Bitcoin Cash (BCH) network successfully completes hard fork, difficulty adjustment algorithm upgraded

In the early morning of November 14th, Beijing time, the Bitcoin Cash (BCH) network successfully completed a hard fork after reaching a block height of 504031. This fork changed the consensus rules of this decentralized currency and aimed to update the difficulty adjustment algorithm (DAA) of its network.

Bitcoin Cash network successfully completes hard fork

November 14th was a memorable day for Bitcoin Cash (BCH) supporters, as a hard fork on the network fixed the difficulty adjustment algorithm (DAA) of the BCH blockchain. It is reported that the development teams that contributed to the consensus change of the BCH protocol include Bitcoin ABC, Bitcoin Unlimited, Nchain and Bitcoin XT. The DAA originally applied to the BCH network allowed the development of its currency, but it was also accompanied by great fluctuations in computing power. After several days of research and testing of multiple DAA proposals by the above-mentioned development teams, the community finally chose the DAA proposal proposed by Amaury Sechet, the lead developer of Bitcoin ABC.

This new BCH consensus change is designed to adjust the computing difficulty of the BCH network and adjust the average block interval to 600 seconds (ten minutes). In addition, this new DAA algorithm is designed to avoid sudden difficulty drops and peaks. For example, when the BCH network computing power changes exponentially, the network will quickly adjust the difficulty while also avoiding feedback oscillations. The Bitcoin ABC team explained:

“The difficulty is adjusted for each new block based on the amount of work completed in the previous 144 blocks and the time that has passed.”

Basically, this consensus rule change means that the new DAA algorithm will keep the BCH block interval stable, roughly maintained at 10 minutes/block. So far, this 10-minute interval goal has been achieved. Participants in the BCH network will wait and see what happens when miners switch back and forth between the BTC and BCH chains. Many supporters believe that from now on, the competition between BTC and BCH will be fair.

Overall, BCH supporters seem very happy about the successful DAA upgrade, but it will take some time to see its progress. Now, many BCH supporters believe that the ultimate goal of this cryptocurrency will be to become a peer-to-peer point cash system.

What do you think of this hard fork? Feel free to share your thoughts in the comments section.