BCH upgrade, what benefits does it brings?

The subject of this article is a question most people have been asking since the Bitcoin Cash Network upgrade completion two days ago. While some thought the upgrade will increase the BCH they have in their wallets, others thought it was about a BCH price upgrade and didn't notice any changes in the value of the BCH they have in their wallets. To start with, the Bitcoin Cash network upgrade has nothing to do with the price or increase in the number of BCH a user has before or after the upgrade. The upgrade is all about the technical aspect of the Bitcoin Cash network.

However, most users are still in confusion because they did not notice any changes in their wallets and wondering what are the benefits of the upgrade are. In this article, we are going to answer your questions and make things clear and as simple as possible.

1. The upgrade makes it is easier, safer, and more efficient for entrepreneurs and builders to create apps on top of the Bitcoin Cash chain

The upgrade opens up new possibilities and opportunities for entrepreneurs and builders to create apps on top of the Bitcoin Cash chain. In other words, an entrepreneur can now quickly and easily create a mobile app for e-commerce businesses that enables users to pay for shopping with BCH on the Bitcoin Cash chain.

Developers can also create apps that allow users to invest in projects using BCH, and these apps can help in creating a more efficient money transfer system between people using the BCH chain. The long-term benefit of this is that the small merchants and businesses can now be able to create a payment gateway for their businesses where they accept BCH as a payment for the goods and services they are selling.

The development of such mobile apps and payment gateways will be facilitating an increase in the adoption of BCH because now they will have a ready-made platform where people can pay and use their BCH for transactions. The offline businesses and merchants who are willing to accept BCH for transactions can now take advantage of this opportunity to accept payments using BCH.

2. The upgrade will make all Bitcoin Cash smart contracts much more space-efficient, allowing better scalability

Since the upgrade, a user who wants to create a smart contract will be able to do so much faster and more securely than before. Smart contracts will now be doing so much more jobs than before without getting in their way. Previously, a smart contract that had a hundred contracts entered into it would take a lot of time to compute and would not be able to operate properly. Now, thanks to the upgrade, a smart contract will be able to perform several more contracts in a much faster, and more efficient way.

The scalability of the Bitcoin Cash smart contract is improved so much that it will be able to do many more jobs than before. This will allow the developer to increase the number of Smart Contracts that are working with each other. Smart Contracts are simply defined as computer programs that have specific conditions and requirements to perform an action. These conditions or requirements are set up by the developer and would allow a particular contract to execute if and only if they satisfy the requirements. In the case of the Bitcoin Cash upgrade, the possibility to do transactions in BCH, the increase in the number of contracts, and the ability to deal with a larger number of contracts will make it so much easier for Smart Contracts to be written and used.

The much more efficient and scalable nature of the BCH smart contract will make it possible for Smart Contracts to be used in the retail, e-commerce, and other financial services industry more frequently.

3. The upgrade paves the way for the next steps of improvement to Bitcoin Cash smart contracts

The upgrade will foster the next steps of improvement to the Bitcoin Cash smart contracts in such a way that will make the unspent transaction output (UTXO) smart contracts as powerful as EVM, but with better scalability. This will make it so that NFTs and fungible tokens have greater utility than just being collectibles. The value of these NFTs and tokens will increase because they will have more utility on-chain which will increase their values. This development is intended for the May 2023 upgrade, more information about it can be found in the link below.
https://github.com/bitjson/cashtokens

4. It also indicates that Bitcoin Cash is steadily improving, putting it ahead of the competition

The BCH upgrade is an obvious signal that Bitcoin Cash is progressing in the field of technical improvements and moving ahead of its competitors in the industry. Other cryptocurrencies will probably attempt to match this advancement in the near future, but we can already see the movement that BCH is making.

Most users will not notice a change right away. A lot of effort was put into this upgrade to achieve these substantial improvements without breaking anything. Wallets, smart contracts, and other Bitcoin Cash applications continue to function normally during and after the upgrade. In other chains, a time of upgrade as this usually causes a lot of problems for users, but in the case of BCH, all was normal. The change is happening at such a high speed that we don’t even need to think about it.

Bottom line

Overall, the Bitcoin Cash network upgrade is significant in several different ways. It is a major upgrade that brings the Bitcoin Cash ecosystem closer to the mainstream. There are now several opportunities for Bitcoin Cash to take the lead in the industry, and this upgrade provides us with a way to do so. All in all, it is an indication that we are moving in the right direction, and that we can expect great things from Bitcoin Cash in the future.

Appreciation and reference

Special thanks to @emergent_reasons who provided the points discussed in this article on his Twitter handle.

Lead image source: whybitcoincash.org