CoinGeek.com Explain Bitcoin ABC's November Hard Fork Upgrade

LONDON, November 1, 2017 /PRNewswire/ --

On or before November 1st, Bitcoin ABC will publish a new software version that contains an updated Difficulty Adjustment Algorithm (DAA).

This is a change to the Bitcoin Cash consensus rules, but the change does not activate until November 13th. This is a hard fork, so exchanges, wallets, and other software need to upgrade before November 13th. After careful consideration, the decision has been made to implement a proposal from Bitcoin ABC lead developer Amaury Sechet (more details on this proposal below).

CoinGeek is informed that in the future, consensus level changes will have more planning, as well as a process to facilitate cross-team communication. The top three algorithms that were tested include "D578" from Neil Booth, "D601" from Amaury Sechet, and "D622" from Tom Harding.

The new DAA algorithm seeks to accomplish the following objectives:

1. Adjust difficulty to hash rate to target a mean block interval of 600 seconds.
2. Avoid sudden changes in difficulty when hash rate is fairly stable.
3. Adjust difficulty rapidly when hash rate changes rapidly.
4. Avoid oscillations from feedback between hash rate and difficulty.
5. Be resilient to attacks such as timestamp manipulation.

For the full algorithm please see extended article on CoinGeek.com.

Upgrading the Network

Bitcoin ABC will take steps to contact major exchanges and wallet providers. All assistance in this effort is welcome. Consumers can help by contacting exchanges, wallet providers, and other ecosystem participants, and letting them know they should upgrade their software or run an updated version of Bitcoin ABC or other compatible software.

On a final note, Bitcoin ABC has committed to the values of decentralized development. They will also strive to be a leading implementer, drive innovation and progress, but do not seek to be the leader, as they believe there should never be one singular authority.

Should you wish to be kept informed about all BCH upgrades and developments please send your email details to [email protected] (these will never be shared with third parties).

About CoinGeek

CoinGeek aims to highlight the advantages, and obvious benefits, of Bitcoin to everyday people and businesses; demystify the jargon as well as provide a balanced view to the negativity suggested by those who see Bitcoin as a threat.

The Bitcoin journey from inception to today is already extraordinary and the future promises to be even more charged, a voyage that CoinGeek.com will follow and cover in all its twists and turns.

CoinGeek.com is owned by the Calvin Ayre Media Group.

SOURCE CoinGeek