Opinions

Upgrade For Defense: Bitcoin Cash Will Make Blockchain Immutable after 10 Confirmations

The last few days have been really tough on Bitcoin, some would even go far as to say that the coin market was faced with one of the deadliest bloodbath events in crypto history. The enhancements in the new version of Bitcoin ABC’s Bitcoin Cash software just might be a repercussion of that market crash.

Investors Should Hold Their Bitcoins During Bloodbath, Suggests Thomas Power

The enhancements are intended for the purpose of preventing the chain reorganization from happening. And even though it is in response to the recent attacks that the network experienced since the contentious hard fork earlier this month, it is, however not the entire reason. It is in fact partially in order to thwart a similar situation as was witnessed in Bitcoin Cash Satoshi’s Vision, a few days after the fork.

As per the announcement a new code, which is a part of the enhancement, will limit the effects that the reorganization and the emergence of competing chains can have on a user, where by the previously made transactions are neutralized.

You may have read on different media there are a few miners that continue to threaten the BCH network with chain reorganizations. Many see this as a threat to the fundamental functionality of the chain and its use as peer-to-peer cash. We understand the uncertainty this causes for users, businesses, and the market in general.

 All in all, considering the number adjustments made in this version, however minor they may be, will definitely make it more difficult for a longer upstart chain, with different transaction record, to simply take over. Which is in fact a rather chaotic situation as it can wreak havoc on the network over short spans. However, it never actually damages the user wallets.

With this new release, you will know that transactions are immutable after 10 confirmations. This protection keeps deep reorganizations from negatively impacting you or your business.

Despite the enhancements, the reorganization isn’t entirely impossible; it just means that more parameters have been added for the clients’ consideration when such reorgs so present themselves.

Another commit “automatically finalizes” blocks after 10 confirmations. It’s kind of like the blocks are set in stone following the nominally required number of confirmations, a situation that reorganizations can refute through having a longer chain/more work.

For more updates, stay tuned to BlockPublisher.

Show More

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Email: abeer@blockpublisher.com or contact the editor at editor.startups@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.