The Bitcoin Cash (BCH) blockchain is set to split on Nov. 15 following a longstanding dispute amongst developers over an upgrade called the Infrastructure Funding proposal (IFP).
In a Nov.14 Twitter announcement, Bitcoin unlimited, an organization that provides Bitcoin full-node software, confirmed that the hard fork would go on as scheduled.
“Anyone running BitcoinABC will not be on the #BCH network after the hardfork. This has been made very clear by mining, business, ecosystem and exchange consensus,” the organization reminded community members.
Coinbase had earlier stated that they would run BCHN nodes as they expect it to emerge as the dominant chain post-fork. Okex also confirmed that they would support the upcoming fork and noted that users holding BCH before the fork would receive BCH ABC & BCHN.
Meanwhile, BitGo exchange shared their plan regarding the imminent BCH fork, stating that they will pause all BCH services at 00:00 AM UTC on Nov. 15 in preparation for the fork.
Other crypto exchanges, including Binance, Huobi, Kraken and CoinFLEX, have also released public statements advising users regarding their plan of action for BCH trading and funding after the upgrade.
The latest feature to be integrated into the network will be the ASERT Difficulty Adjustment Algorithm (DAA).
Which Node Implementation Will Be Dominant?
The BCH community is anticipating a contentious fork, as one of the seven BCH full node projects has introduced the IFP into the codebase. This IFP has generated a lot of controversy over the past few months, creating a great divide between opposing ABC and BCHN developer camps.
A few months ago, most Bitcoin Cash market participants, including executives, miners, and developers from six full node projects, decided to bid Bitcoin ABC farewell. Since then, Bitcoin ABC hasn’t fared well in terms of coin votes and hash power compared to the other six full node projects.
As per recent Block statistics from Coin Dance, 754 blocks out of 1,000 were mined using the BCHN software, and only 11 blocks out of the last 1,000 BCH blocks have signaled for ABC.
It is, therefore, clear why most exchanges are expecting BCHN to be the dominant chain post-fork. In fact, Coinbase alerted users that it wouldn’t support BCH ABC forked coins on Coinbase.com or Coinbase Pro once the fork is complete.
BCH Hodlers Deposit Over $300M in Exchanges
As the BCH chain split looms, coin holders are scrambling to get their funds onto cryptocurrency exchanges. According to data from Chainalysis, approximately $140M worth of BCH was moved to exchanges over the past week, bringing the total inflows for November to a whopping $300M.
Meanwhile, the futures markets are also betting on BCHN to emerge as the dominant chain post-fork, with BCHN contracts trading for 0.96 BCH on CoinEX exchange while BCHA futures are trading for 0.047 BCH.