Bitcoin Forks Over 40 Times Since Bitcoin Cash

BitMEX Research counts 44 Bitcoin forks that emerged following Bitcoin Cash split.

by Kyzmoff
23 May • 2 min
In Coins

BitMEX Research, a subsidiary of crypto exchange BitMEX, said in a recently published report that Bitcoin (BTC), the largest crypto in the world, has been forked 44 times since Bitcoin Cash (BCH) was derived.

A fork, or hard fork, when it relates to blockchain technology, is an incremental change to the protocol that occurs when a single blockchain splits into two. Normally, the changes in the underlying protocol are permanent and cannot be undone. After forks have been deployed holders of the forked coin receive the newly derived coin. Forks are a common sight these days on the cryptocurrency market and Bitcoin, as the original blockchain technology, has been in the center of attention when it comes to forking.

 

Here are some of the most interesting examples:

Super Bitcoin, or SBTC, has implemented community-driven proposals aiming to provide zero-knowledge proofs to safeguard privacy, and also expanded the block size to 8MB. Furthermore, with the support of Turing-complete smart contracts, it extends functionality, increasing BTC scalability. It was forked on December 12, 2017, granting every Bitcoin holder the equal amount of SBTC. 

Bitcoin Clean, or BCL, is an attempt to make Bitcoin greener by solely using renewable energy for mining. It employs ‘Proof of Greenness Protocol’ to ensure miners use only renewable energy. Forked on April 18, 2018, it granted every Bitcoin holder the same amount of BCL. 

The latest fork, Bitcoin Candy, or CDY, combines a Proof of Work algorithm with a two-minute block time for increased transaction speed. Claiming to be safer with a total supply adjusted to 21 billion coins, the forking took place on January 13, 2018 on the Bitcoin Cash chain, with a ratio of 1000 CDY for every 1 BCH.

 

Bitcoin-forks-40

All Bitcoin forks so far. (Source: Twitter) 

 

While some take forks as a good sign trying to solve existing problems, others argue they are all distractions from the original.

Usually, the only requirement for receiving the forked coins is to own Bitcoins at the time the fork is deployed and to store it in a separate, non-exchange wallet. Every Bitcoin fork, even the strangely sounding ones, could make a profit, but many are scams designed to enrich their founders or steal your funds.
The number of bitcoin forks can easily exceed 100 by the end of 2018 as ‘fork enthusiasts’ keep on forking.