It is as if a fork on Bitcoin Cash has happened to create two kinds of the cryptocurrency.
Bitcoin Cash takes the fourth position among the most popularly used cryptocurrencies in the world and is worth over $6 billion in the market. The Bitcoin Cash hard fork occurred mistakenly after an attempt to improve on the new software at block number 582,679. BitMEX Research’s Forkmonitor tool made this revelation.
Someone on Reddit confirmed and according to his observation, one of the versions had a code bug which affected pending transactions. Just like Bitcoin, Bitcoin Cash also requires miners to authenticate transactions and add new blocks.
A user on Reddit said:
“Looks like there was a small bug in the mempool-acceptance rules for after the [hard fork]…From what I currently understand, it looks like the operation count was being validated with the old rules, not the new one.”
Intervention from a couple of developers calmed the situation as they released some code to clear the bug. Before the correction was made, others noticed that some created transaction blocks were empty.
However, no one knows the exact number of nodes that have keyed into the new software, especially for those that use the Bitcoin ABC software.
The Bitcoin Cash Hard Fork affected the operations of the popular exchange Poloniex as they had to suspend withdrawals and deposits for a while.
Poloniex Exchange tweeted:
“BCH had an issue with the planned hard fork scheduled for today. As a result, we have disabled deposits and withdrawals for BCHABC until further notice. BCH core developers are working on it. Thank you for your patience.”
What does Hard Fork mean?
A hard fork in the world of bitcoin and cryptocurrency is a phenomenon in which a change forces certain divergences in the blockchain, as a result of miner or user activity or a change in rules. In the world of cryptocurrency, there are hard forks and soft forks; unlike a soft fork, a hard fork does not resolve automatically according to user trends.