- IFP (infrastructure financial plan) has been recently released by the Bitcoin ABC on its official website.
- The implementation of the new plan is indeed going to be on May 15, 2020, which will be included in the upcoming release version 0.21.0.
- The BCH miner update clearly shows the pressure it is in with the BTC ABC getting their new update around the corner.
IFP (infrastructure financial plan) has been recently released by the Bitcoin ABC on its official website. The Chief Scientist of Bitcoin Unlimited (BU), Peter Rizun Commented on that plan that it must be upgraded by May 15th to fully get the benefits of the new versions of ABC and neutralize the poison pill.
He also said that this will be successful by default and the Bitcoin Cash could be happened to abandoned by developers and possibly avoided by them. He tweeted regarding this matter on his twitter handle @PeterRizun,
1/2 Amaury Sechet is literally modifying the BCH protocol to issue coins to him and his friends. Due to the poison pill, miners and exchanges must upgrade before May 15. If they do as usual and download the new version of ABC, his plan succeeds by defaulthttps://t.co/w5eOR0mV1y
— Peter R. Rizun (@PeterRizun) February 15, 2020
2/2 This will test if Bitcoin Cash can avoid being captured by a group of developers. Bitcoin does not have payouts to 3rd parties encoded into its protocol. If exchanges and miners download and run the new version of ABC, BCH will be Bcash with no rights to the name "bitcoin."
— Peter R. Rizun (@PeterRizun) February 15, 2020
The new version of coins has no code for payment to third parties in agreement and if the trading platform and miner download and run this version of Bitcoin ABC, BCH will be no longer Bitcoin Cash and it will not have the right to continue naming under the “Bitcoin” name.
The implementation of the new plan is indeed going to be on May 15, 2020, which will be included in the upcoming release version 0.21.0.
The update includes
- The plan will only come into effect when miners triggered by the BIP 9.
- 5% is reduced in the amount of block reward.
- Funds can be transferred to multiple projects or some selected projects on the white list.
Jiang Zhoer, the CEO of the mining pool BTC.TOP, also Updated the preliminary plan for the BCH miner Donation plan:
- It will start by the hash voting, if 2/3 of network hash agrees, the donation plan will be put into effect.
- 5% of the coinbase will be donated by Miners.
- The donation plan will last for a period of six months.
- We will run the voluntary donation to see the effect if the possibility of starting a donation after the community reach a basic consensus is not there and then proceed the next hash rate.
The BCH miner update clearly shows the pressure it is in with the BTC ABC getting their new update around the corner and the intentions are clearly to rip off the name “bitcoin” from the Bitcoin cash making it BCash.
There is no potential development in Bitcoin cash that makes it special pushes into deeper into the abyss of nothingness and maybe bitcoin cash will not cease to exist if this continues, but Bcash will be there.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.