The bitcoin cash hard fork has been the talk of the town for quite some time and now that it has been activated and the initial ‘hash war’ battle is over, it seems to appear the ABC fork is in the lead, however the ‘Satoshi’s vision’ branch is not lagging all that far behind.
This hash rate by network graph from coin.dance shows that the ABC protocol, which is considered to be an improvement and the continuation of the original bitcoin cash protocol, is in the lead. Hash rate is essentially just the amount of computational power that is being used to mine new blocks. However, the victory over the SV protocol is close, and can’t be called final just jet.
Roger Ver, a prominent ABC backer and founder of bitcoin.com Tweeted:
The https://t.co/6EeRmpfaH7 pool now has more hash rate on it than the entire BCH network had earlier today.
— Roger Ver (@rogerkver) November 15, 2018
Bitcoin is cash for the world! #BitcoinCash #bitcoincashfork pic.twitter.com/n2MqQ5mlfK
Not only is the ABC protocol dominant over SV hash rate wise, but also by proof-of-work (PoW).
PoW is the competitional approach to mining when the first to create the block gets the reward. Having more hash power and being the first to solve the required complex algorithm go hand in hand. We can see from the graph, that ABC block creation has been growing exponentially of the last couple of days. This means that to every on SV block, ABC manages to create more and more of their own blocks.
As neither of the two opposing BCH changesets have drawn a conclusive victory, there most likely scenario is that there will now be two coins: BAB & BSV, that the holders of BCH will be able to operate with.
It appears that BAB, or the BCH ABS protocol is going to be the successor of bitcoin cash, and if BSV manages to stay afloat, which by the looks of it it will since there is a considerable interest to the new protocol, it will be listed as a new and altogether separate coin.
At the moment BCH operations are unavailable until the exchanges reach their own consensus of how to go about managing the freshly split bitcoin cash.
We continue to monitor network conditions during the ongoing Bitcoin Cash (BCH) fork. Sends, receives, buys and sells of BCH will remain offline until we are confident in the stability and security of the network, at which point we will provide additional updates.
— Coinbase Support (@CoinbaseSupport) November 16, 2018
This whole endeavor is both good and not all that good news for the community. The good news is that their BCH amount has been doubled and they will now have BAB and BSV coins. The less optimistic news is the fact that it isn’t entirely clear how the market will react to this split and a drop in the price of the BCH successor is possible.
Founder and CEO of Indian crypto exchange Wazirx, has commented the whole BCH fork affair, claiming that it has "woken up the entire crypto sphere."
Seems like this whole BCH fork saga has woken up the entire crypto sphere. Interesting!
— Nischal (WazirX) ⚡️ (@NischalShetty) November 15, 2018
This does appear to be the case since BCH social media interest is over the roof only being topped by that of bitcoin itself. Probably the last time the crypto community was so hyped up was during bitcoin's own fork that resulted in the appearance of bitcoin cash.
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