Bitcoin Cash: Huobi And Electrum Signal Their Position On New Fork
Huobi and Electrum have signaled their position on Bitcoin Cash amid widespread mixed reactions.
Bitcoin Cash, a prospective fork of Bitcoin which is causing mixed reactions in the industry, could come into being from Aug. 1.
Exchanges have signaled both support and distaste for the concept, which in turn appeared to be influencing Bitcoin’s price as investors react to renewed uncertainty about a fork.
Just a week ago, Bitcoin surged after it seemed a fork would no longer be necessary and that SegWit activation was guaranteed.
In a statement to users today, Huobi expressed full support for BCC.
“BCC is a digital asset generating from the Bitcoin ABC software. Bitcoin ABC is a full node implementation of the Bitcoin protocol. It has removed the controversial SegWit code, replacing it with a simple, sensible, adjustable blocksize cap,” it explained.
“BCC will begin to be mined at 20:20, August 1, 2017(GMT+8).”
Wallet provider Electrum meanwhile was more reserved, highlighting technical difficulties in supporting BCC’s “less secure” rules.
“It would be possible to support BCC in Electrum, by modifying the difficulty rules we use for block headers validation and the transaction creation rules. There are already forks of Electrum doing that,” a post commented.
“However, the headers validation rules of BCC are strictly less secure than those of Bitcoin. Therefore, it would not be possible to use the same rules for both chains in Electrum, without significantly lowering the security of validation of legit Bitcoin transactions.”
Electrum also said it was unhappy with the use of its logo on BCC’s website as this constituted an endorsement of the fork.
“[...W]e do not agree with the use of the Electrum name in the context of a Bitcoin fork because it suggests that we endorse that fork, and that we also endorse that wallet.”