New Hard Fork Update Arrives For Bitcoin Cash
Posted By : Anirudh Bhardwaj | 16-Nov-2017
Bitcoin Cash has been successfully hard forked on November 13 at 21:00 UTC. The hard fork has been successfully initiated and a majority of its nodes have been updated to be compatible with the new software version i.e 0.16.0. The new software version aims on providing greater rewards to the miners which in turn consolidates the network security. The new fork will change the consensus rules and will upgrade the DAA (Difficulty Adjustment Algorithm) of the network.
The main issues with the previous Bitcoin Cash DAA was that it produced rapid fluctuations which in turn, caused difficulties for the miners. Several development teams were involved in the project including some prominent names like Bitcoin ABC, Bitcoin Nchain, Bitcoin Unlimited and Bitcoin XT. Before implementing the existing DAA, numerous DAA upgrades were proposed by the aforementioned development teams. Finally after weeks of research and testings, the DAA upgrade proposed by the development team of Bitcoin ABC was finalized and it has now been implemented with the new hard fork update.
Also read How Businesses Can Benefit From Bitcoin.
The hard fork aims on bringing some vital changes in the consensus rules that will hopefully adjust the mining difficulty for hashing a mean block interval of 600 seconds. In this way, implementing the new DAA may bring about a sudden drop in mining difficulty.
For instance, the network will automatically adjust the mining difficulty depending on the change in the hashrate. This will also help in avoiding the feedback oscillations.
The successful DAA upgrade has no doubt sparked a tide of joy among the Bitcoin Cash miners. Although it will still take some time for the update to be effective, it would be interesting to see how communities react to it.