Bitcoin Cash Network Discussion June 2021 - Summary

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Avatar for SatoshisAngels
2 years ago


On June 1st 2021 the fifth Bitcoin Cash Network Discussion took place over zoom.

The main topic of this discussion was PMv3: Version 3 Transaction Format.

Currently, BCH has very limited scripting and smart contract capabilities. Also as transactions get more complex there is the potential for them to become much more expensive.

PMv3 is a proposal for a new transaction format that will upgrade several of BCH’s abilities.

Potential Positives:

  • Add the ability to do ETH style smart contracts on chain

  • New contract validated token system and token applications

  • Output we are spending can be reduced to just a hash value, taking up less space

  • Will allow for more user side abilities and upgrades that do not require a protocol upgrade

  • Prediction markets and decentralized exchanges will become possible to create

Things to consider :

  • It will require a protocol upgrade to change consensus rules

  • All indexing software, API’s, SPV wallets etc will need to be upgraded

  • Hardware and software wallets would only need an upgrade to take advantage of the new features

If you have a proposal for the Bitcoin Cash Network, Bitcoincashresearch.orgis a great place to start. Also, follow Twitter @CashDiscussions so that you don't miss the next discussion! ✨

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Avatar for SatoshisAngels
2 years ago