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Charlie Lee Talks on Bitcoin Cash & the Soft Fork

 
Charlie Lee Talks on Bitcoin Cash & the Soft Fork
Breaking News / Bitcoin Cash
  • There have been many hard forks on the bitcoin protocol over the years.
  • The chief executive officer of one of the biggest bitcoin cash mining pools was shown quite a controversial proposal.

There have been many hard forks on the bitcoin protocol over the years. Bitcoin cash was just one of them, when it was created due to the ideological differences that were in the bitcoin community at the time. Despite this, the new bitcoin cash was able to draw in a very passionate and vocal community of followers, especially compared to other cryptocurrencies that went down the fork list over time.

However, there were a lot of troubles behind the scenes for the cryptocurrency. 

The chief executive officer of one of the biggest bitcoin cash mining pools was shown quite a controversial proposal. Jiang Zhuoer was shown a proposal that would end up being 12.5 per cent of bitcoin cash Coinbase on block awards, which could end being channelled to the Hong Kong corporation fund that would help support bitcoin cash and its infrastructure as part of the May 2020 protocol upgrade.

It is said that the ones who aren’t going to be following such a proposal will end up having the blocks ‘orphaned’ in order to avoid a “tragedy of the commons”. Market commentators have been very divided and have had many mixed opinions on this new plan.

As per AMBcrypto:

“The five mining pools that supported this proposal are BTC.com, AntPool, ViaBTC, BTC.TOP, and Bitcoin.com. Together, these five mining pools contribute 28.47% of the total BCH hash rate, according to the latest Coin Dance stats.”

There are several miners that can be voted on for such a proposal, which is currently being supported by five pools at the time of writing. 

The man behind the Litecoin protocol, Charlie Lee has said the following:

“This mining cartel currently owns only ~28% of the BCH hashrate. They can’t enforce this coercive soft fork unless they come up with a lot more hashrate. And it would likely lead to many forks. Adding such a centralizing feature in this coercive manner sets such a bad precedent.”

He added:

“If this soft fork goes through, it will be very destabilizing…”

For more news on this and other crypto updates, keep it with CryptoDaily!

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