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BitMex Launches Fork Monitoring Tool

The tool will target Bitcoin and Bitcoin Cash. The development comes ahead of the BCH hard fork.


 

BCH Hard Fork To Be Monitored By New BitMex Tool

BitMex has released a fork monitoring tool dedicated to Bitcoin and Bitcoin Cash. The tool was launched by BitMex research wing on Monday. The new product has been dubbed as ForkMonitor.info.

According to BitMex, the tool will play a key role in monitoring the activities during hard forks geared towards system upgrades. Additionally, the platform will be used in tracking any unintentional bugs. In developing the product, BitMex linked ForkMonitor to different nodes on both the Bitcoin and Bitcoin Cash networks.

The release coincides with the controversial scheduled Bitcoin Cash hard fork. In a post published on BitMex's blog, the use of the tool will be temporary, meaning that it will be active during the Bitcoin Cash hard fork release phase. The platform seeks to shift attention from Bitcoin Cash to Bitcoin.

Over the years, BitMex has gained a reputation for criticising Bitcoin Cash. In a recent social media post, ForkMonitor termed Craig Wright, a Satoshi impostor. Wright is a renowned supporter of Bitcoin Cash who claims to have developed Bitcoin. In a Twitter post, BitMex wondered about the fate of Bitcoin ABC and Bitcoin Unlimited throughout the course of the hard fork. BitMex added that Bitcoin SV is slated to fork off from the ecosystem and form a new chain.

The tool will deploy Bitcoin Core Client and will help in identifying malfunctions, especially unwanted bugs like CVE-2018-17144. The bug was detected back in September and developers managed to fix it. In October, BitMex Research made public a report that highlighted that ICOs had almost broken even on funds sold versus funds raised.

At press time, BitMex was the second largest exchange globally in terms of daily trading volumes. Coinmarketcap however, states that BitMex is a derivatives entity does not have all the data needed. Coinmarketcap states that the data does not contain volume averages of Bitcoin.

Following the controversy surrounding the launch of Bitcoin Cash, a number of leading exchanges have announced backing for the system upgrade. Coinbase will pause all deposits and withdrawals an hour before the upgrade. A similar route has been followed by Binance. They claim that the move is meant to protect consumers.

With the expected hard fork, Bitcoin Cash has soared in value to trade at $535 by press time.

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