December 12, 2018

BitMEX Releases A Hardfork Monitoring Tool Ahead Of The Bitcoin Cash Hardfork

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As November 15 nears, a date set for the expected hardfork Bitcoin cash; researchers at BitMEX have launched a new BTC/BCH soft/hardfork monitoring tool. According to the official blog post, the website will be used to monitor hardforks and softforks network upgrades, and therefore help in detecting the unintentional consensus bugs. While the tool will be used to monitor events during the BitcoinCash hardfork, it will shift its focus to Bitcoin once it’s complete. However, there are more plans to run other versions of Bitcoins.

Bitmex Targets Bitcoin Cash

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In conjunction with more Bitcoin Core client implementations, the website may also assist in tracking the irregularities such as CVE-2018-17144 bug, which was patched in September, said BitMEX. The platform has on rare occasions held back its Bitcoin cash criticism and its well-known figures. Recent Fork monitor social media posts describe Craig Wright as a BCH primary supporter and self-proclaimed Bitcoin creator.

The New Site Will Forecast Hardfork Behavior

“What will happen to the Bitcoin ABC, Bitcoin unlimited and Bitcoin SV during the BCH hardfork held on15th November?” wrote BitMEX on twitter. Adding that” Craig Wright node, Bitcoin SV will fork off onto a new chain from the network.

The upgrades function might cause a cod slit of Bitcoin cash due to differences between Craig Wrights nChain and Bitcoin ABC. According to Wright, the proposed changes by ABC would not fit well in the original vision of the protocol, thus prompt nChain to come with its fill node BCH client, known as the Bitcoin SV. If businesses keep siding on the Bitcoin ABC client, analysts believe that the network disruption may not be significant enough. However, others have pointed out that the sizeable harsh rate losses could be dangerous to the cryptocurrencies chain.

Coinbase And Binance’s Support

Coinbase had revealed on Friday that they would support the Bitcoin CashHard Fork; meaning that the exchange fully backs up the ABC client in its proposal to get rid of the topological transactions. Coinbase also stated that it would pause all the “sends and receives” for approximately one hour before the fork to deduce the transaction disruption for its users. An industry per Binance also shared a similar sentiment, although t supported both split sides. The exchanged confirmed that it would limit the access following the fork until the new or upgraded coins become secure and stable.

Historically, cryptocurrencies have been surging ahead of anticipated hardforks, since investors purchase them to gain access to the potentially airdropped tokens. For instance, last year, the investors who held BTC were airdropped at the ratio of 1.1 BCH. The Coinbase announcement surged BCH to around 25% this week. Currently, it’s trading at $534 after increasing 12.8% in the last 24 hours.

As at now, BitMEX was the second largest cryptocurrency exchange reported globally regarding daily trading volumes. However, CoinMaketCap noted that BitMEX is a derivative market and therefore its data is excluded from the volume and the price of Bitcoin on the website.

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