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Slow and Empty Blocks With a Mysterious Message – ABC’s New Chain Off to a Rocky Start

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Slow and Empty Blocks With a Mysterious Message - ABC's New Chain Off to a Rocky Start

On November 15, 2020, the Bitcoin Cash blockchain experienced a network upgrade and a bifurcation of the chain as well. While the Bitcoin Cash network continued on smoothly, the ABC pro infrastructure funding plan (IFP) side of the chain had a rocky and extremely slow start. Since the 15th, the nameless ABC chain has seen 197 blocks processed to-date, as a few miners are pointing hashrate at the network keeping the new blockchain going.

Just recently Bitcoin Cash (BCH) endured a network upgrade and a consensus split when the full node project Bitcoin ABC decided to keep the IFP baked into the code. The IFP was very contentious and during the months leading up to the fork, miners and major business operations began switching over to the non-IFP node BCHN and other full node implementations.

The last Bitcoin Cash common block on November 15, 2020, was at block height 661,647 and was mined by Binance. After that point at approximately 12:33 p.m. EST, the ABC pro-IFP side continued on as its own chain, as two distinct blocks were mined. Bitcoin Cash (BCH) was 20 blocks ahead of the ABC chain at this point in time that afternoon.

Slow and Empty Blocks With a Mysterious Message - ABC's New Chain Off to a Rocky Start

As of today, the ABC chain has processed 197 blocks, as miners have dedicated a diminutive amount of SHA256 hashrate to the alternative network. Coin Dance statistics show the ABC airdrop coin has roughly 0.13 exahash per second (EH/s), while BCH has 1.93 EH/s dedicated to the Bitcoin Cash chain.

While ABC’s side found 197 blocks, BCH miners have found 1093 blocks under the new consensus rules. At the time of publication, the ABC chain, otherwise known as “BAB,” has three known mining pools pointing hashrate at the chain. Viabtc, BCHA Pro, and Mining-Dutch are mining the coin, alongside a much larger hashrate of stealth miners.

More than 79% of the ABC airdrop’s network is being mined by an unknown group of miners. During the last 24 hours, the unknown hashrate has been mining consecutive empty blocks. The empty ABC chain blocks also had a coinbase parameter message that once said: “/Nov 25th 2020/.” Although, that coinbase message has changed in recent hours.

On Sunday, Bitcoin Cash proponent Javier González tweeted that the BAB chain was at extreme risk of a blockchain reorganization (reorg). “The BAB empty blocks now include this message: ‘> Nov 25th 2020: bcha dump |voluntarism.dev:6174 u/p: x/x,’” González wrote.

A great number of people are speculating on something happening on November 25th, but no one knows what to expect. Yesterday, during the market run-up, BCHA (ABC chain or BAB) was trading for $21 in USDT per coin and on Sunday, the token is swapping for $18.93 per unit on Coinex. If prices were to hover around $18.93 per BAB coin, the token’s overall market cap would be around $350 million. This estimated market valuation would place the nameless ABC chain’s token at the 47th position in terms of market cap.

Meanwhile, a number of crypto enthusiasts have been posting threads on how to split coins. Bitcoinbch.com’s CEO, Hayden Otto, published a video on how to split tokens in an easy fashion by leveraging the Coinex exchange. However, because the unknown miner has been mining empty blocks and the blockchain is much slower than other networks, ABC chain confirmation times can be a very long wait.

Furthermore, on November 20, 2020, the Bitcoin ABC official Twitter account tweeted about the new chain. The team explained that an official brand launch would be coming soon.

“BCHA will soon be branded with an official coin name, logo, and ticker. When it launches we’ll reach out to exchanges and other businesses directly to make them aware,” the ABC team disclosed in a blog post. Unfortunately, the nameless chain has no replay protection, and ABC developers have casually addressed the concern by simply stating: “Splitting the coins can be tricky, so take care.”

What do you think about the ABC chain’s developments and the new network? Let us know what you think about this subject in the comments section below.

The post Slow and Empty Blocks With a Mysterious Message – ABC’s New Chain Off to a Rocky Start appeared first on Bitcoin News.

