On May 15, 2021, the Bitcoin Cash network will undergo an upgrade process that will bring some improvements. These updates include removing unconfirmed transaction limits, enabling multiple OP_RETURNS, implementing double spending testing, and enabling a new default mining block size limit of 8MB, and include CHIP (Cash Improvement Proposal) to accommodate more specification changes to be made in the agreement. Update: What you need to know On May 15, the Bitcoin Cash (BCH) network will be updated, which includes some simple but interesting changes aimed at improving usability and quality of life, rather than fundamentally changing the consensus algorithm.
The main change aims to improve the user and merchant experience when using Bitcoin Cash for online or in-store payments, and reaffirms the commitment to the first major proposed change-the removal of unconfirmed restrictions on connected transactions, so that the amount of work that users can perform Perform 50 unconfirmed chain transactions more once, major gambling sites and other fast transaction applications that rely on Bitcoin Cash as a payment solution have long required this feature-the dice app Satoshi Dice even offers 1,000 per year BCH rewards get rid of them.
Limitations Now, your users can become more flexible without having to wait to get a block every 50 transactions.Another important update is the introduction of a double-spend test, which allows nodes to send messages to a specific wallet when attempting a double-spend transaction, making 0-conf transactions more secure for high-volume applications.
Other important updates include changing the default maximum size of mining blocks to 8 megabytes, which allows newly installed and delayed operators to activate larger mining blocks without having to set this parameter themselves (although this parameter can be changed), and include There is an OP_RETURN-operator in each transaction, allowing programmers to use this space for other purposes when using the SLP token protocol.
The update/hard fork of the Bitcoin Cash process is about the centralization and transparency of what should be included in each update and what is not.
In previous updates, there were no standards to follow, and goals were often delayed indefinitely. In order to solve this specific problem, the node programmer community introduced the concept of CHIP. Recommendations are standardized recommendations aimed at changing or improving certain aspects of the Bitcoin Cash environment.
These CHIPs should first be submitted to the community for review by full-node client programmers who are trying to find a consensus that includes (or rejects) major changes. Most of the current selections of chips have been published on the "Bitcoin Cash Research" page, which serves as a hub for these considerations.All of this takes a long time to participate and study each proposal, and then update it. Therefore, this update also changes the schedule so that the update is performed once a year.
This is a more reliable method, and you can now conduct further experiments and carefully consider making more thorough protocol changes in future update cycles. The spot market (BCH) has achieved considerable gains in the past 48 hours, rising to above $1,200 per unit on Wednesday morning (Eastern European time). What do you think of the Bitcoin Cash network update on May 15th?
Please share your thoughts on this matter in the comments section below.