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Friday, October 27, 2017

Crypto News: Coinbase Plans to Call the Fork With the Most Accumulated Difficulty “Bitcoin”

Coinbase Plans to Call the Fork With the Most Accumulated Difficulty “Bitcoin”

The bitcoin network may fork in a few weeks on or around November 16 at block height 494784. Many bitcoin-based businesses have been revealing their plans for the upcoming Segwit2x fork, detailing how they will handle a possible split, and how they will determine the name of each token. The San Francisco-based company Coinbase is a business everyone is watching closely, because it has millions of users and processes a lot of bitcoin transactions. On October 23, the exchange revealed how it would proceed with the blockchain labeling, on its frequently asked questions (FAQ) section.

“Following the fork, we will continue referring to the current bitcoin blockchain as Bitcoin with the symbol ‘BTC’,” explains Coinbase. “We will refer to the new blockchain resulting from the fork as Bitcoin2x with the symbol ‘B2X’. If the Segwit2x change is accepted by most users, we may choose to rename these blockchains at a later date.”

However, the FAQ section has since been edited, and there is a new clarification written. Now the company’s Segwit2x guidelines explain the labeling a touch differently as the FAQ states;    

"[EDIT] At the time of the fork, the existing chain will be called Bitcoin and the Segwit2x for will be called Bitcoin2x. Ultimately, we will call the fork with the most accumulated difficulty Bitcoin. We will wait for a period of time after the fork, before finalizing the naming."

Full story at

Source: Bitcoin News

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