Market Update: Crypto Asset Prices Spike Massively, Speculators Claim ‘Altcoin Season’ Is Here

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Market Update: Crypto Asset Prices Spike Massively, Speculators Claim 'Altcoin Season' Is Here

A number of crypto-asset markets saw significant gains on Saturday, as a myriad of digital assets spiked between 4-40% in value during the last 24 hours. The entire crypto market capitalization had risen above $540 billion, as top-ten coin values from the likes of bitcoin cash, cardano and XRP jumped massively in value.

On Saturday, November 21, 2020, the overall market valuation of all 7,000+ crypto-assets in existence is around $520 to $540 billion. At the time of publication, there’s also around $20 to $32 billion in global trade volume as well.

The top digital currency in terms of market cap, bitcoin (BTC) jumped over 1% today and coasted along at a daily high at $18,840 per unit. BTC’s modest gains today is nothing compared to a number of coins that have jumped significantly in value.

The altcoin spark has caused a number of speculators to believe that a highly anticipated ‘altcoin season’ is looming on the horizon. For instance, the third-largest market cap today is held by XRP and the asset saw a 33%+ spike on Saturday driving the price up to $0.42 per unit high.

The second-largest crypto by market valuation, ethereum (ETH) traded for $540 per ether at its high and is still up over 4% today. Chainlink (LINK) jumped over 8% and LINK now trades at over $15 per coin. Litecoin (LTC) has seen a phenomenal week gaining 38% during the last seven days. LTC is up over 7% on Saturday afternoon (EST) and had traded at a daily high at $87.46 per coin.

Bitcoin Cash (BCH) is up 14% this week and most of that stems from the 18%+ jump BCH experienced this Saturday. BCH is was swapping for $303 per coin, as the crypto asset crossed over the psychological $300 resistance zone. Currently, BCH is trading between $296 and $301 at the time of publication.

Polkadot (DOT) bounced 6.9% and the crypto asset BNB gained 5% on Saturday. The tenth position in terms of market cap, cardano (ADA), leaped over 17.6% this weekend and was trading at a $0.128 per unit daily high.

The biggest gainer on Saturday is crypto.com’s MCO coin, which gathered 109% in value and the biggest loser is indorse token (IND) which lost 59% today.

According to a number of posts on the Reddit forum r/cryptocurrency and trending conversations on Twitter, numerous individuals believe “altcoin season is back,” because of Saturday’s altcoin market performances. Other notable gainers today include; EOS (15%), XLM (20%), VET (19%), IOTA (19%), DOGE (18%), and ALGO (14%).

“November 2020: Official Altcoin Season Starts. Let the games begin,” tweeted the Twitter account ‘Cryptobud.’

What do you think about the altcoin performances this weekend? Let us know what you think about this subject in the comments section below.

The post Market Update: Crypto Asset Prices Spike Massively, Speculators Claim ‘Altcoin Season’ Is Here appeared first on Bitcoin News.

Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction

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Blog Author Gets Tipped $10,000 for His Well Phrased Peer-to-Peer Cash Conviction

Following the Bitcoin Cash upgrade, the BCH proponent known as Mobtwo published a post on the read.cash blogging website called “Bitcoin Cash – Simple Fundamentals.” The editorial’s author says he wholeheartedly believes that BCH will one day overtake BTC in the long run. After the read.cash blog post published, Mobtwo’s article was tipped $10,000 worth of BCH from a single donor for his strong convictions.

The BCH supporter known as Mobtwo has been well known in the Bitcoin Cash community for quite some time now. On November 18, three days after the BCH upgrade, Mobtwo decided to pen a few opinions on the web portal read.cash. The website read.cash is a blogging site fueled by BCH payments and it’s an extremely popular platform among BCH proponents. At the time of publication, there are 39,963 users on read.cash earning money for participation according to the web portal’s stats.

Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction

In the article called “Bitcoin Cash – Simple Fundamentals,” Mobtwo said that “as long as the price for Bitcoin Cash remains affordable, I will continue to buy them every month.” This is because, in Mobtwo’s opinion, BCH works “so much better, in many ways.” Benefits include Cashfusion privacy, SLP tokenization, human-readable cash accounts, and a much larger network effect than most coins in existence.

