Recent reports on social media have stated that developers associated with Bitmain the mining giant from China, has been planning the launch of a new Bitcoin Cash (BCH) smart contract protocol. This new project is being called Wormhole and its main idea is to use the Omni Layer project alongside with OP_Return and the increased data-carrier-size.
The original information states that Bitmain would make the official announcement of the project in the upcoming days and that the developers were using the Chinese Wechat app to talk and communicate about the development.
They intend to create a “permissionless community” and have been studying ways to use smart contract solutions with the Bitcoin Cash blockchain.
A New Fork
The whole concept of this new protocol is a hard fork from the Omni Layer protocol. As it uses an open source license, the developers decided to fork it to implement new features and achieve token issuance. The original token from the protocol will be called Wormhole Cash (WHC).
This new protocol will use Bitcoind nodes and consensus that will not need to be changed. It will have a two-layer security and the first of the layers will be based on Bitcoin Cash. The second layer will use Bitcoin and will have its own nodes. It will not process any data that does not meet the criteria of the protocol.
All of this is pure speculation, though, as there is not yet an official announcement about Wormhole, Wormhole Cash or whatever it will be called in the future. It the project is, indeed, real, then the Chinese mining firm will probably make an official announcement soon and the whole world will be informed about this new project.