Kraken’s position on the likely Bitcoin Cash Hard Fork
Kraken is the latest cryptographic exchange to disclose its position on the potential division of the Bitcoin Cash chain.
The exchange indicates that it supports Bitcoin Cash Node in the event of a split.
If Bitcoin Cash ABC attracts more than 10% of the hashing power, Kraken will credit users with newly created corners.
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The leading cryptographic exchange Kraken will support Bitcoin Superstar Node if a split of the BCH chain occurs this month. The trading platform will only credit users with Bitcoin Cash ABC if it manages to attract significant hashing power after the introduction of a controversial network upgrade on November 15.
Exchanges and other cryptographic companies continue to reveal their own positions in the face of any upcoming split in the chain. So far, the responses have been varied.
Another hard fork?
The cryptographic industry is increasingly expecting a new split in the Bitcoin Cash chain later this month. A controversial and apparently marginally supported network upgrade threatens to create two versions of Bitcoin Cash. Change managers plan to implement the change on November 15.
The upgrade focuses on the issue of developer funding. Some community members are supporting an 8% developer payment taken directly from block awards.
Meanwhile, others disagree, believing that bulk rewards should not fund developers. Those in favor of a hard fork to bring in an integrated development fund form the Bitcoin Cash ABC camp. Meanwhile, opponents support the implementation known as the Bitcoin Cash Node.
Bitcoin Cash BTC BCH
Kraken is the last exchange to announce its position on the issue. The encryption trading platform, which recently became the first to boast a banking license, said in a blog post that it would support Bitcoin Cash Node regardless of the outcome of the hard fork.
The exchange says it will refer to Bitcoin Cash Node as „Bitcoin Cash“. It will also continue to use the „BCH“ symbol for the non-developer fund implementation. It justifies its position by referencing 70% of the network signaling support for Bitcoin Cash Node versus less than 1% for Bitcoin Cash ABC.
Kraken will only support Bitcoin Cash ABC if it attracts at least 10% of the total hashing power of Bitcoin Cash Node. He adds that he may not support full trading of Bitcoin Cash ABC.
If the new version attracts sufficient hashing power, the exchange will credit users holding BCH at the time of the split with an equal number of Bitcoin Cash ABC. However, Kraken’s support may be limited to allowing only the withdrawal of funds.
If it supports the implementation of the development fund, it will do so under the symbol „BAB“, referring to the asset as „Bitcoin Cash ABC“. The exchange recommends that these Bitcoin Cash margin traders close their positions before the fork.
Different exchanges, different opinions
As BeInCrypto reported previously, the response of the cryptographic industry to the hard fork has been varied. Contrary to Kraken’s position, the manufacturer of the Trezor hardware portfolio, Satoshi Labs, will support Bitcoin Cash ABC by default.
The company claims that it will not take a snapshot of the blockchain or immediately credit users with a newly created cryptomatch. However, it will monitor all implementations and may introduce support at a later date.
Meanwhile, many exchange platforms have stated that they will take snapshots of users‘ balances and credit accounts with all tokens created during the split. These include Binance, Huobi and OKEx.