22.8 C
Manchester
August 7, 2020
Image default
Altcoin

Bitcoin Cash celebrates its third anniversary

Blockchain resulting from a Bitcoin fork reaches another year of life surrounded by critics and supporters.

Today is the third anniversary of Bitcoin Cash, a blockchain born out of a Bitcoin fork in order to optimize its scalability and rates.

Taking advantage of that date, here are some of the highlights of the BCH blockchain, in addition to the events that led to its birth.

Bitcoin problems

One of the problems that still plague the Bitcoin blockchain is related to its scalability. Today, its blockchain handles few transactions per second, partly due to the size of its blocks, which is currently fixed at 1 Mb.

Over the years, numerous announcements were made by the developers, as well as conferences held, promising that the block would be enlarged to improve the scalability of the project. However, this update has been postponed in a way that suggests that this will never happen.

————————————————————————————————————————————————————

Buy Bitcoin at Coinext
Buy Bitcoin and other cryptocurrencies at the safest broker in Brazil.
Register and see how simple it is, visit: coinext.com.br

————————————————————————————————————————————————————

The birth of Bitcoin Cash

As a result, part of the Bitcoin community has prepared for an alternative plan in order to increase the block size to 8 Mb.

The Bitcoin block was scheduled to rise in the spring of 2017, but it did not and more and more friction started in the community. Then, in early June of that year, the mechanism for updating the network was put in place.

This culminated in a hard fork in the main chain, which occurred on August 1, 2017 to block number 478559. Bitcoin Cash.

Since that time, this blockchain has achieved incredible goals and showed how this update has brought benefits, such as reducing the huge costs in Bitcoin fees – that are still present today.

The latest news from Bitcoin Cash

The project did not only work on increasing blocks and decreasing rates. He went further, citing for example the birth of the SLP (Simple Ledger Protocol) tokens, which are real tokens based on this blockchain and with thousands of uses since their creations are very simple.

THE Satochip, one new hardware wallet, was created for these SLP tokens. It allows them to be easily managed and, thanks to these tokens, it was possible to addition of stablecoin Tether (USDT) to Bitcoin Cash.

In addition, Bitcoin Cash developers created a system of smart contracts called Nimbus, which will expand dApps on that blockchain, like DeFi games and apps.

The BCH blockchain has recently undergone a update which led to further improvements, while the new CEO of Bitcoin.com, a company whose main objective is to spread Bitcoin Cash, is working to gradually increase the adoption of BCH as a payment method, following the original desire of Satoshi Nakamoto – who wanted Bitcoin to be a financial system “peer to peer ”.

Source: Cryptonomist

Related posts

Ethereum may re-test 2019 high at $ 365

Anupreet Kaur

Amazon’s “Upload” series mentions Facebook’s Pound as a form of payment

Anupreet Kaur

95% of cryptocurrencies will not see their price rise, says Binance CEO

Anupreet Kaur

Leave a Comment