Things You Need to Know About The Upcoming Bitcoin Cash Hard Fork
Bitcoin Cash (BCH) seems like it’s on its way back up. On April 18th, the price of a single BCH token was worth about $770. At press time, the value of a single BCH token was $1293, a nearly 40 percent increase.
The BCH community doesn’t look very eager to bring about any kind of huge change in the market. It is instead focusing on its efforts on becoming a network well-suited to everyday payments. The Bitcoin cash team believes that it is very important to have a hard fork on a regular basis so that the protocols can be upgraded, hence Bitcoin Cash hard fork is scheduled every 6 months.
A statement released by the group following the meeting reads,
“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should ‘just work,’ without complications or hassles. It should be ready for global adoption by mainstream users, and provide a solid foundation that businesses can rely on.”
The main upgrades one can expect are:
- Raising the block size 32Mb, to significantly increase the number of transactions that the Bitcoin Cash network is capable of handling.
- Larger block size also means that transactions on the Bitcoin Cash network would also be less expensive.
- Re-enabling the existing opcodes which could be used to establish tokens on the BCH network.
- Increasing the upper turn size to 220 bytes from 40 bytes to allow users to add more data to the blockchain. The most important of a use case of this is Colored coins, wherein you can track other assets that are not validated by miners.
- Time stamping data is also another use case of increasing the upper turn size, which allows users hash a document and add it to the blockchain so that they can prove the existence of the document.
Recently, Bitcoin Cash was in the news when Antpool, the world’s largest Bitcoin [BTC] mining pool operated by Bitmain and led by Jihan Wu has recently started to burn 12% of Bitcoin Cash [BCH] which was earned by the mining pool as transaction fees. The mining fees are being sent to a black hole address.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.