases as the number of resources, in aggregate, committed to securing the network through mining activities rises.

As resources dedicated to mining rise over time, efficiency gains and/or mining costs rise. As such, in order to maintain healthy profit margins for miners, a rising hash rate is typically needed to correspond with a rising asset price.”

However, the price of BCH has been under pressure over the past few weeks, as has been the broad crypto market and global financial markets because of COVID-19.

As per TradeBlock’s mining profitability estimates, had BCH miners not reduced their hash power drastically, they would have been operating at significantly negative profit margins following the halving.

Source: TradeBlock

But now that the network hash rate has declined considerably as miners either shut down or re-allocate their resources to other networks like bitcoin, mining breakeven is near similar levels seen last month, ~$200-250 per BCH.

With BCH price still below $200, Bitcoin Cash miners are now operating at a loss.

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Author: AnTy

Bitcoin Cash Hash Rate Declines by Over 70%, Marching Towards its “Ultimate Demise”?

On April 8th, Bitcoin fork, Bitcoin Cash (BCH) had its halving that cut down its miners’ reward into half to 6.25 BCH.

However, as expected since the halving, its hash rate has dropped dramatically. From 3.58 Th/s BCH’s hash rate has fallen more than 70% in just two days of the halving to below 1 Th/s, last seen in December 2018. As such, it now represents less than 2% of the power dedicated to mining Bitcoin.

Source: CoinWarz

The main factor behind the majority of this hash rate decline could be Roger Ver himself. His pool has seen its hash rate drop by more than 90%.

BTC.com, the largest margin pool on the Bitcoin Network operated by the hardware manufacturer Bitmain is the main contributor to the hash rate. This resulted in BTC.com mining 20 out of 36 blocks which put the network at a risk of 51% attack.

This hash rate plunge also has the cost to attack Bcash for one hour from $22,000 on April 8th to $7,500 yesterday but has now risen to $11,649 in comparison to $577,596 of Bitcoin and $9,736 of BSV. BSV had its first halving yesterday and its hash rate has also started declining.

As we reported, before even the halving, the block mining started delaying which went on even after the halving and took two hours to mine the first block after the event. The network block time went 10 times more than the normal 10-minute at one-point.

Both these crypto-assets that have been enjoying a good spike even before their halving which are down today. BCH is trading at $238, -9.42%, and BSV is trading at $191, -12.33%.

Short and long-term demise of both BCH and BSV

While pointing this out, Benjamin Celermajer, the CMBI Manager of data tracker site Coin Metrics said that after Bitcoin Cash, it’s BSV’s hash rate time to fall through the roof. He also shared his earlier evaluation where he said that the halving could lead to both BCH and BSV’s “ultimate demise.”

He explained that three months following the Bitcoin Cash fork, block production was abnormally high resulting in the blockchain having 9,887 more blocks than Bitcoin despite the latter’s block production being faster. These gaps won’t close by the time of halving.

On the assumption that crypto mining is a competitive market and rational markets will mine the most profitable chain, miners will jump to BTC. They can switch between Bitcoin, Bitcoin Cash, and BSV very easily and seamlessly because they all use SHA-256.

Because BCH and BSV had its halving over a month before Bitcoin, the leading network is most profitable as such miners will switch to BTC which can be seen by the hash rate decline in both BCH and BSV.

Now if marginal cost miners start capitulating, and sell their bags as revenue decreases, this could further push BCH and BSV prices lower, further reducing their mining profitability.

This cycle will see more miners shifting to Bitcoin, making both the crypto assets vulnerable to security threats, “especially given their already low distribution of mining relative to Bitcoin.”

“This could lead to massive market fear and capitulation for Bitcoin Cash and Bitcoin SV, potentially leading to their short term and longer term demise,” said Celermajer.

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Author: AnTy

Steemit’s Fork, Hive, Gets A Cease and Desist From Canadian Blockchain Firm Over Name

  • The new Steemit hard fork gave birth to a platform dubbed ‘Hive’ that is currently supported by over 30 developers.
  • This network is barely a week old but has already encountered its first legal challenge following an action by Canadian crypto mining firm, HIVE.
  • The latter claims that Steemit developers who forked the network are riding on a goodwill created by them over their existence period in blockchain and crypto markets.

This move by Hive.io developers to shift from the original network was not unprecedented as it had been announced on March 18. It was later actualized on March 20 when the Hive platform went live as an alternative to Steemit.

The initiative comes at a time when Tron’s founder, Justin Sun, had just taken over Steemit’s network with the help of Poloniex, Huobi and Binance crypto exchanges. According to Hive.io developers, this ecosystem takeover is the main reason they opted out of Steemit’s network given the uncertainty of Justin Sun’s actions in future.

The Legal Hurdle

As mentioned earlier, Hive has been called out for using a name that already exists within the crypto space. Canada’s, HIVE Blockchain Technologies, published a notice on 23rd March highlighting it had already sent out warning letters to Hive.io as to the use of this name;

“In response to multiple shareholder inquiries understandably confused by this Blockchain’s announcement, HIVE clarifies that it has no association with this Blockchain,”

They further added that they are not in dispute of this new Steemit fork apart from the name. It therefore makes sense for the firm to initiate legal action so as to protect their brand according to HIVE’s interim executive chairman, Frank Holmes;

“However, for legal reasons, we have no option but to seek to protect our interests, dispel the ongoing confusion and avoid any potential damage to our reputation,”

Hive’s Technical & Operational Prospects

Despite the legal shortcoming, the Hive (HIVE) token already secured a listing on Bittrex exchange and three other platforms. It is set to be listed by more exchanges in a bid to enable the distribution of its airdropped crypto coins. As it stands, Hive is trading at $0.193 on Bittrex while STEEM is at $0.154.

Hive.io developers have gone an extra step to completely eliminate Justin Sun’s Steemit rights. The team excluded Tron’s founder or any affiliate from its airdrop hence denying them a chance to convert their STEEM to Hive. These advancements by a group of Steemit developers may actually solve the rising issues on decentralization and censorship within this ecosystem.

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Author: Edwin Munyui