BitMEX Launches A Fork Monitoring Website

BitMEX Launches A Fork Monitoring Website

Cryptocurrency Exchanges

BitMEX, a cryptocurrency exchange platform has launched a new BTC/BCH fork monitoring website. According to an official announcement, the website 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:

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.

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.

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