Smart Contracts on Bitcoin Cash: Coming in the Next Hard Fork Network Update
There are some platforms out there that offer the possibility to create smart contracts. There will be a hard fork on the Bitcoin Cash (BCH) network on May the 15th which will come with different updates, including smart contracts and tokenization.
Among the new updates we can mention a block change to 32Mb, an increase to the OP_Return data carrier limit to 223 bytes, and for advanced functionalities, the restoration of specific OP_Codes.
But there is an upgrade that calls the attention and is particularly intriguing. The new network would have the possibility to feature smart contracts and support different tokens. But the most important is that everything will be based on Bitcoin.
The smart contract capability has been popularized by the second most important network in the market, known as Ethereum. Ethereum allows crypto and blockchain projects to use its network to create different dApps and tokens.
Due to the fact that Ethereum uses a programming language known as Solidity, developers had to learn how to code using this language in a very short period of time, creating risky smart contracts on the network. During the last months, some incidents occurred on the Ethereum’s network that put at risk the funds of many individuals, investors and developers. And this has caused some to rethink their strategies and re-build their projects in safer networks.
By tokenizing and adding smart contracts to Bitcoin Cash, it will be a very good competitor to Ethereum.
nChain CEO Jimmy Nguyen, said:
“The second key upgrade is restoring certain OP_codes that had been deactivated in the Bitcoin script language. These OP_codes are being brought back to Bitcoin Cash to enable the ability for tokenization and smart contract execution on the BCH network. This will be a game-changer in the cryptocurrency space because it makes Bitcoin Cash the clear leader, with the ability to do all in one coin-efficient payments and advanced technical functions such as tokenization and smart contracts.”
With this new upgrade, Bitcoin Cash will have the ability to use smart contracts, and at the same time support tokens on the network. Moreover, Bitcoin Cash offers cheap and fast transactions everywhere around the world. With the new capabilities, it may drive some other coins into obsolescence.