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A hard fork refers to a significant change in the protocol of a blockchain network that is not backward-compatible, meaning it creates a permanent divergence from the existing blockchain. The creation of Bitcoin Cash (BCH) resulted from a hard fork of the original Bitcoin (BTC) blockchain. Here’s an overview of the hard fork process and the creation of Bitcoin Cash:
- Scaling Debate: Bitcoin faced a scaling debate as the number of transactions increased, causing congestion and higher fees. There were differing opinions within the community on how to address this issue and scale the network effectively.
- Proposal for Larger Blocks: Some members of the Bitcoin community advocated for increasing the block size limit to accommodate more transactions. They argued that larger blocks would allow for faster confirmations and lower fees, aligning with the original vision of Bitcoin as a peer-to-peer electronic cash system.
- Activation of the Hard Fork: On August 1, 2017, a group of community members, including influential figures such as Roger Ver and Jihan Wu, implemented a hard fork to create Bitcoin Cash. The fork occurred at block 478,558, and a new blockchain diverged from the original Bitcoin blockchain.
- Key Changes in Bitcoin Cash: Bitcoin Cash introduced several changes compared to Bitcoin, including:
- Increased Block Size Limit: Bitcoin Cash initially increased the block size limit to 8MB, allowing for more transactions per block.
- Difficulty Adjustment Algorithm: Bitcoin Cash implemented a different difficulty adjustment algorithm known as the Emergency Difficulty Adjustment (EDA) to maintain block times during periods of fluctuating hash power.
- Separate Development and Community: After the hard fork, Bitcoin Cash and Bitcoin became separate cryptocurrencies with their own development teams and communities. Bitcoin Cash aimed to prioritize on-chain scaling and position itself as a peer-to-peer electronic cash system.
It’s important to note that the hard fork resulted in the creation of two separate cryptocurrencies: Bitcoin (BTC) and Bitcoin Cash (BCH). Both cryptocurrencies continued to develop independently with their own communities and networks. Bitcoin Cash aimed to address the scaling concerns and provide an alternative vision of a scalable, fast, and low-cost digital cash system.