Bitcoin Classic has confirmed it is shutting down as developers claim Bitcoin Cash (BCH) will become ‘Bitcoin’ by May 2018. A group of developers will no longer provide support for an alternative implementation of the software, claiming another protocol is achieving what they set out to do.
Speaking in a blog post, release manager for Bitcoin Classic, Tom Zander, said today that, given the suspension of the Segwit2x hard fork this week, he believes bitcoin’s scaling problem will continue, and that the functionality of bitcoin cash will likely surpass that of bitcoin.
“It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most six months I’m sure we’ll just drop the ‘Cash’ and call it ‘Bitcoin,”.
BCH shot up in price over 35 percent in anticipation of a new hard fork set for Nov. 13, reaching its highest value almost since it debuted.
Initiated in 2016, Bitcoin Classic’s stated goal was to increase bitcoin’s transaction capacity by raising the block size from 1MB to 2MB, however, it failed to gain traction among the cryptocurrency’s global software users. While at one point, more than 2,000 Bitcoin Classic nodes comprised nearly one-third of the network, today less than 1 percent of network users run the software.
Now, through bitcoin cash, which allows for adjustable block sizes and a default of 8MB, “Classic has fulfilled its promise,” the post states.
Earlier this week, the team behind controversial scaling proposal Segwit2x said it will not proceed due to a lack of consensus surrounding the hard fork.
Due to this decision, Zander wrote that the those behind the so-called “legacy chain” (his term for the bitcoin blockchain), “would rather go down with their ship” than upgrade the software to keep up with the rising numbers of transactions.
As such, he said, Classic will cease operations “in a matter of days or weeks,” urging all miners and nodes currently supporting the network to immediately migrate to an alternative.
Earlier this year, bitcoin activated a scaling solution called SegWit, which increases transaction quantity without raising the block size, and paves the way for future off-chain scaling solutions. However, the impact this has had on the network has so far been minimal, leading some to criticize the software.
While this has been attributed to a lack of adoption in the industry, Zander states that bitcoin’s failure to increase the block size limit merely “confirms the Cash chain’s viability.” With this perspective, Zander joins others in predicting that bitcoin cash will flourish following the Segwit2x cancellation.
“The fact that the Legacy chain is stuck at 1 MB, and likely always will be, confirms the Cash chain’s viability. Now the market will decide,” Zander added.