Everybody has been eyeing cryptocurrencies as the new asset class but due to its dynamic and complicated nature, many have been speculative regarding these digital currencies for a long time. This year has been proving itself to be quite profitable for cryptocurrency enthusiasts and investors so far. Both crypto giants, as well as top altcoins, have been performing well for the past quarter. The crypto market suffered a recent bearing trend due to the emergence of UPbitfud which was denied yesterday. The markets are yet to stabilize and during this moment the biggest news comes from Bitcoin’s favorite and prosperous fork, Bitcoin Cash (BCH) as they complete their anticipated goal of increasing block size.
True Meaning behind the Upgrade
The overjoyed Bitcoin Cash community experienced a hard fork of Bitcoin Cash to the new Bitcoin ABC Software. To those who still do not understand the basics of a hard fork, it is a fundamental change of blockchain or distributed-ledger technology. The typical result of a hard fork is two separate coins. The origin of Bitcoin Cash was also a result of hard forking Bitcoin. Bitcoin Cash can be called another version of bitcoin which represents an upgrade of processing power to 8 MB units whereas Bitcoin core version has a 1MB block. But the current hard fork of bitcoin is more of an upgrade of the said blocksize from 8MB to its quadruple value and will not produce another coin. This upgrade is meant to provide users with even faster transactions while keeping the network fee at a minimum.
Default Data-Carrier-Size Upgrade
The Bitcoin Cash blocksize upgrade is a huge achievement for not only BCH community but also those who have been waiting for Bitcoin Cash to turn the wheels of crypto markets. The hard fork was initiated using Median Time Past and went live on the next block after MTP timestamp at 4:14 p.m. UTC. But it is important to note that Bitcoin Cash also announced some other significant upgrades along the way. For example, the blockchain’s default data-carrier-size has now risen to 220 bytes from 80 bytes. This increase will enable a strong OP_Return feature which is basically a less expensive method to embed data into Bitcoin Cash Chain. The OP_Returnis actually a script code which is used to mark transactions as invalid. Although, the common belief is that OP_Return can record other sets of data and not just financial transactions, but present developers believe that this upgrade will enable various types of transactions and new features in Apps such as Counterparty Crash, Blockpress, Memo and other such platforms.
How Will It Help The Community?
The main idea of this upgrade is to permit the huge amount of transactions on the BCH blockchain while maintaining Bitcoin Cash’s promised less expensive network fees. It’s a known fact that the current amount of transaction on BCH has been gradually increasing and has been supported with commercial adoption almost every day by new businesses. At this point, by increasing the block size fourfold, the blocks will take much more time to fill up. Crypto experts believe that equipped with these new innovations, Bitcoin Cash will become even more popular and boost its usability. Bitcoin Cash has also re-enabled Satoshi OP_Codes which are used to perform particular operations such as simple math and string management. It is believed that these OP_Codes will bring new functionalities to the Bitcoin Cash network and promote better comprehension of these codes which were created originally by Satoshi.
Future Development Plans
The upgrades announced by Bitcoin Cash are by far, a huge milestone for the platform and it will undoubtedly attract many more followers and developers to its side. However, these are not the last upgrades brought by Bitcoin Cash. According to the team behind Bitcoin Cash, it is merely the first step towards the upcoming innovations. Some other developments which are currently underway are;
Double spend notifications which according to its name, will be used to notify the nodes whenever double spend occurs.
New Proof-of-Work ‘Bobtail’ and Merging concepts such as ‘Graphene Protocol’ to enrich the set of features provided by Bitcoin Cash Chain.
Current Market Position
Although Bitcoin Cash sells itself as the original Bitcoin which offers lowest transaction fees according to records, Bitcoin’s transaction fee was noted lower than BCH at the end of February. Currently, the crypto markets are experiencing a see-saw situation and will probably need more time and support to gain momentum. According to the data on CoinMarketCap, Bitcoin Cash is ranked as the 4th largest cryptocurrency in the world. Its individual price is at $1257 USD and is going down at a rate of 11.45% while its total market capitalization is approximately $21 billion and $535 million USD at the time of writing.
Final thoughts
The upgrade has spelled a new chapter for Bitcoin Cash’s dominance in the cryptocurrency markets and 15th May will remain as a historical day for the BCH community. But it will take some time before the crypto markets rally towards recovery and Bitcoin Cash leads all digital assets to oblivion. It’s safe to say that this innovative upgrade will spur new adoptions of BCH and maximize transactions on Bitcoin Cash Network.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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