BitMEX, a cryptocurrency exchange platform has launched a new BTC/BCH fork monitoring website. According to an official announcement, the website https://forkmonitor.info/ will be utilized to observe hardforks and softforks upgrades. This will assist in identifying the haphazard consensus flawscand it will be applied to watch developments during the BitcoinCash hardfork.
The official Twitter account of the research wing of BitMEX tweeted:
We are proud to announce the launch of https://t.co/uT9Of0qctZ, a new website sponsored by BitMEX Research. The site is connected to several nodes, both Bitcoin and Bitcoin Cash. It can be used to monitor the network during softforks or hardforkshttps://t.co/BpvHtwNUUM pic.twitter.com/WiPTZPtiu9
— BitMEX Research (@BitMEXResearch) November 5, 2018
The post further described that this website has been launched due to an upcoming hardfork for Bitcoin Cash, which is assumed to release on November 15, 2018. The website is essentially harnessed towards Bitcoin Cash. It is covering 8 Bitcoin Cash nodes compared to 5 Bitcoin nodes. The reason for this is the expected Bitcoin Cash hardfork, where various different nodes issue originated to follow various chains.
According to BitcoinMagzine, head of BitMEX Research, Jonathan Bier said that
The Bitcoin inflation bug discovered in September 2018 was a big concern to us. The bug could have resulted in a long rollback which could have been highly destructive for the industry and BitMEX.
After the Bitcoin Cash hardfork is finished, the website’s aim is to shift some of the focus over to Bitcoin. The idea is to operate more versions of Bitcoin Core (especially older versions), as well as autonomous implementations such as Bcoin, BTCD and Libbitcoin.
Bier further said that
The bug was introduced in Bitcoin Core 0.14.0; therefore, those running earlier versions of Bitcoin Core prior to this could have been able to detect the bug. Therefore the idea behind the website is to connect to many old nodes, such that it can be helpful in detecting bugs not present in older versions, but newly introduced. The website is a work in progress and it may introduce more features going forward.
This tool will help in locating any consensus bugs, such as the inflation bug CVE-2018-17144. The inflation bug was found in the month of September 2018. The code of this website will be open source so that other organizations will be able to spin up various nodes and observe the chains in a similar way.
The Bitcoin Cash hardfork
Forks are the changes in the protocol of the network or the conditions that transpire when two or more blocks have the same block height. In order to precisely understand cryptocurrency forks, it is essential to learn first how cryptocurrencies and the blockchain work.
According to the official blogpost, on 15th November 2018, Bitcoin Cash is expecting a hardfork:
A hardfork implemented by Bitcoin ABC: Versions of Bitcoin ABC prior to 0.18.0 are not suspected to follow this new chain. It is not clear about the older versions of Bitcoin ABC; however, the possible consequence is that no extra blocks are designed on the first chain.
A second hardfork implemented by Bitcoin SV: Bitcoin SV is also suspected to initiate a hardfork at the same time as Bitcoin ABC, however, this hardfork is probably inconsistent with Bitcoin ABC.
Potentially the original rules chain: There is a third client group called Bitcoin Unlimited. This group’s BUCash 1.5.0 client is created to obey the hardfork of Bitcoin ABC. Initial versions may run adversely.
Cryptocurrency forks are the alterations in their current code and the algorithm of blockchain transaction occurring in a new copy of the previously existing network with some alterations. The new fork may supersede its ancestor or, depending on a state, exist on a coextending record.
Now, a fork happens when there is a notable separation in the consensus of users or a requirement to alter the underlying rules supervising the protocol. Changing the protocol of a blockchain needs developers to swiftly modify the code, and this method can have severe and enduring results. “What will happen to the Bitcoin ABC, Bitcoin unlimited and Bitcoin SV during the BCH hardfork held on15th November?” tweeted BitMEX.
What will happen to Bitcoin ABC, Bitcoin SV and Bitcoin Unlimited during the BCH hardfork on 15th Novemeber?@ProfFaustus 's (AKA "Fake Satoshi") node, Bitcoin SV, is expected to fork off from the network onto a new chain. Find out what will happen at https://t.co/WKQ8hPDGON pic.twitter.com/C8IZNptZwH
— BitMEX Research (@BitMEXResearch) November 5, 2018
It further stated that Craig Wright node, Bitcoin SV will fork off onto a new chain from the network. Craig Steven Wright is an Australian computer scientist. He has openly identified himself as the main part of the team that invented bitcoin, and has declared he is the identity behind the pseudonym Satoshi Nakamoto.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Crypto News Weekly: Bitcoin Core, PwC, Hard Forks And Much More
Top Crypto News of the Week in 5 minutes
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
A Major Bug In Bitcoin Core Could Have Crashed the Whole Network
Bitcoin Price Falls Below $5000
What is Bitcoin Cash?
Ripple Price Prediction – How High will XRP reach in 2050?
Lightning Network Capacity Grows Nearly 300% in Ten Days
Bitcoin Candy and World Bitcoin Mined
Big News: Ripple Price is about to TRIPLE? This News Confirms…
What are Cryptocurrency Forks?
BitMEX Research Discovers Potential Bug in Ethereum Parity
What is Bitcoin SV? Should you add BSV to your portfolio?
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
9 Crypto Networks that have $1 Billion Market Caps
Everything to Know About $XEC – Here’s The eCash Crypto Project!
Can Shiba Inu Price Reach 10 Cents?
What are Bitcoin Forks? Here’s a Deep Dive into what Forks are
You might also like
More from Cryptocurrency Exchanges
Binance and CEO Changpeng Zhao Hit with CFTC Charges for Operating Illegal Crypto Derivatives Platform
The Commodity Futures Trading Commission (CFTC) has announced a civil enforcement action against Binance and its CEO, Changpeng Zhao.
Best Bitcoin-Only Platforms for 2023
In this article, we review the best Bitcoin-only platforms for investing in 2023, including Swan Bitcoin, Bisq, and Bull …
The Top Crypto Exchanges to Consider in 2023
Investing in cryptocurrencies requires choosing the right exchange to buy, sell, and trade digital assets. In this article, we'll highlight …