Bitcoin Cash Developers Work On Upgrades, Platform Development And The Future Of The Network
- Bitcoin Cash continues expanding with many different developments
- On August first the network will be celebrating its second anniversary
Bitcoin Cash (BCH), one of the largest cryptocurrencies in the market, is being developed and continues expanding around the world. The new upgrades will help Bitcoin Cash scale and reach a larger number of users. At the same time, those that are already using the digital asset will experience improved services as well.
Bitcoin Cash Works On Different Updates
In just a few days, Bitcoin Cash is going to be celebrating its second anniversary in the market after splitting from the main Bitcoin (BTC) network on August 1st, 2017. Since that moment, there have been several developments taking place and four BCH upgrades, according to news.bitcoin.
It is worth mentioning that when Bitcoin was created, Satoshi Nakamoto added operation codes to the protocol that could push data and perform specific functions using the Bitcoin Script language. However, due to the fact that there was a bug in a specific opcode called OP_LShift, developers decided to disable opcodes.
Bitcoin Cash decided to re-enable these opcodes that allow for different decision-based transactions, compilers and also other functions that are triggered depending on the opcode that is being used.
One of the main implementations mentioned by news.bitcoin is OP_Checkdatasig that checks the validity of a signature using a message and a public key. This operation calculates the hash in a transaction so as to validate signatures in an automated way. Furthermore, data can be imported using an oracle.
Back in May 2018, Bitcoin Cash has also decided to increase the block size to 32 MB, allowing the network to scale, offering fast and cheap transactions. This is 32 times larger than Bitcoin’s 1MB blocks or 4 times larger than the 8 MB blocks that the network had until May 2018.
In addition to it, the Bitcoin Unlimited (BU) development team informed that it was working on Graphene version 1 and its complementation with the BU client. This code merge is the first functional implementation of graphene blocks, as reported by George Bissias.
There are two other developments that are worth talking about as well. One of them is the Canonical Transaction Ordering (CTOR).
The CTOR white paper reads as follows:
“We propose the CTOR as an alternative where transactions, within a block, are ordered by increasing transactions identifier. We argue that CTOR is highly desirable for a series of reasons.”
Some of these reasons include block emission and propagation being more efficient, simplified software implementations, proofs of transaction inclusion improved and many other things
Finally, Schnorr signatures were added to the network that acts as a foundation of a variety of different techniques that can improve scaling and also privacy. According to Mark Lundeberg, an independent developer, Schnorr could remove 4 percent of the current transaction storage.
At the time of writing this article, Bitcoin Cash is the 5th largest cryptocurrency in the market after Bitcoin, Ethereum (ETH), XRP and Litecoin (LTC). CoinMarketCap informs that Bitcoin Cash has a market capitalization of $5.64 billion and a price per coin of $314.