Viabtc Founder Reveals BCH Fork Idea Called Bitcoin Cat 2

During the last few days, discussions concerning the Bitcoin Cash Difficulty Adjustment Algorithm (DAA) has become a polarizing debate. In the midst of all the quarreling, Viabtc’s founder Haipo Yang has announced a new fork of BCH called Bitcoin Cat.

News.Bitcoin.com recently reported on the arguments concerning the Bitcoin Cash DAA. Following the report, the very next day Bitcoin ABC published a blog post that detailed it would be using Jonathan Toomim’s Asert DAA.

However, at the end of the announcement, the lead developer of Bitcoin ABC, Amaury Séchet, detailed that the Infrastructure Funding Proposal (IFP) would be added to the next upgrade. This decision made the debate become contentious once again, and now BCH proponents are squabbling over the IFP. The IFP will take 8% of the coinbase reward and dedicate it to developers.

In the midst of all the infighting, even before ABC’s most recent announcement, Viabtc’s founder Haipo Yang has been toying with the idea of a new BCH fork. The Viabtc executive has been tweeting about the subject often and he also published a blog post about the experiment as well. On August 5, Haipo Yang tweeted:

Coinbase 6

I am considering building a new Bitcoin fork inherited from BCH called Bitcoin Cat. It’s a temporary name. Cats are cute and harmless, so they won’t have a war.

In addition, he tweeted that the BCH community “needs real leaders.” “Everyone who has favored Bitcoin Cash is welcome to participate and build CAT. Let’s make Bitcoin great again.” Then on August 6, Haipo Yang tweeted something a touch more controversial than just an idea about a new Bitcoin fork.

“If Bitcoin Cash removes the UTXOs that never move since the fork, we can double the block reward and fund the foundation without the IFP and without breaking the 21M limit,” Haipo Yang said. Then on Friday, the Viabtc founder revealed that after he put the idea out there it caused “a lot of discussion in the Chinese community.” Haipo Yang stressed:

Bitcoin Cat is a fork coin based on Bitcoin Cash, and it is likely to be born on November 15.

Haipo Yang’s Bitcoin Cat will have a number of differences than BCH and other blockchains as well. He said that smart contracts will be important and the basic script operations on Bitcoin are insufficient.

He also thinks the mining algorithm should be further modified to be more ASIC-friendly in the future. “The Bitcoin mining algorithm, if used as always, or whatever kind of DAA algorithm cannot eliminate the hashrate tide,” the blog post emphasizes.

Viabtc Founder Reveals BCH Fork Idea Called Bitcoin Cat 3Viabtc Founder Reveals BCH Fork Idea Called Bitcoin Cat 4

The Medium blog post also notes that Bitcoin Cat might minimize the block time too. He also thinks that the protocol should be standardized and he also aims to add a “voting system.”

“The most important is the establishment of a foundation,” Haipo Yang stressed. Finally, Yang ends the blogpost with the contentious idea of voiding out UTXOs that are not being used. “I have another interesting idea: all UTXOs that have not been moved after the hard fork one year later are to be voided.”

Of course, this specific addition to Bitcoin Cat is somewhat controversial because some believe it is taking someone’s coins without asking. The concept is not new, however, as the United Bitcoin (UBTC) project also did a scheme which was similar.

United Bitcoin was forked on December 12, 2017, at block height 498777 but since the project was announced its fizzled away like bitcoin diamond, bitcoin candy, and super bitcoin. Although, UBTC still trades for $0.91 per coin with $117,000 worth of daily trade volume according to current data.

What do you think about Haipo Yang’s Bitcoin Cat idea? Let us know what you think about this subject in the comments section below.

Tags in this story
Amaury Séchet, BCC, BCH, bitcoin cash, Bitcoin Cat, CAT, Chinese Community, contention, DAA Debate, debate, Haipo Yang, hashrate tide, IFP, infrastructure funding plan, United Bitcoin, ViaBTC, Void UTXOs

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Viabtc Founder Reveals BCH Fork Idea Called Bitcoin Cat 5
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,798.00
ethereum
Ethereum (ETH) $ 2,644.37
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 335.60
cardano
Cardano (ADA) $ 1.33
xrp
XRP (XRP) $ 0.753292
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206342
polkadot
Polkadot (DOT) $ 18.34
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,798.00
ethereumEthereum (ETH)
$ 2,644.37
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 558.09
litecoinLitecoin (LTC)
$ 144.34
bitcoinBitcoin (BTC)
33.536,70
ethereumEthereum (ETH)
2.228,34
tetherTether (USDT)
0,842673
bitcoin-cashBitcoin Cash (BCH)
470,29
litecoinLitecoin (LTC)
121,63
bitcoinBitcoin (BTC)
28,621.37
ethereumEthereum (ETH)
1,901.74
tetherTether (USDT)
0.719166
bitcoin-cashBitcoin Cash (BCH)
401.36
litecoinLitecoin (LTC)
103.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 39,509.00
ethereum
Ethereum (ETH) $ 2,634.04
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 332.40
cardano
Cardano (ADA) $ 1.32
xrp
XRP (XRP) $ 0.742194
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.205231
polkadot
Polkadot (DOT) $ 18.30
binance-usd
Binance USD (BUSD) $ 1.00