Blockchain evolution can be swift. Just two days post-Ethereum's celebration, the Bitcoin Cash community joined in. fourth birthday , the Bitcoin Cash community celebrated its second.
Emerging from a heated debate on block size, Bitcoin Cash was established on August 1st, 2017, through a hard fork from Bitcoin. This move was aimed at enabling its scalability vision with larger block sizes.
Over two years, there's been noticeable change around Bitcoin Cash. Gatherings from Osaka to Houston showcased past developments and future prospects.
Celebrate the 2nd Anniversary of #BitcoinCash by attending a meetup on August 1st! 🎉🎉🎉🎉 #BCHforEveryone $BCH pic.twitter.com/0O5Hjy0coT
— Bitcoin Cash Meetups (@BCHmeetups) July 29, 2019
Naturally, Bitcoin Cash has faced its share of challenges. A significant dip was seen during the 2018 crypto bear market, with prices plunging 92% since its peak in December 2017.
The project has also undergone dramatic shifts, like last year's split where prominent figures Calvin Ayre and Craig Wright led the formation of Bitcoin Satoshi Vision, branching out from the original Bitcoin Cash chain.
While price fluctuations create drama, they're matched by heightened development activity.
Building BCH Up
Transactions on the Bitcoin Cash network remain very affordable, while its development community aspires to expand its utility beyond transactions.
Initiatives like Bitprim's Keoken and RSK's attempts at incorporating smart contracts into Bitcoin Cash highlight these ambitious goals.
Interest sparked further when developer Amaury Sechet proposed integrating the innovative Avalanche consensus mechanism.
Sechet clarified that Avalanche doesn't rely on traditional proofs like PoW or PoS; instead, it focuses on resisting Sybil attacks.
Early this year, Bitcoin Cash introduced an upgrade employing Schnorr signatures, enhancing bandwidth and storage efficiency.
Despite some tensions with the Bitcoin community, there's a push within Bitcoin Cash circles to prioritize proactive approaches and its advantages. one Redditor Advocates suggest focusing less on Bitcoin-related negatives unless necessary and highlight their own values.
Looking ahead, Bitcoin Cash plans to adopt adaptable block sizes and a new transaction model, including fractional satoshis.
What’s the Future Have in Store?
There's speculation that Bitcoin Cash might support Ethereum's transition to ETH 2.0, particularly concerning data handling needs.
Ethereum's Vitalik Buterin recently proposed Bitcoin Cash as a suitable temporary data layer in Ethereum's research community. Ethereum community pivot Buterin emphasized BCH's low fees as one of several reasons it's well-suited for this role.
While the idea may not take root, the proposal highlights Bitcoin Cash's growing credibility in the crypto space.
William M. Peaster, a writer focused on Ethereum, Dai, and Bitcoin, contributes to platforms like Blockonomi and Binance Academy. He delves into NFTs, DAOs, and is learning Solidity. Connect on Telegram via @wmpeaster.
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