What’s Next for Bitcoin Cash: Smarter Contracts and Bigger Blocks
The next software upgrade for Bitcoin Cash might be ambitious than the first given how it broke off from Bitcoin. Therefore, the upgrade which was announced in December and will be launched on May 15 might incorporate various features meaning that more transactions might be processes then Bitcoin. The block size will change from 8MB to 32MB which allows more transactions in a single block.
The developers of Bitcoin cash ignored the protests of the bitcoin more seasoned developers who had said that increase in block size would jeopardize the $157 billion network. However, the contrarian mentality has added it attractive since a single BCH coin is going for close to $1,500 and this makes the market cap above $24 million.
“Block size increases are kind of non-controversial at this point, but it’s nice to see on-chain scaling happen.”
Therefore, another area which is being looked into for a scale-up is the increase of “OP_RETURN field,” where users store added Blockchain data from 80 to 220 bytes.
Return of the smart contracts
Not only are there new features in BCH, but some older capabilities of Bitcoin creator Nakamoto have been implemented. The most realized is smart contracts addition or dynamic where programming statements grant additional functionality in bow BCH tokens can be passed between users. In the case, various smart cards were gotten rid off by Nakamoto when he realized they could grant an attack vector. However, the BCH developers say that they have had a good time to seal the holes.
Steve Shadders said;
“Essentially out of an abundance of caution and lack of time to fully explore and fix the edge cases that needed to be addressed, the decision was taken to simply disable any opcodes around which there were doubts or even hints of doubts. Seven years have passed and the edge cases around these opcodes are much better understood now. Additionally, the decision to disable them was taken hastily and under duress. The [bitcoin cash] community now has had the luxury of time to address these issues thoroughly.”
However, not all the smart cards will be availed. Yabut said in a post;
“It’s the first step for enabling smart contracts with the protocol which will allow us to compete with Ethereum later on.”
Future of Bitcoin cash
Although Bitcoin cash community has excitement for the change, some users are skeptical. Most arguments are that the changes were not put on a vote before the coding. Others worry about the governance model of BCH where miners and developers of BCH make organizations in the future upgrades.
The various implementations for BCH are BitcoinABC, bitcoin classic and bitcoin unlimited all of which have agreed to the upgrade. There is not huge uproar for the node, wallets, exchanges, miners and the other services which need the upgrade.
However many users think that the features which were contentious were eliminated.