As November 15 nears, the specific date set for the launch of the upcoming Bitcoin Cash hardfork, BitMEX researchers have launched a BTC/BCH Hardfork monitoring site. The primary aim of the tool is to monitor the network upgrades for hardforks network upgrades for both Bitcoin and Bitcoin Cash, and thus help to detect any unintentional consensus bugs. The site will initially be used to monitor various BitcoinCash events, and then shift its focus towards Bitcoin once it’s complete. The official blog post states that the Fork Monitor will also be connected to other nodes and thus more plans will be unveiled soon. In conjunction with other Bitcoin Core client implementations, the Fork Monitor may also help in tracking irregularities such as the CVE-2018-17144 bug, which was initially patched in September.
Coinbase and Binance support
This announcement comes at a time when Coinbase and Binance had announced their support for the hardfork. On Friday, Coinbase declared its support for the BCH HardFork, implying that it would fully back up the ABC client in its proposal of doing away with topological transactions. Coinbase also added that it would temporary stop all the “sends and receives” for around one hour prior to the fork to avoid disrupting its users. Its industry peer Binance also expressed a similar sentiment, although unlike Coinbase, it vowed to support both split sides. The cryptocurrency exchange platform also stated that it would limit the fork access until the upgraded coins become totally stable and secure.
The upgrades might cause a Bitcoin Cash code slit due to the differences between Bitcoin ABC and Craig Wright’s nChain. According to Wright, the ABC proposed amendments would not go well with the initial vision for the protocol, and therefore prompt nChain to develop its fill node BCH client, the Bitcoin SV. If more businesses continue to side with the Bitcoin ABC client, many analysts believe that disruption of the network may not be significant enough. Others have however pointed out that this could lead to sizeable harsh rate losses, and interfere with the chain of cryptocurrency.
BitMEX has on several circumstances held back its criticism for Bitcoin Cash and its well known figures. For instance, a recent BitMEX social media post on Twitter describe Craig Wright as one of the popular BCH supporters.
“What can we expect to happen to Bitcoin Unlimited, Bitcoin ABC and Bitcoin SV during the Bitcoin Cash hardfork launch on 15th November?” said BitMEX on Twitter, further adding that “the Craig Wright node for Bitcoin SV will soon fork off into another chain in the network”
Traditionally, cryptocurrencies have been surging in anticipation of hew hardforks, with investors purchasing them to gain ore access to the dropped tokens. A similar case is that of last year, where the BTC investors were airdropped by BCH at the ratio of 1:1. Last week, the BCH was surged to nearly 25% following the coinbase announcement to support the hardfork.
BitMEX was the second largest global cryptocurrency exchange y the time of press, in regards to the trading volume. It was however noted by the CoinMaketCap that BitMEX is a derivative market and thus its price and volume data is not included on the website.
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