Bitmain's response to BIP148 UASF

 On August 1st, a segment of the Bitcoin community will activate the BIP148 UASF (User Activated Soft Fork) in an attempt to force the miners to convert to SegWit protocol. In response to the upcoming UASF, Bitmain today announced that it may launch a “hard fork” in August themselves.


The Bitmain hard fork is referred to as a UAHF or User Activated Hard Fork which will only be launched in response to a successful BIP148 UASF. The term UAHF is not a very accurate term because it will only be launched by Bitmain alone and not the community. On the surface it means that Bitmain is creating its own coin which only shares a common history with Bitcoin - Bitmain’s Bitcoin.

The plan is to create Bitmain’s Bitcoin exactly 12 hours and 20 minutes after the BIP 148 UASF activation. Bitmain will then first mine the Bitmain’s Bitcoin privately for three days. After these three days, there will be an official launch of the Bitmain’s Bitcoin to the public. The launch will only happen if the following three conditions exist:

1. BIP148 UASF must be successful enough to gain significant hash rate
2. A strong market demand for Bitmain’s Bitcoin exist
3. In comparison, the non-BIP148 side of the split must be less than successful

The good news is that anyone who holds bitcoins at the time of a split will receive coins on both sides of the chain. In other words, you will get free "Bitmain bitcoins", which you can keep, sell or spend as long as someone is willing to accept them as payment.

It looks like the Bitmain announcement was not taken that well by the community and the chances of BIP148’s success may have actually increased. Bitmain might have just pushed the undecided into the BIP 148 camp. Maybe the Bitcoin world changes on 1 August and it is a start of a new chapter for Bitcoin or status quo would prevail, in which case not much would change at all.

Source:
https://bitcoinmagazine.com/articles/bitmain-responds-uasf-another-hard-fork-announcement/