What BCH Hard Fork Means for CoinLoaners
On Sunday, November 15, a hard fork is taking place on the Bitcoin Cash blockchain. It will give birth to two coins, “Bitcoin Cash Node” (or BCHN) and “Bitcoin Cash ABC.” CoinLoan will temporarily suspend BCH deposits and withdrawals supporting the network upgrade.
A confrontation between two development teams triggers the upcoming Bitcoin Cash hard fork. As explained by the analytical company Messari, the cause was the ABC team’s unilateral decision to implement the new Grasberg algorithm. The developers believe it will make mining more stable and profitable and the emission of coins more predictable.
The Bitcoin ABC team is planning to restructure the reward distribution scheme and send 8% of payments for all mined blocks to their wallet address to finance the network’s development. However, miners did not support this initiative, known as IFP (Infrastructure Funding Proposal), with a part of their proceeds.
The BCHN team supporting the non-IFP upgrade has already attracted 84.7% of miners to their side. After the fork, this branch is most likely to become the main one. CoinLoan will support BCHN as the dominant Bitcoin Cash network alongside Bittrex and other major exchanges and service providers.
Please note that there will be a temporary suspension of BCH deposits and withdrawals on CoinLoan at 00:00 UTC on November 15, 2020. Once the hard fork is completed and the network stabilizes, we’ll resume the work.
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Originally published at https://blog.coinloan.io on November 11, 2020.