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- Bitcoin Cash network is scheduled to undergo Network Upgrade on 15th November 2020
- Businesses need to ensure that before upgrading their node software to the latest version so it shall be compatible
- his new software will give 100% security for miners profits.
Bitcoin Cash network is scheduled to undergo Network Upgrade on 15th November 2020. Post the upgrade face, only Bitcoin’s ABC software will be compatible with BCH protocol while all other implementations of the node will automatically become incompatible to the platform.
Now, this has set the cat amongst the pigeons and business and exchanges have pressed the panic button on how to prepare themselves for the upcoming upgrade. Bitcoin ABC which is the technical support platform for Bitcoin Cash has released a guide on what to expect from the upgrade and how to prepare in the right manner so one can avoid losses.
For Businesses and Exchanges
Businesses need to ensure that before upgrading their node software to the latest version so it shall be compatible post 15th November. One big benefit of the upgrade is that the platform will be funding for its development thus allowing businesses to compete with giants like Google, Facebook and Microsoft.
Upgrading will also ensure that users of any exchange will not have to face the disappearance of transactions. This means any transaction that will occur will be the final contrast to BCH-incompatible software like BCHN.
What Should Miners Expect?
Since the news release of a software upgrade in BCH, miners are in a state of confusion for total profit loss. But as per Bitcoin ABC, this new software will give 100% security for miners profits. In earlier versions like BCHN which is BCH-incompatible total profit loss usually occurs either through Oprahned blocks or Chain Wipeout. It means if the majority of miners are using Bitcoin ABC’s software in that case miners still using BCHN or similar incompatible nodes can lose their profits.
To avoid these miners should not use other Softwares until those teams for node implementation add the feature of replay protection or other preventive measures for securing miners’ profits.
Reduction in Revenue for Miners
There were noises that according to the new coinbase rule the revenue for Bitcoin Cash miners will reduce by 8% but in reality. It will only reduce by 0.2% for all SHA-256 ecosystems. Due to adjustment in the difficulty of mining the cost is distributed equally over the SHA-256 ecosystem. This step in a long run will bring larger profits due to the reinvestment of above 0.2% in the infrastructure development.
Once every business upgraded to the latest version of Bitcoin ABC and fully prepared for the network upgrade on 15th September, they can verify the upgrade to ensure that it is functioning smoothly.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
