In the past six months, supporters of Bitcoin cash have been tirelessly promoting the popularity and widespread adoption of Bitcoin worldwide, while BCH developers have been strengthening infrastructure. As of press time, the BCH market has risen more than 213% this year. BCH's total market capitalization is about $8.4 billion, with a global transaction volume of $2 billion and a unit price of $470. This is the highest point of BCH price since the BCH battle in November 2018.
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- If the miner is dissatisfied with the BCH incentive halving, it may cause cyber security problems.
BCH infrastructure is gradually improved
The trading volume (tpd) in the Bitcoin cash network chain increased significantly, from 8,392 on January 1 to 66,000/day. The overall growth of chain transactions exceeded 686%. Compared with other digital currencies, Bitcoin cash ranks third in terms of chain trading, second only to BTC and ETH. According to the Bitcoin cash network data provided by Coindesk, the direct network contribution of the BCH network (such as usage indicators such as chain transactions) is significantly improved compared with other chains.
The UTXO set of the BCH network is also growing compared to the chain transaction. Some people believe that there is a link between the UTXO set and the growing BCH market valuation. It can be said that the growth of UTXO has increased with the adoption rate. At present, the scale of UTXO has soared since September 2018. In addition, BCH computing power has been climbing, and has risen 66.6% since the beginning of the year.
Overall, it fell after the battle in November 2018, but in the past six months, BCH miners' processing capacity increased from 1.3-1.5 EH / s per second to 2.3-2.6 EH / s this month. Currently, there are 12 known BCH mines that are investing in computing power. In the past seven days, unknown miners accounted for 19% of the global BCH calculations. Since January 1, the power of the mine has increased significantly, including the top BCH pools including Btc.com, Btc.top, Viabtc, Huobi, Poolin, Antpool and Bitcoin.com.
After the upgrade in November 2018, the development work was also excellent. Since the deployment of CTOR and the opcode OP_Checkdatasig, BCH programmers are working hard on another upgrade on May 15. As of block height 582680, the BCH chain successfully achieved two new functions by adding Schnorr signatures and Segwit recovery. The goal of BCH developers is to establish Bitcoin cash as “available to everyone in the world.” Bitcoincash.org explains the BCH protocol roadmap, which emphasizes that future technological improvements can be divided into three categories:
Increase bitcoin cash transaction throughput from less than 100 Tx / s to over 5,000,000 Tx / s. Protocol improvements must be made to enable large-scale transaction processing.
Improve the payment experience and make it fast and reliable. The transaction should be completed within three seconds and secure.
Make Bitcoin cash scalable. Scalable protocols make future improvements less disruptive and provide a solid foundation for businesses and developers.
The developer is already discussing the proposed draft specification for the next upgrade. Some of the suggested features include enabling Schnorr signatures for OP_Checkmultisig (VERIFY), forcing minimal pushdata, forcing NULLDUMMY, and changing the rules in the script to limit signature operations. In addition to these developments, some members of the community have launched a Bitcoin Cash Developer Foundation to support developers. The goal of the Development Foundation is to raise £1,600 by August 1st, and so far the work has been very successful.
In addition to core protocol development, there are many infrastructure extension applications and platforms that have made significant strides in the BCH network ecosystem. In the past six months, the coin service has been an extremely successful advancement, adding to the popular electronic cash wallet by default. Since March 27th, BCH users have participated in 13,744 mixed coins, which amount to millions of dollars.
The other is the Simple Ledger Protocol (SLP), which attracted a lot of attention in 2019, which allowed people to create various tokens on top of the BCH chain. SLP tokens have already added trading pairs on the exchange, and the small sovereign state of Liberland also uses the SLP protocol token. All types of tokens were created this year, and there are multiple wallets that can be saved with the SLP blockchain browser. Due to the simplicity and convenience of the SLP protocol, hundreds of tokens have been created on the BCH chain through the SLP protocol, some of which have been listed on the exchange, and one company has created a BCH stable currency called Honestcoin.
The price increase is indeed good news, but compared to the development, computing power and chain activity of the BCH main network in the past six months, this is only a small indicator. Due to the current development of the main chain and infrastructure, many BCH supporters believe that the price of bitcoin cash is currently seriously underestimated. The BCH community will bring peer-to-peer electronic cash to the world through their passion and innovation, and will continue to move forward in the second half of the year.