What is the past and present of Bitcoin Cash (BCC)?

Bitcoin Cash ( BCC) is the product of a three-year-long Bitcoin expansion dispute. Big block supporters and the core development team refused to give in to each other and insisted on their own views. The community was tired of the endless debate. In the end, the community signed the New York Consensus Compromise Expansion Plan under the leadership of a third party, but the core development team refused to send representatives to participate.

After the New York Consensus was signed, the entire community worked hard for its smooth implementation. However, some radical core development team members began to advocate BIP148, bypassing the miners' vote and forcibly activating the isolated verification on August 1, which is called a user-activated soft fork (UASF).

UASF is a plan to split the Bitcoin blockchain, because soft forks have the power to reorganize the original chain, and block reorganization will cause users to lose their Bitcoin. In order to prevent the possible crisis, some people in the community proposed to deal with the BIP148 crisis through user-activated hard forks ( UAHF), which is also the earliest prototype of BCC.

In order to avoid the impact of BI148 on the entire Bitcoin community, the domestic Bitcoin community held the China Bitcoin Roundtable Forum at the call of PZ. The delegates reiterated their support for the New York Consensus and urged the development team to lock in the New York Consensus SW2X solution before July 31. In the end, the BIP148 crisis was resolved by BIP91's preemptive activation of Segwit.

The Core development team has always had ulterior motives for Bitcoin, and has spared no effort to sabotage the smooth implementation of the New York Consensus SW2X. Recently, it has even publicly turned against the entire community, and the Bitcoin Core 0.15.0 version will automatically disconnect nodes running Segwit2x . The 2M hard fork in November has become even more confusing.

Supporters of large blocks, out of pursuit of ideals and concerns about the failure of the 2M hard fork in the second phase of the New York Consensus SW2X, conducted a hard fork on Bitcoin on August 1, resulting in a new blockchain asset, Bitcoin Cash (BCC). However, BCC is not a fork of Bitcoin, but a competing coin generated by copying the Bitcoin code, but this competing coin has exploded with great potential and has been widely recognized by the community.

The earliest origin of Bitcoin Cash was the 8M expansion plan Bitcoin Classic proposed by Gavin Andresen , the former chief scientist of Bitcoin, in 2016, but it died due to the Hong Kong consensus. In May 2017, some developers in the Bitcoin community proposed the large block BU expansion plan, which received 40% of the computing power support of the entire network at that time, but due to the limited ability of developers to write code, many bugs appeared and it was eventually abandoned by the community.

In June 2017, the Netherlands held the Bitcoin Future Conference, where a developer proposed the Bitcoin ABC project, a Bitcoin client that modified Bitcoin core 0.14 , deleted the isolated verification code, and supported increasing the block size to 8M, which is an on-chain expansion technology route. It will be compatible with all nodes before August 1, and will be independent after August 1.

On July 22, Viabtc was the first to launch Bitcoin Cash ( BCC) trading, and on July 23, OKCoin's Okex launched BCC . This caused a strong response in the community, and the community was in an uproar. Most trading platforms chose a neutral wait-and-see attitude. The Bitcoin International Roundtable Forum also held an emergency meeting and defined BCC as a competing coin, not a Bitcoin fork.

BCC is a new blockchain asset generated according to the Bitcoin ABC plan . Mining started at 20:00 on August 1st. When block 478559 separated from the main chain, the Chinese mining pool Viabtc mined the first BCC block, and the mining pool subsequently mined the next block 478560. Before separating from the main chain , the data stored in the blockchain and the software it ran were compatible with all Bitcoin nodes. After the moment of separation from the main chain, it began to execute new codes and package large blocks. In this way, a new BCC blockchain was born , and BCC began to move towards independent development.

BCC is a new type of technical attempt that adopts a dynamic adjustment strategy for mining difficulty, which changes the original intention of Bitcoin. At present, the BCC network has gradually stabilized, and its computing power accounts for about 5%-10% of Bitcoin's computing power. It has been supported by mainstream trading platforms and wallets at home and abroad, and companies that accept BCC payments have emerged. BCC ranks fourth in the digital currency market value ranking, with a market value of about US$4.8 billion.