Yesterday, Eli Afram, head of Bitcoin Cash Australia tweeted confirmation that Bitcoin Cash would run a second hard fork in a months’ time in order to comply with their plans to improve scalability and smart contract integration. The update will see block sizes increase to 32mb.
Bitcoin Cash comes with new attitude this May. A second hard-fork in less than one year, (HF is how you upgrade) to ensure BCH remains on an upward trajectory to global utility. Scalability and Scripting (smart contracts in hype-speak)
FORK TIME: Just after Tue May 15 12:00 UTC pic.twitter.com/Z3tDpdXW9m
— Eli Afram (@justicemate) 11 avril 2018
According to Afram, the hard fork has been designed as an upgrade to “ensure Bitcoin Cash remains on an upward trajectory to global utility”.
The ultimate goal for Bitcoin Cash is real life adoption, Bitcoin Cash aims to be the peer-to-peer electronic cash format, Afram and the team believe that this hard fork is essential in ensuring that Bitcoin Cash can continue on that journey towards that goal.
At the time of writing, Bitcoin Cash sits at $662.70 and is up 1.67%, therefore the currency seems to be holding on to a steady pace. In anticipation for this hard fork, we do expect to see the value of Bitcoin Cash fluctuate, the real thing to watch however will be the performance of Bitcoin Cash after the hard fork, should the update be successful.
As it would be wrong to assume that everybody knows exactly what a hard fork entails, here’s a guide by Investopedia that should clear up any questions you might have- https://www.investopedia.com/terms/h/hard-fork.asp
With the deadline set for the 15th of May, we only have just over a month to go before the changes are made, during this time all users including exchanges and wallets, must update to the new software meaning over the next month, many people are going to be busy upgrading to ensure they stay up to date with the latest Bitcoin Cash technology.
With regards to Afram’s announcement specifically, people have reacted quite strongly, with many people questioning the need for a hard fork at this point. Afram maintains that the decision to run this has been made by ‘a roundtable of developer teams’ suggesting that this decision has materialised as a result of an agreed consensus.
The comments that follow the tweet do offer an alternative insight, if you want to see them just tap the tweet as it is featured here and away you go.