Bitcoin Cash will get upgrade

Bitcoin Cash reality reflects a vibrant crypto world. Tomorrow BCH upgrade is scheduled to occur. It means new changes to the BCH protocol. One can see augmented capacity and fresh features such as operation codes will be added. Block size limit will reach 32 MB. The new limit eases the code, as 8MB was a purely arbitrary limit. New figure for capacity is a technical limit based on the serialization format. So one benefit is simpler code. Also, the other features in this upgrade (op-code restoration, etc) require a hard fork anyway, so there is literally no downside to removing the arbitrary 8MB limit at the same time. The block size should be upgraded before it comes anywhere near the limit. Now one has great room for growth.

Bitcoin-Cash

It’s about making the capacity available for usage down the road. It doesn’t mean that on May 15 all of a sudden 32MB blocks will start being full. The system has already had this at 8 MB blocks with massive spam attacks. Some actual 8 MB blocks were worked on and a few blocks later everything was fine again. Even though the fees are low, they are not that low, it would still cost millions to spam and cripple the network. By the way, fees are allowed to be zero, but most nodes drop zero fee transactions.

Moreover, the OP_RETURN data carrier will be scaled up to 220 bytes. It’s important to note that there are five developer groups (Bitcoin Unlimited, Bitcoin ABC, Bitcoin XT, BitPrim, Parity Bitcoin) exploring the BCH potential and this fact seems proving that BCH is still decentralized cryptocurrency. At the same time one can recall that there are only 2000 people running full nodes for BCH and blockchains, and some of them will not allow anyone to even run a full node.

Meanwhile there are 65% nodes are running a version that’s ready for to be streamlined. For example, during the last BCH upgrade taken place at the 15-th of November there were 70% of nodes fit for to be overhauling. It happens since due to the thesis elaborated by Blockstream/Core traditions full readiness of nodes for upgrade will be detrimental to the network. At the same time when nodes were not streamlined directly stopped accepting new blocks. The node operators has checked that some their nodes are dysfunctional so these nodes were slated to be overhauled over some days. So after the week of the starting date of last upgrade (15-th of November) all nodes were streamlined.

Another good news for BCH is that this altcoin is being listed on Coinlib exchange but at the same time it was delisted from Dutch biggest crypto exchanhe BL3P. The cumulative effect of anticipation of coming upgrade and listing reshuffle resulted in -0,77%, while Bitcoin Cash plummeted to $1473,6.

2018-05-14T20:26:49+00:00 14 May 2018|Tags: |0 Comments

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