BCH hard fork is imminent, Coinex and OKEx both said that the platform will choose the higher-priced chain to inherit the BCH name

Regarding the upcoming "BCH hard fork", Coinex and OKEx have announced that they will inherit the BCH name with the chain with a higher market price.

OKEx pointed out in an announcement today that the platform will choose the higher-priced chain to inherit the BCH name, and the tokens of the other chain will be airdropped to user accounts at a 1:1 ratio. Liu Changyong, the founder of Zhimi, said, "OKEx adopted Coinex's naming solution. This is a wise move to respect the market. The principle that the market determines differences should become a new consensus, making the free evolution of the decentralized ecosystem smoother."

BCH hard fork involves BCHN (Bitcoin Cash Node) and BCHABC (Bitcoin ABC). Currently, BCHN supporters include Jiang Zhuoer, Roger (Bitcoin Jesus), etc., while BCHABC supporters include chief developer Amaury and his team.

Regarding the question of who will win between BCHN and BCHABC, Jiang Zhuoer said on Weibo today, "The current price of BCHN: BCHABC on coinex.com is about 9:1, there is no suspense. The BCH fork solved a problem (that BTC is unable to solve): the development team and domain name are not BCH, the community is BCH. Even if you are the main development team, you cannot violate the community consensus, otherwise you will be abandoned by the community. BCH is still on the road of evolution."

(The screenshot was taken around 22:30 on October 28)

To understand what Jiang Zhuoer said, "The development team and domain name are not BCH, the community is BCH", we need to start with the IFP that is hotly debated in the BCH community, which is also an important factor leading to the BCH fork.

IFP is the Infrastructure Financing Plan, which requires that 8% of block rewards be distributed to BCH developers. In the BCH community, many community members believe that this is equivalent to "reversely depriving BCH miners of their income." However, the Bitcoin ABC team (the proposer of the plan) said that "the team operation requires financial support, and this is not the so-called mandatory "miner tax."

According to the ABC team, if miners do not transfer 8% of their rewards to a wallet designated to fund the continued development of the ABC protocol, all newly mined blocks will be rejected (this is called the "coinbase rule"). Without the coinbase rule, the future of BCH will "slowly become irrelevant."

In response, Freetrader, one of the earliest developers in the BCH ecosystem, created a full node called BCH Node (BCHN), which will remove the donation plan. The extremely dissatisfied ABC team directly kicked Freetrader out of the github library while claiming that they would not give up IFP.

The ABC team's move not only failed to quell the controversy, but indirectly led to a higher "opposition voice". On August 20, BCH community member NilacTheGrim published an article titled "On Why Amaury Should Step Down and Let the Talents Go" (Note: Amaury is the chief developer of ABC), and offered a reward of 0.5 BCH to find someone to translate the article (a Chinese version is currently available). He pointed out in the article that "BCH has no problem financing infrastructure, but Bitcoin ABC is eager to get the coinbase 8% reward because Bitcoin ABC is inefficient. Bitcoin ABC has serious cash flow problems because their operating costs are very expensive. At the same time, Bitcoin ABC's chief developer Amuary Sechet sees himself as the god of BCH and believes he deserves better treatment."

(Note: NilacTheGrim is a BCHN supporter. He revealed that BCHN has been supported by a large Chinese mining pool, and the ecosystem has provided more than $700,000 in funding for the project. Also on Reddit, BCHN supporters claimed that they have received support from 60% of miners)

On August 25, Bitcoin ABC, which is determined to go its own way, announced that the upgrade on November 15 will add Coinbase rules, and block rewards will be distributed to the BCH fund according to a certain percentage. The fund is established to ensure sustainable financial support for the development and maintenance of BCH's critical infrastructure.

In response, BCH supporter and Bitcoin.com founder Roger Ver tweeted on September 1 that he opposed the IFP, pointing out that "using part of the BCH block reward to pay a development team is the vision of the Soviet-style central planners come true."

As of press time, BCH is priced at $274, up 2.88% in 24 hours. (Mars Finance)