“This is really super simple to understand,” Mobtwo wrote on Wednesday. “Try sending $10 worth of Bitcoin or $10 worth of Ethereum or $10 worth of Bitcoin Cash to yourself. You end up with only $2 of Bitcoin because $8 went to transaction fees. You end up with $7.5 of Ethereum because $2.5 went to transaction fees. But you still end up with $10 worth of Bitcoin Cash,” the author added. Mobtwo insists that if BTC was a new coin today, with unreliable transactions and ghastly fees, he bets that “nobody would want it.”

“This is nothing complicated, just simple common sense— Would you want to use a slow unreliable service that charges you $8 just to send $10?” Mobtwo asked. “You don’t need to be a rocket scientist to know that’s ridiculously stupid.”

The author added:

I am unshakable in my conviction that Bitcoin Cash will overtake Bitcoin in the long run because there is no rationale where humans would prefer to pay higher fees for an inferior unreliable slower service. And businesses will discover eventually these fees eat into their margins and it is no longer feasible to accept Bitcoin, but it is still feasible to accept Bitcoin Cash.

Toward the end of the editorial, Mobtwo stressed that BTC looks more like a pyramid scheme and he believes truth will eventually prevail. The BCH proponent also said that there’s a great number of people who wish they could go back in time and buy bitcoin at a lower price, and with BCH they still can.

“What makes Bitcoin popular in the first place is exactly what Bitcoin Cash is today, the ability to transact freely onchain peer-to-peer with anyone anywhere in the world for less than a cent,” Mobtwo emphasized.

Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction

Following the post publishing on the read.cash platform, the well known BCH investor Marc DeMesel sent Mobtwo a generous donation of $10,000 worth of bitcoin cash. Mobtwo was extremely grateful for the donation and wrote: “I’m literally shaking from the generosity from Marc DeMesel,” he said after getting the massive tip. “That’s super motivating and I will work harder to keep growing the value of Bitcoin Cash,” Mobtwo added.

“The pleasure is mine Mobtwo,” DeMesel responded. “The article is really good. It summarizes very well, in plain language, why Bitcoin Cash is a tremendous opportunity.” Following the tip, a number of BCH fans discussed the $10k tip sent to the author on Twitter and Reddit forums. Certainly, a $10,000 donation in digital currency, tells something about the dedication from the crypto community.

What do you think about the $10,000 bitcoin cash donation to Mobtwo? Let us know what you think about this subject in the comments section below.

The post Blog Author Tipped $10,000 for Well Phrased Peer-to-Peer Cash Conviction appeared first on Bitcoin News.

Bitcoin.com Announces Cooperation Agreement With Japanese Media CoinOtaku

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Bitcoin.com Announces Cooperation Agreement With Japanese Media CoinOtaku

PRESS RELEASE. Bitcoin.com, the go-to web portal for everything bitcoin, announced it reached a cooperation agreement with Japanese media CoinOtaku. A subsidiary of Beat Holdings Limited, CoinOtaku (CoinPartner) has over 900,000 views per month in its cryptocurrency portal and thousands of subscribers to its YouTube channel.

In addition to the media business, Beat Holdings also owns Crypto Messenger Wallet – an app capable of showing news updates, price charts, messenger, and sending and receiving crypto assets. It is now possible for users to store Bitcoin Cash (BCH) on the wallet, helping to expand the reach of the popular cryptocurrency. Beats Holdings will customize this app for CoinOtaku and create the CP Wallet app.

Bitcoin.com and CoinOtaku will implement a joint marketing campaign to contribute to the further spread and expansion of BCH and the development of a sound crypto asset investment market in Japan. Both sites will link to each other and the two wallets will link to Bitcoin.com as well.

Beat Holdings Limited is a global investment company developing applications based on blockchain technology including building a media blockchain ecosystem based on proprietary intellectual properties and technology, and the licensing of intellectual properties. Through its subsidiary, GINSMS Inc. (listed on Toronto Venture Exchange, TSXV: GOK), it provides mobile messaging service, software products and services, and Media business through CoinOtaku. Beat is listed on the Tokyo Stock Exchange’s Second Section (TSE: 9399), incorporated and registered at the Cayman Islands, headquartered in Hong Kong, with subsidiaries in Japan, Singapore, Malaysia, Indonesia, China and Canada.

