The renowned cryptocurrency Bitcoin Cash [BCH] is going to witness a hard fork on November 15, 2018, that is just this week. The hard fork will take place around 4:40 PM UTC as an upgrade scheduled under their security and core protocol. This upgrade is much more consequential and eventually also controversial. Furthermore, the hard fork might result in multiple viable chains.
The popular crypto exchange Kraken is preparing its platform and users for the hard fork. Kraken is a crypto exchange based in the United States and fully operational in Canada, Europe, Japan and the United States of America. Furthermore, it is also the world’s largest cryptocurrency exchange in terms of Euro volume and liquidity.
What is Hard Fork?
In terms of the blockchain technology, a protocol is the rules that are followed for connecting users, mining the cryptocurrency or even the basic transaction rules. Furthermore, in order to connect with the cryptocurrency’s networks, it is crucial for anyone to comply and follow these basic conventions on the network.
Forking is creating a better newer version with applied upgrades to the current blockchain protocol version of the digital asset. Soft forks are changes in the software that are backward compatible. There is no need to change unless you are doing something against the protocol.
Hard Forks are hard by nature. Furthermore, they are a version of the original protocol but radically changed. Generally, it happens when miners disagree on the protocol and create their own version of the protocol. The most renowned example it that of Bitcoin Cash [BCH] splitting up from Bitcoin [BTC] in 2017.
How is Kraken prepping up?
Kraken will start following and supporting Bitcoin ABC which will be following the plan of expansion published by Bitcoin Cash. On the day of the fork, the crypto exchange will make their Bitcoin Cash wallets specifically support Bitcoin ABC.
Furthermore, no alternative chain would be supported. Moreover, the crypto exchange will also analyze the results from the fork and act accordingly. The crypto exchange will disable funding 60 minutes before the fork happens.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.