On Bitcoin cash's target recalculation functions

Abstract

Bitcoin Cash, created in 2017, is a "hard fork" from Bitcoin responding to the need for allowing a higher transaction volume. This is achieved by a larger block size, as well as a new difficulty adjustment (target recalculation) function that acts more frequently (as opposed to Bitcoin's difficulty adjustment happening about every two weeks), resulting in a potentially different target for each block. While seemingly achieving its goal in practice, to our knowledge there is no formal analysis to back this proposal up.