About Bitcoin.com

Founded in 2015, Bitcoin.com is working to make money better—for everyone.

Whether it’s your paycheck, pension, or piggy bank savings, money matters to us all. So, rather than relying on banks—with their fees, delays, and fraud risk—we stand for money without limits. That’s why we support Bitcoin Cash, a global digital currency that only you can control. Our products make both Bitcoin Cash and Bitcoin more accessible. You can buy, use, and store Bitcoin securely, monitor market prices and news, and even earn Bitcoin through mining. We also help businesses accept Bitcoin payments and support developers building on Bitcoin.

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post Bitcoin.com Announces Cooperation Agreement With Japanese Media CoinOtaku appeared first on Bitcoin News.

Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

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Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

The cryptocurrency exchange Coinflex has announced the launch of a unique interest-bearing stablecoin called Flexusd. The new stablecoin is considered to be the first dollar-backed crypto that pays interest at the base level. Moreover, the new token is built on the Ethereum blockchain and the Bitcoin Cash network as well by leveraging the Simple Ledger Protocol.

The digital currency trading platform Coinflex has revealed the creation of a new stablecoin token that bears interest. A stablecoin is a cryptocurrency that is tied to the price of a fiat currency and traditionally it’s the U.S. dollar. This allows people to hold crypto assets without exposing themselves to massive price fluctuations found in bitcoin (BTC) or ethereum (ETH) markets.

The stablecoin economy has grown massive and today there’s $23 billion worth of fiat-pegged digital assets. Coinflex.com’s CEO Mark Lamb told his Twitter followers about the new stablecoin token on Wednesday.

“We’re proud to have launched the first interest bearing stablecoin,” Lamb tweeted. “Flexusd pays yield while you hold the private keys. Currently paying 8% interest, it earns yield from our repo market which powers our deliverable perps. The only sustainable yield is from leverage,” the Coinflex CEO added.

Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks

The new token’s website description explains that Flexusd is a multi-yield bearing stablecoin that operates in a noncustodial fashion. Traditionally, stablecoins give some of the highest yields on the market but users need to use them as collateral or deposit them on a centralized exchange.

“Flexusd and all Flex assets earn interest even when just sitting in a wallet, defi app, exchange or margin account,” the web portal notes. “This enables what we call ‘yield on yield’ i.e. using natively yield-bearing Flex Assets to earn extra yield on top from these various sources in crypto.”

Coinflex details that the token will be made available via the Ethereum and Bitcoin Cash blockchain during the initial launch. The exchange is leveraging the Simple Ledger Protocol (SLP) framework for the coins on the BCH side. In the future, Coinflex plans to spread Flexusd across a myriad of chains including networks like Polkadot, Tron, and EOS. The Coinflex issued stablecoin will also be available via a variety of decentralized finance (defi) platforms.

The ‘yield on yield’ scheme not only provides benefits for Flexusd stablecoin owners as Coinflex details that the concept works with Flex wrapped assets like Flexbtc, Flexeth, and Flexlink. Accordingly, Coinflex says the exchange will undertake three repo auctions per day, and Flex asset users will get a “pro-rata share of any interest earned by users borrowing assets that underlie the flex assets.”

On social media and crypto-related forums, a number of BCH proponents were excited about the interest-bearing stablecoin. “This is huge,” the full node Bitcoin Cash development team Bitcoin Unlimited tweeted.

On Reddit, one Bitcoin Cash supporter asked what the difference between Flexusd and tether was and whether or not the new tokens were backed and audited. The Coinflex CEO responded to the question and said: “It’s always fully backed. Flexusd lends the underlying USDC into Coinflex’s repo market.”

“There will be audits, in fact, we’re open-sourcing the code of the repo lending bot and also the read-only API keys,” Lamb concluded. “So you will be able to see all balances at all times and verify exactly what’s going on underneath the hood. The difference versus USDT is USDT pays 0% interest and Flexusd pays interest.”

What do you think about the stablecoin Flexusd and the concept of earning interest at the base layer? Let us know what you think about this subject in the comments section below.

The post Coinflex Launches Noncustodial Interest-Bearing Stablecoin on BCH and ETH Networks appeared first on Bitcoin News.