- BitMex tool will be useful in detecting any unintentional consensus bugs
- The platform has always maintained a critical stance towards BCH
- Several other companies and exchanges have voiced their support for the upcoming fork
Bitcoin Cash will on November 15, 2018, undergo a hard fork whose result will be at least two chains. Hong Kong-based BitMex cryptocurrency derivatives platform has launched a network monitoring tool specifically for Bitcoin (BTC) and Bitcoin Cash (BCH).
Consensus bugs expected
According to an official blog post on Monday, November 5, 2018, the new tool dubbed ForkMonitor.info will play the important role of monitoring the situation during the network upgrade besides being potentially useful in detecting any unintentional consensus bugs. The statement says they have connected ForkMonitor to several nodes on the Bitcoin and Bitcoin Cash networks.
BitMex Exchange has timed the release to correspond with the upcoming Bitcoin cash hard fork but the blog post says their focus is temporary noting that as soon as the BCH hard fork is through they will move part of their focus to Bitcoin (BTC). The platform has always maintained a critical stance towards BCH and has even described major supporters of BCH like Craig White as the “Fake Satoshi.” The Exchange even tweeted today saying:
“What will happen to Bitcoin ABC, Bitcoin SV, and Bitcoin Unlimited during the BCH hard fork on 15th November (sic)? […] (Craig Wright’s) (AKA “Fake Satoshi”) node, Bitcoin SV, is expected to fork off from the network onto a new chain.”
Apart from implementing Bitcoin Core, BitMex says ForkMonitor is expected to help in spotting irregularities like the CVE-2018-17144 consensus bug that developers spotted and patched in September.
The Bitcoin Cash fork results from consensus change between different development teams who have failed to reach a consensus leading to the hard fork expected at 4:40 PM GMT on November 15, 2018 (epoch 1542300000) resulting in several Bitcoin Cash chains.
Exchanges halting deposits and withdrawals
Binance, one of the world’s leading cryptocurrency exchanges has already announced its full support for the upcoming BCH hard fork, saying it will support both sides of the split. The statement from Binance exchange read in part:
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).”
Binance joins Coinbase Exchange and other companies that have voiced their position, including leading cryptocurrency hardware provider Ledger has announced a new policy:
“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically. The reason for closing the service during this time is to prevent unwanted transactions […] causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time.”