My Five Tips for the BCH Community

The fifth bitcoin cash development videoconference in 2020 was held on June 25, and included Amaury S é chet and Antony Zegers of the Bitcoin ABC development group, Chris Pacia and Josh Ellithorpe of the BCHD development group, Chris Troutner of fullstack.cash, Tobias Ruck of be.cash, Rosco Kalis of CashScript and Josh Green, of the Bitcoin Verde development group chaired by David R. Allen. Developers mainly discuss the avalanche protocol, difficulty adjustment algorithm (DAA), Op_Return, November upgrade content and BCH specification.

These are the hot spots that developers pay more attention to. So what's happening in the BCH community? He believes that if BCH is going to change from here to the point-to-point E-cash that is used around the world, it should start with the following:

1. Completely delete all traces of IFP, including invalid code, and ensure that 100% of it is not reactivated or attempts to reactivate it. Whether or not IFP (infrastructure financing plan) has been cancelled, it should be completely deleted from the code library, and if the IFP plan has been completely cancelled, there is no reason for the code to exist. It is extremely unfair that 12.5 per cent of mining incentives be spent on development funds, and from a miner's point of view, why allocate a large portion of their profits to those who do not contribute or bear the cost of creating blocks. It is clear that the encrypted community sees IFP as a disadvantage for BCH, and we want to attract not only supporters within the BCH community, but also people outside the BCH community. One of the main reasons for supporting IFP is how development teams get funding for infrastructure development, rather than providing them with money and resources free of charge just because they are developers. I think there is a flaw in this argument that stable and secure sponsorship funds for the development team will not help bring value to the BCH system. If the Development Group does not have a stable source of funding, their only source of funding is the funds donated to them based on their contribution to development, which depends on the value they provide to the BCH ecosystem, rather than on "donations" that are guaranteed regardless of their results. Of course, if the community will be very satisfied with the contribution of the development team, then no amount of money donated by the community to the development team will be controversial.

2. Replace the difficulty adjustment algorithm (DAA) as soon as possible. At present, we have encountered the situation of digging out several blocks in a minute, although the average time is still around 10 minutes, but this has a bad impact on the security and reputation of BCH. If DAA is not fixed, BCH's large ponds are likely to increase easily, switching from BTC to BCH, resulting in increased mining difficulty and then cutting away quickly, leading to a long time when less powerful pools will take a long time to reduce the difficulty of mining. This greatly hinders the enthusiasm of the miners who insist on mining BCH and makes it easier for machine gun pools to reap the benefits of mining. The longer the algorithm lasts, the more BCH miners lose.

(3) Remove the output limit for the 50 unconfirmed transactions, or raise the limit to a level where there is no effective limit.

The 50 Unconfirmed Transactions Limit is an artificial barrier to blocking spam transactions on the blockchain, The problem is that it also prevents businesses and merchants from efficiently trading on the blockchain and kills BCH as a payment system. If a business wants to make payments to users, it needs to make payments using multiple outputs, and if the block chain transaction limit is extremely limited, this prevents businesses from using BCH to make payments.

SatoshiDice (Nakamoto dice) Web site has raised this question to express their appeal to BCH, BCH wishes to remove the then 25 unconfirmed transaction restrictions and promises to donate 1000 BCH to the BCH Development Fund for this change. I believe that removing the number of unconfirmed transaction limits benefits BCH and increases the value of the network, indirectly enabling developers to raise this limit.

4. Raise the price to take BCH seriously.

Price is not the whole of BCH, but it is also very important. The price will rise, and the calculation will rise, so the network will be more secure. It's not primarily used as a store of value, but if you want people to take BCH seriously, it's also important to use it as a store of value.

5. Expand your community, and take the initiative to expose the lies about BCH that are circulating in other communities.

I think this is one of the most important things for BCH to survive, the current cryptocurrency community's view of BCH is extremely negative, and the frequency of this sound is getting higher and higher. Expose the lies circulating in the community, and tell them the truth with irrefutable evidence, so that the cryptocurrency community is not optimistic about the BCH people change.

Hayden Otto, Bitcoinbch.com 's chief executive, has analyzed in the video that "a 51 per cent attack on BCH after halving is full of false news". Although the 51 per cent attack on BCH has never been successful, it is easy to mistake the amount based on a screenshot or theory. Hayden Otto believes that for a variety of reasons, a 51 per cent attack on Bitcoin cash is highly unlikely, and that most of the power of SHA-256 on BTC is run by companies such as BTC.com,AntPool,ViaBTC,BTC.TOP and Bitcoin.com, which support BCH. These pools can switch their BTC computing power to BCH, as soon as an attack is detected, thereby increasing their share of BCH computing power. Although there has never been a precedent for a successful power attack on BCH, the security of BCH has been greatly reduced in the minds of many people.

BCH is currently on the doldrums, so it is even more important for everyone in the community to work together to make progress in improving BCH's community image and its success as a cryptocurrency. ​​​​