Bitcoin Cash Smart Contracts – BCH To Introduce New Protocol?
In recent months, there has been much activity within the Bitcoin Cash (BCH) developer community to create an actionable currency that can be used to meet all of our daily transactional needs. In a recent interview with Jimmy Nguyen, the Chief IP, Communications and Legal Officer at nChain, he basically echoed the sentiments of BCH programmers and said that nChain would work towards tweaking bitcoin cash so that it can help solve any existing payment issues.
In an officially released statement on nDash’s behalf, Mr Nguyen said that his company believes that Bitcoin Cash is the true “Bitcoin”, because it has the potential to solve the issue of future currency circulation due to its possession of features like:
- Bigger block allocations
- Faster transfer speeds
- Lower transaction fees
Basically put, Bitcoin Cash fulfills all of the prerequisites that were envisioned by Satoshi Nakamoto when he first thought of creating a peer-to-peer electronic cash system. Jimmy goes on to add that, “nChain is committed to using its research, technology and resources to ignite the growth of Bitcoin Cash, and help change the world.”
What's To Come?
Development teams are currently outlining and eyeing major changes that currently need to be made at the start of next year. Some of the key issues that have been addressed in recent gatherings include:
- Block Size Upgrade: developers and experts have suggested an increase in block sizes from the current 8M limit to 32Mb
- New Framework Updates: in order to minimize/prevent issues pertaining to BCH and legacy chain, developers have recommended the implementation of an all “new BCH address format”.
- Protocol Modifications: the folks over at nChain have proposed that a “regularly scheduled protocol update take place every six months”.
In addition to this, testing groups are also considering the possibility of re-introducing Op Codes that had been previously been “deactivated in the legacy chain”. According to an official statement released by Bitprim, Juan Garavaglia the company’s founder had the following words to say, “Keeping our main mission clear, we wish to start including features that allow the BCH network to employ decentralized trustless transactions and smart contracts. This vision is aligned with that of IOV (Internet of Value), and by including this additional protocol, we expect to propose improvements for fungibility and privacy in a reasonable time frame (considering it is also one of the primary requirements for the massive adoption of Bitcoin Cash).”