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Bitcoin Cash has a hard-fork planned for November 15th which could result in a chain split. There are two implementations of BCH competing for supremacy and another implementation trying to reconcile the differences between the two competing implementations.
Below are the major proposals of the three implementations:
- Adding a new op-code known as OP_CHECKDATASIG which will improve BCH’s ability to validate messages that come from outside the blockchain, enabling oracle servicing and greater smart contract capabilities
- Replacing topological transaction ordering with canonical transaction ordering reduces the resources needed for block creation and transmission, improving the scalability of BCH
Bitcoin SV:
- Restore old op-codes like OP_MUL, OP_LSHIFT, OP_RSHIFT, OP_INVERT to move Bitcoin Cash closer to Satoshi’s original implementation
- Raise the maximum blocksize to 128 MB to increase transaction throughput
- Inclusion of changes made by Bitcoin ABC and Bitcoin SV
- If this implementation is adopted, miners would activate the included features through miner voting(BIP 139)
Edge will continue to run and support Bitcoin ABC which is the most popular implementation and has a strong economic majority behind it.
Advice to Users
Although Bitcoin ABC has strong backing in the BCH community, we could see two or even three competing chains emerge: (1) hardforked Bitcoin ABC chain (2) hardforked Bitcoin SV chain (3) BCH legacy chain.
We don’t know for sure, but the market could support these potentially competing coins. We recommend consolidating your BCH into one wallet address before November 15 and making sure not to use the BCH network during the hardfork(s) planned for November 15. Consolidating your BCH into one wallet prior to the fork will make it easier to split your funds up and move funds to wallets and/or exchanges that support alternative coins after the fork takes place. Your BCH wallet(s) might contain multiple inputs with a different private key assigned to each input. Moving those inputs to one address will make it so you only have to extract one private key instead of multiple.
Steps to Consolidate Within Edge
- Go to your Bitcoin Cash Wallet.
- Tap on the Request button at the bottom of the wallet scene to generate a new address.
- Tap on the Copy button at the bottom of the request scene.
- Tap on the Scan button
- Tap on the Address button at the bottom of the Scan scene.
- Paste the address you previously copied into the “Send to Public Address” pop-up.
- A transaction scene will show up. Tap on the 3 dots in the top right corner.
- Tap on “Send Max Amount”.
- After the transaction scene populates with the Max Amount, slide to confirm the transaction.
If there is a persistent chain-split and the market supports multiple coins, Edge will enable support for the forked coins in the Edge Wallet and enable users to easily split their funds.
If you have any questions or issues contact the Edge team at support@edge.app.
