Bitcoin cash is ready to experience a hardfork on Nov 15, this move will determine if the community will move to the proposed Bitcoin cash Node network.
Following an update by hardware wallet provider Trezor,the hardfork is an attempt to integrate a new model for the distribution of mining rewards.
However, Trezor will not support the Bitcoin Cash Node network immediately;users who wish to likely participate in the hardfork has been advised to send their BCH coins to wallets that will encourage the hardfork on the launch date.
A proposal from Bitcoin ABC team triggered this decision, that would make them receive 8% of all block rewards that will be allocated to the development. Howbeit, the proposal was not accepted by the Bitcoin Cash community therefore the commencement of the forth coming hardfork scheduled for mid November.
As a matter of fact, about 75% of the blocks support the hardfork to introduce Bitcoin Cash Node as the Main blockchain ecosystem for this community. Nevertheless, Satoshi labs, the brain behind Bitcoin Cash, will continue to support Bitcoin ABC until a consensus is reached.
In the event of coin split, crypto exchanges and wallet providers with integrated support for the Bitcoin Cash Node network are ready to sponsor the process. This is done by taking snapshots of user’s account balances, afterwards, the Bitcoin Cash Node will mint an equal number of tokens and start to publicize and run transactions.
If the community agrees towards Bitcoin Cash Node, SatoshiLabs will cease to support Bitcoin Cash ABC and integrate with the new ecosystem. It is quite noteworthy that Bitcoin cash is originally a Bitcoin hardfork from 2017, this was later forked in 2018 and gave birth to Bitcoin Cash SV and Bitcoin Cash ABC. With the new rumours of split around, the competition for hash power will definitely increase between the existing networks.