If the miner is dissatisfied with the BCH incentive halving, it may cause cyber security problems.
"Bitcoin Jesus" Roger Ver also recently supported Bitcoin cash, saying that it is not only more market-reputable than Bitcoin, but also popular with many Japanese merchants. In addition, Roger Ver does not seem to look good on the Bitcoin Lightning Network. He believes that Lightning Network provides users with a "horrible" experience and even hinders the long-term scalability of Bitcoin.
Then, in a market environment that looks good, Long Hash’s latest analysis shows that Bitcoin cash may soon have a major problem: halving block incentives next year may bring security to the entire network. Serious side effects.
- Ethereum price analysis on April 8
- Bitcoin price analysis on April 8
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In the early stages of bifurcation from the Bitcoin blockchain, the issuance of Bitcoin cash was very high, which made it more profitable for miners to mine bitcoin cash than to tap bitcoin. Not only that, but the Bitcoin cash network also has a completely different mining difficulty adjustment algorithm (DAA), which can increase the currency base faster than Bitcoin. Under the stimulation of these advantages, more and more miners began to pour into the bitcoin cash network mining, which also led to a sharp drop in the bitcoin network hash value.
However, as the halving of the Bitcoin cash block incentives is approaching, many things will change, and even some security issues may arise soon.
First, halving the block reward means that the overall reward will be reduced, and the reduced block incentive subsidy will eventually make the miners reluctant to use high computing power to protect the network, which in turn leads to a decline in blockchain security. This kind of problem is not without precedent. The failure of the SegWit2x hard fork in 2017 has proved that the miners attach great importance to block incentives.
Secondly, the current bitcoin cash network is still relatively insecure, because Bitcoin and Bitcoin cash use SHA-256 mining algorithms, so many miners share computing power. If the Bitcoin cash block incentives are halved, there will be a miner who chooses to leave the Bitcoin cash network and switch to the Bitcoin blockchain, thus exacerbating further tightening in the security strength of the Bitcoin cash network.
In fact, Bitcoin has dominated the current SHA-256 mining algorithm on the market, which has also made the security of the Bitcoin cash network suspect. However, if the bitcoin cash price can keep rising during the recent market recovery, even if the late block incentives are halved, its network security may remain unchanged, because the miners remain in Bitcoin because of price factors. In the cash network, use their high computing power to maintain network security.
Transfer from: Planet Daily
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