Ryan X Charles, CEO of Yours.org, a social network based on Bitcoin Cash [BCH] has recently explained the details of the upcoming Bitcoin Cash fork which is scheduled on 15th May.
According to him, the BCH team believes that it is very important to have a hardfork on a regular basis so that the protocols can be upgraded, hence Bitcoin Cash hard fork is scheduled every 6 months.
The main upgrades which are expected to happen are:
- Raising the block size 32Mb, which is the largest block size that can be implemented without changing the peer-to-peer protocols.
- Re-enabling the existing opcodes which were disabled earlier because they are the building blocks for some of the advanced smart contracts.
- Increasing the upper turn size to 220 bytes from 40 bytes which allow users to add more data on the upper turn and can be archived in the blockchain. The most important of a use case of this is Colored coins, wherein you can track other assets that are not validated by miners.
- Time stamping data is also another use case of increasing the upper turn size, which allows users hash a document and add it to the blockchain so that they can prove the existence of the document.
“The utility of the Bitcoin Cash would increase through these use cases, which would consecutively be the reason for higher prices of BCH over the long run. Hence the technology would be more useful to improve BCH transactions.”
Bitcoin Unlimited [BU], the full node implementation for Bitcoin and Bitcoin Cash networks is also playing a vital role in the upcoming hard fork along with ABC developers.
The BU team has planned to increase the block capacity by decreasing the block intervals to 1-2.5 minutes. BU has implemented some newer opcodes like OP_GROUP or OP_DATASIGVERIFY, which could enable “representative token and binary contracts,” among other things. They are also responsible for announcing a new address format to help users send Bitcoin Cash to Bitcoin addresses. Cashaddr is the new format suggested by ABC. BU is also working on some of the advanced technologies to achieve better mining
A Redditor recently said:
“I like BCH and other altcoins. Of course there are some I think are pure hype, but BCH people are not maximalist idiots like CryptoGod12 and most hold some good stash of ethereum, other cryptos too.”
Currently, the ABC team is running various tests on both new rules and their activation. A testnet has been released for other public groups who are interested in testing the new features. The next Bitcoin Cash fork is scheduled for 15th November 2018.
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