Starting from where my previous post ended ("Bitcoin Cash Separates Money And State"), it was made clear that a breakthrough technology like Bitcoin, one that appears only once every 50-100 years, was required to be tamed by the establishment.
The pioneering spirit of Satoshi Nakamoto survived within the Bitcoin Cash ecosystem, and the BCH community overcame all difficulties. Bitcoin Cash presents today the groundbreaking case as a Bitcoin upgrade.
P2P electronic cash, fast and cheap to use in order to reach mass adoption.
Bitcoin Cash is financial freedom empowering the user, with the ability to meet demand and scale at a global level.
We witnessed Bitcoin Cash reaching a higher number of transactions than BTC in 2021, with average fees remaining low.
Bitcoin Cash is the Bitcoin we signed up for.
Developments
The Bitcoin community is growing and BCH currently has a growing user base. The utility of the network provides ground for expansion in numbers of users and the promising developments (SmartBCH, PMv3/Cashtokens, etc.) are helping in opening up new opportunities.
We already know and discussed SmartBCH and have clear expectations, however, the Bitcoin Cash developers are also working on integrating tokenization in the main chain.
Increasing the user base requires constant development and an open mind for changes. Being hopelessly sticking to the 12-year-old code and only fixing bugs is similar to Microsoft not producing anything better than Windows 98, but sticking to that code and praising it as the ultimate OS.
Development is essential, as we are about to herald the 4th industrial revolution. Cryptocurrencies will be an integral part of modern finance but those that stall development will be left behind.
Bitcoin Cash Network Discussions
Important developments will be discussed today (in a couple of hours) on BCH Network Discussions (will be live-streamed on the Youtube channel).
PMv3: Version 3 Transaction Format
John Moriarty will be the host and discuss developments together with:
Jason Dreyzehner, author of PMv2, Bitauth authentication, libauth library
Tom Zander, Founder Flowee
Benjamin Scherrey, Biggest Fan Productions, Proteus Technologies
Richard Brady, Bitcoin and Telecoms expert
Rosco Kalis, Truffle Suite tooling, CashScript creator, Software Engineer @ GeneralProtocols
-Source (Bitcoin Cash Network Discussions)
The discussion will revolve around code changes on the Bitcoin Cash transaction format:
This proposal describes a version 3 transaction format for Bitcoin Cash which:
Enables fixed-size inductive proofs and signing of transaction input contents.
Consolidates transaction format integer encodings to be compatible with contracts.
Reduces transaction sizes by eliminating wasted bytes.
-Source (Bitcoin Cash Network Discussions)
Recommended material for the PMv3 written by Jason DreyZehner: PMv3: Build Decentralized Applications on Bitcoin Cash .
Currently, Simple Ledger Protocol (SLP) is the dominant protocol used for tokenization on Bitcoin Cash. A proposal for PMv3 is an alternative that brings CashTokens to the network.
Source of Image: Github
CashTokens (as proposed by Jason DreyZehner) are explained in this blog post.
Most of the features of PMv3 will be discussed on the live stream, practically though these developments will improve features of:
On-Chain Token Sales
Transferable Synthetic Assets
Decentralized Exchanges
Decentralized Prediction Markets
-Source Bitjson's Blog
While the discussion will be mostly on the technical aspect of changes, we will also have a good chance of understanding how these developments have the potential to promote the use of the BCH network in these fields.
Subscribe to the Bitcoin Cash Network Discussions channel and turn a reminder on this link.
Closing Thoughts
Success for a network comes with adoption and a rising network effect.
The community keeps exploring options and developments to achieve a top place in modern finance systems. It is rising to the challenge of improving the network and accomplishes wider adoption levels in various fields.
Bitcoin Cash has proven in 2021 its ability to scale and the low fees and a high number of transactions and is currently moving forward with disruptive developments that will possibly set the standard for blockchain financial networks.
CashTokens and PMv3 are important proposals that will be discussed a lot within the Bitcoin Cash community. Don't forget to follow the live steam, questions will be reviewed by the host, John Moriarty, and will be answered by the guests.
Lead Image: Source (modified)
Resources:
"CashTokens v0" - Github
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Long live BCH cheers !