Future Forks not on the horizon: Bitcoin Cash developer
Cryptocurrency forks are set to decrease in the near future, as stated by leaders of several cryptocurrency businesses at the recently held Consensus Singapore conference by Coin Desk. Amaury Sechet, a lead developer for Bitcoin ABC, said that the previous year saw an industry-wide decline in the number of forks and the trend is likely to continue. Over half the nodes running the Bitcoin Cash software now run Bitcoin ABC to connect to the network.
The developer pointed out that a cryptocurrency loses its ability to gain future value since every time a fork is implemented, it results in the loss of the network effect in the original blockchain. He said, “You can only do that a certain amount of times,” confirming that future crypto forks will become meaningless.
“I think there may be many, many forks in the future, but 99 percent of them will become worthless eventually,” he said. “The Bitcoin communities had many arguments before about forks, but not many people really give anything because everyone just kept fighting with each other,” he added.
Bitcoin Cash is unlikely to fork in the future, he revealed, stating that a fork will prove ineffective since current participants in the project are focused on a single goal.
A similar opinion was shared by Jack Liao, CEO of LighteningASIC – an initiator of the Bitcoin Gold fork of 2017 – who said, “If there’s no conflict, there’s no fork, because you need to get supporters.”
James Wo, head of ETC Labs, which creates ecosystems for Ethereum Classic, said disagreements within a coin’s community will be the sole reason to employ a fork,. “The fork only happens when there’s really a huge diverge in a community,” he added.
Commenting on competition between cryptocurrency forks, Wo said that there is a system of cooperation and coexistence as the need of the markets and business differ. He referred to the competition existing between Ethereum and Ethereum Classic, and explained that while ETH aims to provide diverse services, ETC is meant for users who prefer inexpensive transaction fees.
Sechet agreed with this and admitted that forks are in constant competition with each other. However, he referred to Bitcoin and Bitcoin Cash, explaining that “the goal that the two project(s) want to build is different and the target audience is not quite the same.”