On the 15th of November, in the world of cryptocurrencies, the day will be marked as the ‘Fork of Bitcoin Cash’.
Yeah! You heard it right. There was a time when BCH was forked out from the parent block chain i.e., Bitcoin. This fork was in August 2017. And now Bitcoin Cash is leading its essential fork namely, Bitcoin Cash ABC and Bitcoin Cash SV; Satoshi’s vision.
After every six months, Bitcoin Cash comes up with the ‘necessary fork’ to maximize the potential of its current software. It will be exciting to watch whose risk will bear outcomes. In this case, the tie-up is between BCH ABC (community wants to implement smart contracts, Limit transaction size to 100 bytes and change scripting language) & BCH SV (community wants to upgrade block size from 32MB to 128 MB and taking way 201 opcodes per script limit).
But apart from this, the main concern is something else about replay protection. A parent block chain fork brings with it the creation of two separate block chains (as in this case). This allows the user to process his transactions on the upgraded parent as well as the branched block chains with the same private address (or, key). In this way, your crypto coins can be assumed spent on both the forked block chains.
In most cases, users didn’t understand that how their transactions are being replayed (even if they’re abiding by the rules)!
Because there is no restraint on the twice use of a single address for two separate transactions. There has to be an in-built software which may instantly put a halt at the replay of transactions which is not so in this upcoming hard fork.
If users can’t get replay protection, the least they can do is to take some precautions. Here are some.
- To avoid replay, it’s better to avoid performing transaction. Any user’s private key is considered replayed if its put in process. But if a user chooses not to spend its coins, thus, securing his key and replay of transaction.
- Planned or unplanned replay can be secured if a user uses it to send the transfers to a friend or any familiar person (with the same private address). In this way, a user’s individual address will not be replayed.
- A user may transfer his forked coins on a newly created address and spend accordingly.
For now, one has to be very careful in executing transactions if they hold the coins in their private wallet in the absence of replay protection or simply transfer the coins to supporting exchange which has the expertise to manage this at their end and can credit you with both the coins post hard fork.