Amaury Sechet’s Bitcoin ABC coin is up 70% today as the developer announced a new upgrade to the client software that includes stability-related fixes for both forks of the Bitcoin Cash client.
The new version breathes much-needed life into Bitcoin Cash’s Bitcoin ABC (BCHA) faction, which was put down by rival Bitcoin Cash Node (BCHN) in a short-lived hash war following the November 15th diversion. This led to rumors of his impending death.
According to CoinMarketCap, BCHA opened trading at $ 11.78. The coin is now trading at significant market volume, trading as low as $ 10.50 and as high as $ 21 before settling back in the $ 19-20 range.
This corresponds to an increase of 70% in the last 24 hours and a confidence boost that the coin will not be abandoned. However, the BCHN version is currently trading at $ 254.61 and is now listed as Bitcoin Cash or BCH on most exchanges.
Sechet also signaled positivity for the future of his creation on Twitter overnight and concluded that he would continue to devote himself to the ABC community.
The BCHA crowd is hands down the most amazing crowd in crypto.
The fact that it’s small says a lot more about crypto than anything else.
There is no other place I would rather be.
– deadalǹ͔͜͡i͎̜͖͗̎͞x̛̳̠̤̥̦̉̊̕̕ (@deadalnix) November 17, 2020
BCHA loses its claim to the name Bitcoin Cash and the BCH ticker and, as a new coin, sees itself exposed to strong crosswinds to gain support for traders and exchanges. In addition to these issues, only a handful of blocks have been added to the BCHA chain by miners since November 15th, the date of the fork. The slowdown is the result of a persistent imbalance between a mining difficulty that is too high and a lack of hash power required to find blocks on that difficulty.
The last BCHA block, which took seven hours to search, contained over 14,000 transactions – a significant increase over the number of previous blocks of 1,674. It also included just over 0.9 BCHA in transaction fees, which is $ 19.40 at today’s prices. According to the new Coinbase rules implemented by Bitcoin ABC, 8% of the newly mined coins as well as 8% of the transaction fees went to the Protocol Development Fund, which totaled 0.57 BCHA or $ 12.41. Although BCHA blocks are still not found at normal speed, it is expected that this issue will subside with the next difficulty adjustment of BCHA.
In contrast to the political and personal drama that unfolded during the last Bitcoin Cash fork in 2018, BCHA’s “benevolent dictator” Sechet was kind to acknowledge the will of the community and the likelihood of defeat by ABC. On November 12, three days before the expected fork, Bitcoin ABC initiated the transfer of the bitcoincash.org domain to parties loyal to the majority of Bitcoin Cash Node (BCHN) customer implementations, in anticipation of the impending hash War not to emerge victorious.
Bitcoin ABC has also announced that it will continue to support both BCHA and BCHN implementations of the Bitcoin Cash client after the fork to serve companies that have adopted the coin as a payment method.
Bitcoin ABC will support both BCHA and BCHN after splitting the #BCH chain.
Companies have the freedom to choose between the two chains while still being able to run the battle-hardened Bitcoin ABC software. Http: //t.co/57dlgKcpvz pic.twitter.com/zjsoe8TJE2
– Bitcoin ABC (@Bitcoin_ABC) November 6, 2020
Bitcoin Cash faced an uphill battle to raise funds for development. In August 2020, Bitcoin launched ABC 0.22.0 of its client and introduced the changes to the coin base to ensure the continuous availability of funds for developers of the protocol. The proposal has been controversial since its inception. The development fund is regularly compared to a tax and the proposed size is shifted from 15% to 5% to the current 8% over the course of the year.