Well, the day is here when Bitcoin Cash will be hard forked. The drama regarding BCH community split had kept this forking event into the media limelight. Not many people are aware of how all this is going to play out, but PeckShield
Inc. which monitors blockchain closely has put out possible outcomes of how this forking event could play out.
3 possible ways for this forking event to play out
PeckShield Inc. which publishes reports to identify hidden vulnerabilities, expose zero-day exploits, and defend against emerging threats has had a close eye on the BCH forking drama and updates that have been unfolding over past couple of months. Considering the facts and using its analytical intelligence Peckshield has put forward three possible way this Bitcoin Cash Fork event could play out.
According to PeckShield, BCH hard fork will bring three possibilities:
- Based on the existing hashrate, BCH SV may implement a 51% attack on BCH ABC, which may force BCH ABC to mobilize BTC hashrate to fight, and finally conduct the same attack in reverse, leading to a lose-lose situation;
- One of the public chains, after the hard fork, may not be able to produce blocks steadily for a long time due to the lack of miners and users, and gradually disappear;
- The two public chains may operate independently, and meanwhile, the existing BCH assets will have a significant change. BCH and its forked coins will fluctuate with a high probability in the short term, which may even induce general fluctuations in the industry.
PeckShield has a track record of providing so spectacular insights in the past and its credibility of research and foresight is one of the best in the industry. Some of its other recent work includes EOS fake attack upgradation where over 60K EOS Tokens Lost by EOSCast and its finding which explained the loophole on how EOSBet lost 140K EOS tokens.
Meanwhile, BCH, which seems to have inflected the crypto market meltdown due to is forking event, is down almost 18 percent and currently sits at USD 431.17. It has lost nearly all the gains that it had collected over the past two weeks and this high selling is a sign that investors are not interested in the crypto units resulting from a hard fork event.
Let’s see which of the PeckShield’s picked up outcome actually plays out in days to come.
What is your view on the future of BCH and its Fork? Do let us know your view in the comment section