CoinEx Supports BCHA Rebrand and Token Redenomination, the First in the Crypto Industry
BCH forked off from BTC in 2017, due to the controversy over scalability issues. One year later, the BSV fork occurred as the CSW team failed in an organized seizure of power. Both fork events resulted in prolonged and fierce battles.
Decentralized cryptocurrency is an evolving process. Bitcoin has experienced three major fork events, from the birth of BCH in 2017 to the BSV hard fork in 2018 to the third offensive and defensive warfare, all of which reveal the importance of decentralization.
The scaling hard fork in 2017 primarily exposed the governance issue of the decentralized ecosystem. This issue has not been solved and it keeps appearing in a new form. Yet the 2018 fork showed that it is difficult for the decentralized community to resist organized centralized attacks. In this offensive and defensive war, the fork was directly caused by the exploration of a new governance model (IFP).
History of BCH Forking: The Birth of BCHA
On November 15, 2018, BCH split into BCH ABC and BCH SV, and BCH ABC inherited the name of the previous generation.
BCH forks on May 15 and November 15 every year, but the forks are actually upgrades in algorithms without concrete effect on users.
On November 15, 2020, Bitcoin Cash was forked into a new cryptocurrency named Bitcoin Cash ABC (BCHA). At that time, it cost BCHA around six days to resume normal block time: it took more than 5 days to generate 100 blocks from block 661,647 to block 661,747, compared with only 17 hours under normal conditions.
The Bitcoin Cash (BCH) blockchain is thus forked into two chains. To distinguish between them, the exchange gave them temporary names: Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). When a chain split occurs, one chain will usually retain the original cryptocurrency name and code, while the other will become an independent cryptocurrency with a new brand.
The root cause of BCHA’s fork lies in the lack of an effective decentralized governance mechanism. The fork was triggered because ABC, the original core development team of BCH, wrote IFP (a rule that specifies all newly mined blocks must contain an output assigning 8% of the newly mined coins to a specified address) into the upgraded node program without authorization. That went against fairness, the core spirit of the blockchain.
The First Exchange That Supports the BCHA Futures Market
BCHA (BCHABC) is the forked coin of BCH. After the fork, BCH Node and its compatible protocol nodes have won to inherit the BCH token symbol. CoinEx has selected BCH Node and its compatible protocol nodes to inherit the BCH token symbol, for they have gained more community support than others.
CoinEx is a committed advocate of the BCH ecosystem as well as the first exchange to support the BCHA futures market and a trading market with BCH as the pricing currency. It launched BCHA/BCH and BCHN/BCH futures trading as early as September 23, 2020.
After the fork was completed on November 16, 2020, CoinEx also launched BCHA/USDT and BCHA/BTC trading pairs in the first place, making it the first exchange to issue the forked coin and support the trading. The index composition of the BTCUSD contract remains the same as before the fork.
On July 6 this year, CoinEx released an announcement to support the BCHA rebrand and denominations and issue XEC at the exchange ratio of 1 BCHA = 1,000,000 XEC.
Crypto developers often enjoy supreme power, evidenced by Satoshi Nakamoto, cryptocurrencies such as Ethereum, Polkadot, and Filecoin, and even BSV and TRON. In these cases, developers are also community leaders, so there were few disagreements. BCH is special as the community leader has no management power despite the financial support. As a committed advocate of the BCH ecosystem, CoinEx will pay continuous attention to the ecosystem of relevant digital assets.
1.The Death and Life of BCHA: A Full Record of Offensive and Defensive Battles
2. Announcements on Preparations of Coming BCH Fork & Launch of Forked Coins Futures Markets
3. Announcement on BCH Hard Fork Upgrade