Bitcoin unlimited NEXA coin, the BCH split you didn't hear about

For those who don't know, Bitcoin unlimited BU is a full node implementation for the Bitcoin and Bitcoin cash networks. A client protocol for BCH development, just like Bitcoin ABC was. Since the BCH fork Bitcoin unlimited BU has been a key player in the Bitcoin cash ecosystem, taking donations and maintenance for the Bitcoin cash network.

Given the position and influence of Bitcoin unlimited BU in the Bitcoin cash network development, it is therefore important to take note of this new development. I thought that everything such an organization would do will be to further or improve the BCH network. But that's not what it looks like right now.

The proposal for the creation of the coin was released last year in the Bitcoin unlimited forum, with many of the Bitcoin Cash network supporters voting against it.

https://forum.bitcoinunlimited.info/t/buip-166-launch-a-new-cryptocurrency/35

According to the proposal, it doesn't look like a fork on BCH but a new blockchain from the genesis block. Good as this may sound, I think this will not go well with the Bitcoin cash ecosystem. The ultimate goal of such an organization is to work towards the betterment of Bitcoin cash and its core mission of being the best peer-to-peer electronic cash in the world, not the creation of a competing blockchain and a meme coin.

There is a need to judge this development as to what benefits it will bring to the BCH ecosystem. The concern here is this since Bitcoin unlimited takes donations for BCH development any feature proposed should be that which should add benefits to the BCH network.

Some argue that they are bringing innovation to the Bitcoin Cash platform, while others disagree, saying that such moves are not what the community expects from the Bitcoin Unlimited organization.

There has been a strong influx of ideas and developments since BitcoinABC (Amaury's) left Bitcoin Cash, including transaction introspection, CashTokens, Anyhedge protocol, BCH BULLS, and many more. All of these were constructed to advance and promote the adoption of BCH.

On BCH test networks, you can experiment and invent new things. Nevertheless, BU decided to invest the donation money on infrastructure and ecosystem development for a new coin, which does not contribute to innovation on the Bitcoin cash network.

But what was the precise justification for NEXA's need? "BCH isn't doing well, so it's evident that we need to do something else to be interesting," they stated. Additionally, NEXA served as a testing ground for ideas that, if successful, may be implemented in BCH. But on BCH test networks, this is already possible.

Regarding this coin, there are still more questions that need to be addressed.

What criterion are they taking into account to gauge BCH performance? Price? Transactions? What is the cutoff? They don't offer any logical justification. Additionally, while there were a lot of people who do not agree with the proposal, the BU leader (Andrew) requested a vote without thoroughly discussing the issue in video meetings and forum discussions.

If BCH starts to perform better, BU has not stated what will happen to NEXA. Will it be phased out now that the original justification for its existence has been removed? Furthermore, they haven't specified how they plan to gauge whether BCH is beginning to perform better.

Will they evaluate NEXA's performance? How long will they let this go on? Will the initiative be abandoned if, after two years, NEXA does not meet BCH's expectations?

The bottom line is that since developing its coin was not at all on Bitcoin Unlimited's roadmap when those donations were made, it has betrayed the confidence of its contributors through this move even though they said they only used BTC funds. BU is not obligated by contract to utilize any donations for any purpose, their actions are dishonest and disrespectful, and people should hesitate to give to them in the future.

The purpose of this coin NEXA and its blockchain is clear. Bitcoin Unlimited has created a competing blockchain and currency with the intent to divide the Bitcoin cash network supporters and shift focus to the new chain and coin. BU as a fund collector for Bitcoin cash network development creating a competing chain with BCH seems like robbing Peter to pay Paul.

This NEXA coin is unnecessary and doesn't add up at all, it will only create a rift and further cause a divide in the Bitcoin cash ecosystem. BU focus should be on furthering the development of the Bitcoin cash network for which it takes funding.

This is another sprint to the Bitcoin cash network, and I wonder when the Bitcoin cash ecosystem will be stable.

First, it was BCH/BSV, followed by BCH/ZEC, now it's BCH/NEXA. These instances have caused division among the Bitcoin cash community and have many effects on the performance of BCH in the crypto market as a whole. It is evident that the NEXA team BU is not committed to the promotion and development of BCH as supposed and lacks professionalism and integrity.