A new debate is taking over the Bitcoin Cash community. The fourth-largest cryptocurrency in the world lost most of its developers in the first half of 2019 after the project forked.
What’s the fiasco all about?
A group of prominent Bitcoin Cash supporters suggested a change in the blockchain’s computer code on January 22. This change will temporarily channel 12.5% of the newly issued BCH coins to fuel the development of technology. Several BCH purists were unimpressed with the proposal. They believe that the original decentralized governance model for cryptocurrencies is the best.
Coin Dance, a data tracking platform, noted that the proposal to make changes to the code had a high likelihood of passing. The companies that supported the change contributed to a third of the system’s computing power last week. Other miners and investors, who didn’t want the network to adopt the new proposal on May 15, threatened to leave if it was passed.
Roger Ver changes stance
One of the most prominent supporters of the code change was Roger Ver, the face of the Bitcoin Cash blockchain network. Known by most as Bitcoin Jesus, Ver noted that his firm Bitcoin.com has decided not to “go through with supporting any plan unless there is more agreement in the ecosystem.” They have decided to create an alternative plan for the same which will preserve the “fundamental economics of Bitcoin Cash.”
Bitcoin Cash is trying to improve the reach of its network in multiple ways. However, the project has to stop its developers from moving to greener pastures. In the first half of 2019, the project experienced a 32% decline in the number of developers working on its project. Electric Capital revealed that Bitcoin Cash lost a higher number of developers during this period compared to other networks. Investors continue to be in a dilemma on whether to buy bitcoin cash or not?
There is an increasing trend towards corporate dominance in crypto development. For instance, EOS blockchain is majorly developed by Block.One. Justin Sun controls a big portion of the Tron blockchain. Bitcoin SV, the rival blockchain that split from Bitcoin Cash a year ago, is also supported by Calvin Ayre and nChain.
Peter Rizun, one of the developers who were against the proposal, noted that the dev tax is not dead, even though it is hurt. However, he said that many key miners support the proposal because of which it could still be implemented on May 15.