Surprise announcement by BlockExplorer to shift support to Bitcoin Cash
Blockexplorer.com has taken the bitcoin vs bitcoin cash debacle to the next level.
It announced its intention to shift from bitcoin to bitcoin cash, adopting the former’s name in the future.
In the statement posted on the BlockExplorer site, the bitcoin cash CEO, Rick Falkvinge, has announced the decision to deprecate bitcoin henceforth. He puts forth a series of points as their reasons for making the abrupt move.
Why the change of heart?
It explains that bitcoin deviates rather far from the original intention of the blockchain as set forth in the project’s whitepaper. This divergence is therein termed an “evolutionary dead end” that will not in any way exert a positive effect on future financial systems.
It also makes reference to the insanely high fees charged for transactions on the network, currently at $20 and rising. Another point of contention is the fact that it now takes several days to confirm a single transaction.
The announcement decries the fact that the Segwit activation came with a promise to address the two crippling issues above but failed on both counts.
It acknowledges the high volume of trading on the currency’s network but refers to it as a “collectable of curiosity.” It commits to offer support to the network only as a legacy system but otherwise treats it as condemned forthwith.
The declaration pledges the team’s allegiance to the bitcoin cash network, terming it the only fork of the blockchain “on a positive momentum path.” As part of their commitment to bitcoin cash, they have already deployed a block explorer for the network.
Falkvinge also makes known the intention to implement other support services and roll out tools for other promising crypto coins like Zcash that offers value due to its privacy features.
The statement concludes by stating that the site will no longer offer any support for bitcoin and in a yet-to-be-revealed future date will completely deprecate it. At this future point, bitcoin cash will take over the name bitcoin.
The website and API for blockexplorer.com will also change to reflect the shift and start displaying data for bitcoin cash.
A historical perspective
When bitcoin came into existence in 2009, its vision was to offer simple, fast and cost-effective transaction facilities across borders. But as the network’s popularity has grown, this vision seems to be growing dim.
In August last year, some disgruntled members of the community set out to correct this misnomer by creating an alternative that seemed to better adhere to the original ideals. This new coin, named bitcoin cash is almost identical to its predecessor.
However, it implemented an increase in the block capacity, effectively increasing the number of transactions the network can handle. The result was better confirmation times on the network and reduced prices leading to a temporary price pump on the novel system.
Even though the altcoin has had unpredictable highs and lows since its inception, it has still shown some level of versatility in the volatile crypto market. It has a stable infrastructure and has started 2018 on a particularly high note.
We'll have to wait and see the reaction of the speculative crypto market to the statement.