- Bitcoin Cash is a spin-off of Bitcoin and considered an Altcoin.
- Peter R. Rizun believes that there is not one cryptocurrency in the market, which is decentralized.
- He has a suggestion to BCH that if it succeeds in migrating away from Bitcoin ABC and it will be on the right track to true Decentralization.
Bitcoin Cash is a spin-off of Bitcoin and considered an Altcoin. Bitcoin cash (BCH) is a hard fork of bitcoin itself and created in the year 2017, which later in 2018 split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.
Bitcoin cash is also dubbed as BCH is then again hard forked and split into Bitcoin ABC and Bitcoin SV. It was started by bitcoin miners and developers who are concerned with the future and its ability to scale effectively.
Bitcoin Cash is not decentralized?
Recently Peter R. Rizun, chief scientist at Bitcoin Unlimited, tweeted on the social media platform Twitter:
No cryptocurrency is truly decentralized today because each has a dominant "reference implementation" that effectively defines the protocol, controlled by a few developers.— Peter R. Rizun (@PeterRizun) March 6, 2020
If BCH succeeds in migrating away from ABC, it will be an important step towards true decentralization.
He believes that there is not one cryptocurrency in the market, which claims that it is open-source and decentralized are not truly decentralized as they advertise themselves.
The reason why he thinks that cryptocurrencies are not decentralized is that they strayed the path of a reference implementation that gives a window of control to a few developers.
Peter R. Rizun has a suggestion to BCH that if it succeeds in migrating away from Bitcoin ABC, that will lead to the opening of a path for Bcash to march toward true Decentralization.
The claims had some opposition too by the Twitterati’s as they were backing BSV, saying that the few developers which peter believes are in control are not true, and the developers can only control protocol.
Some opposed even the idea of true Decentralization, criticizing that what possibly it can achieve in global trade? And asking why focusing on Decentralization.
Reference implementation to which Peter focuses is a standard from all other implementations, and corresponding personalization/customizations are derived. It has not been so widely used due to the performance depreciation it causes.