The Bitcoin Cash ABC (BCHA) of lead developer Amaury SÃ©chet has survived despite being blocks behind Bitcoin Cash Node (BCHN) since the hard fork of Bitcoin Cash.
Bitcoin Cash’s hard fork suggested the Bitcoin Cash Node, led by Roger Ver, CEO of Bitcoin.com, was the clear winner after the split, with miners endorsing BCHN and the protocol being well ahead of its competitor in terms of mining blocks.
Bitcoin Cash ABC has shown, however, against all odds, that it still has a fight left in it. It has managed to increase by 70% from its opening price of 10.51 on CoinMarketCap over the last 24 hours. It is currently trading at $19.32, a big change from when there was almost no hash power registered by the blockchain protocol. While there are still ways to go to the blockchain fork before recording a healthy hash rate, it is continuously battling to retain its protocol.
The close yesterday marked an increase of 53.24% for the crypto asset. Despite all aspects, the price of BCHA is steadily rising and currently up for trading on prominent crypto exchanges such as Binance and Bitfinex in the $18-$20 range. Despite its price adjustment and rise, however, rumors circulated in the crypto community that BCHA might soon be obsolete.
Bitcoin Cash ABC still reports low hash rates, as per data on CoinDance, relative to its counterpart BCHN. In contrast, before the hard fork occurred, BCHA had already almost surpassed the hash power it possessed.
At the time of writing, following the Bitcoin Cash Network Update, 393 blocks in total were mined, and BCHN is estimated to be 380 blocks ahead of BCHA.
BCHA also introduced an update that, in terms of blockchain security, would support both BCHA and BCHN. BCHA Lead Developer Amaury Sechet said that after the Bitcoin Cash blockchain split, both BCHA and BCHN would be funded so that companies will have the ability to choose between the two chains while also being able to run “Bitcoin ABC” apps.
The hard fork that occurred on Bitcoin Cash resulted from a dispute that some Bitcoin Cash miners, led by BCH head developer Amaury SÃ©chet, decided to introduce with a new software regulation. The new policy would require the redistribution of 8% of mined BCH to Bitcoin Cash ABC (BCHA) to finance protocol development.
Another group named Bitcoin Cash Node disagreed with the law, and as a result, Bitcoin Cash blockchain split into two separate networks as there was a conflict of interest.