That Book on Blockchain: A One-Hour Intro by Jonathan B Morley

Author:Jonathan B Morley [Morley, Jonathan B]
Language: eng
Format: epub
Published: 2017-10-14T21:00:00+00:00

This diagram shows the Bitcoin Cash hard fork split. The dark gray blocks represent the Bitcoin Core network blocks, and the light gray blocks represent the Bitcoin Cash network blocks.

When Bitcoin Cash forked from Bitcoin Core on August 1, 2017, the existing users of the blockchain essentially realized duplicate holdings. Accounts that had existed on Bitcoin Core also existed in the new fork, except these accounts were now denominated in Bitcoin Cash (BCC).

In a traditional economy, we expect the value of the parent asset to drop by roughly the value of the fresh, derived asset. Stocks, for example, tend to drop in market price by the cash value of a dividend payment. To the shock of many, this behavior was not observed, and there was a sizeable opportunity for profits with the new – and essentially free – Bitcoin Cash creation. Although the price of BCC was certainly volatile at its introduction, BTC (the informal currency symbol of Bitcoin Core) remained fairly steady. These two blockchains continue to exist independently, although Bitcoin Core still dominates the Bitcoin Cash market share.

While it is generally accepted that hashing power is placed in accordance with the value placed on an asset, and it follows that miners should naturally adjust resources to the more “valuable” cryptocurrency, there is also merit to the provision of mining resources in alignment with someone’s core beliefs or their loyalty amongst cryptocurrencies.

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