Even after the split in Bitcoin and Bitcoin Cash, the dispute continues. Recently, Bitcoin.com, Roger Ver's portal, has titled Bitcoin Cash (BCH) as Bitcoin, while Bitcoin's actual Bitcoin (BTC) is running as Bitcoin Core. The Bitcoin community is so upset that it has begun planning a class action lawsuit against Bitcoin.com.
No, names are not just hollow words, but something pretty important. Maybe everything. When Bitcoin.com recently started to run Bitcoin (BTC) as Bitcoin Core, but Bitcoin Cash (BCH) as Bitcoin for a short time, it caused a stir that seems surreal at first sight. Almost 1,000 people even try to launch a class action lawsuit against Bitcoin.com. Does the name really matter so much?
To understand why, one should know that in the years of the blocksize dispute it was mostly about the name. Whenever there were attempts to make a fork, such as with Bitcoin Unlimited or SegWit2x, the community around Bitcoin Core defended the right of Bitcoin to use the acronym BTC, and insisted that the coins created by a fork be clearly to be listed as altcoin. Bitcoin Unlimited failed as the exchanges announced it was listing as a BTU, and SegWit2x was also sentenced to death by almost all exchanges claiming to list Bitcoin itself as BTC independently of the hash rate. It's about the power to define what Bitcoin is.
Bitcoin Cash has now escaped this fight by starting as "Bitcoin Cash" and not Bitcoin from the outset. But leading Bitcoin cash advocates like Roger Ver have made it clear right from the beginning that they consider Bitcoin Cash the real Bitcoin. Roger Vers portal Bitcoin.com has released an article shortly after the launch of Bitcoin Cash explaining why Bitcoin Cash (BCH) is the true Bitcoin and what one should know as Bitcoin (BTC) and has been forged through SegWit and accordingly not Bitcoin, but "Bitcoin Core" is to call.
The small blocker or the camp around Bitcoin Core, however, consistently refuses to call Bitcoin Cash by that name, instead titling it as "bcash". Because the name Bitcoin Cash, the core community, associates a relationship with Bitcoin, which is not given, and entices beginners to buy Bitcoin Cash instead of Bitcoin. In addition, Bitcoin Cash takes advantage of the strong name. If it were an altcoin, such as the name "bcash", then hardly anyone would be interested in this uninspired coin.
This hitherto rather smoldering dispute over the name has escalated last week. Because Bitcoin.com has introduced a new naming policy. The BTC, formerly known as "Bitcoin", is now called "Bitcoin Core", while BCH was briefly referred to simply as "Bitcoin". Meanwhile, Bitcoin.com but gone back and calls BCH "Bitcoin Cash", both in the Blockexplorer and the sale of Bitcoins by credit card.
Bitcoin.com leads this fight for the name most offensively, but not alone. The blockexplorer.com bought by Rick Falkvinge also lists Bitcoin (BTC) as Bitcoin Legacy and plans to change the API to make Bitcoin Cash the standard. There is not yet a timeline to avoid confusing existing API requests. In fact, for many in the scene, Bitcoin Cash (BCH) is the real, true Bitcoin, while what is officially known as Bitcoin (BTC) should run in the name of "Bitcoin Core" because this coin is primarily defined by Core, and because its roadmap to scale, deviates very far from the actual, given by Satoshi plan.
Of course, this is in no way acceptable to Team Core. Bitcoin (BTC) is the real and only Bitcoin, all the forks, bcash, bgold and so on are altcoins and should be called that too. The fact that Bitcoin.com dared to call BTC Bitcoin Core now, as if Bitcoin Cash was on an equal footing with the real Bitcoin, already put the crown on the barrel. Calling Bitcoin Cash "Bitcoin" on top of that, as if it were not bcash but Bitcoin Core the clone, is now a provocation that should not be left unanswered. Even if Bitcoin.com has now taken back the last move.
One understands the annoyance and offense that the action of Bitcoin.com triggers. But it is unlikely that customers will actually be harmed. Finally, the coins are still relatively clear excellent, can be changed at any time. Nevertheless, the core community has begun to call for a class action lawsuit.
The initiative was initiated by someone with the pseudonym MoneyTrigz, who is the administrator of rather insignificant news sites in the cryptocoin area. The website titled "Have you lose money because of bitcoin.com's fraudulent practices? We can help." However, the website does not reveal exactly what practices it does. All that remains is to learn that it is a group of almost 1000 people, including influential figures of the scene.
Charlie Shrem, Richard Heart, John Carvalho and Ragnar Lifthrasir are mentioned. However, many of these have long been noticed by spitting poison and gall in social media against Roger Ver (and all the other famous big blockers). That they accuse Bitcoin.com of fraud is not surprising, but has been known for months. Whether the allegations have enough substance to have a chance in court tends to be unlikely. Because apparently it is less about protecting people from financial losses - as the lawsuit claims - but about using the court to enforce its own definitional authority over the name Bitcoin.
IOTA's course has risen sharply over the last two days, beating two places in the largest cryptocurrencies. Yesterday, IOTA announced that it is joining the Mobility Open Blockchain Initiative. Furthermore, the IOTA ecosystem, which was announced in February, started on May 1, 2018.
IOTA announced yesterday that it will join the Mobility Open Blockchain Initiative to advance the use of distributed ledger technology (DLT). This consortium already includes many well-known heavyweights in the automotive industry, such as Bosch, the Renault Group, Ford and General Motors.
The common goal is the development of DLT standards and the testing and research of open source software tools to investigate the use of DLT for the automotive industry.
The DLT is to be used above all in the field of driving safety and in the autonomous electrical vehicle development. Particularly important is the smooth networking of all mobility participants in the new peer-to-peer ecosystem, which is to ensure that transactions run safely and confidentially, as well as providing maximum transparency and data protection for the users.
Dominik Schiener and David Sønstebø, the two founders of IOTA, state that the world is slowly but surely recognizing the potential of this groundbreaking technology:
IOTA joins a forward-looking consortium that has gained significant momentum through IOTA's know-how and commitment. I am curious to see what progress can be made in the area of DLT this year.
IOTA Ecosystem officially launched
Furthermore, IOTA officially launched the website of the IOTA ecosystem on May 1, 2018.
As I already reported, the IOTA Ecosystem was created to bring all the actors involved in the development together in one place. It does not matter if the person is an expert or a hobby enthusiast.
The main goal is the further development of the IOTA distributed ledger protocol:
On this platform, among other educational services are provided, which should make this technology understandable to newcomers through videos, as well as interactive tools. There will also be a digital library filled with expert input. Competitions and hackathons, as well as related events should also be realized.
Finance should not play a role in research and development. For this reason, the IOTA Foundation has set up a generous development fund that can be used for new projects.
The price of IOTA has responded positively in the last two days. The course is at the editorial time at $ 2.3348509.
The corresponding market capitalization is $ 6,47B. This allows IOTA to regain ninth place in the largest cryptocurrencies.
IOTA works with many companies from a wide range of industries, so it will be very exciting to see which application in practice IOTA's technology will actually be useful for.
Image Sources:
- Article headers created by myself
- https://explorer.bitcoin.com/bch
- https://blockexplorer.com/news
- http://bitcoincomlawsuit.info/
- https://twitter.com/iotatoken
- https://ecosystem.iota.org/developmentfund
Have a nice day!
LOVE&LIGHT
