Bitcoin Cash is set to upgrade the network on May 15th, bringing small but important speed and security improvements. The upgrade is widely supported amongst network participants and is expected to not cause hiccups for node operators, businesses, exchanges, or end users.
The key improvements include the removal of the unconfirmed chained transaction limit (which was previously set at 50) and the introduction of double-spend tests. These changes enable nodes to trust that certain transactions are valid even when there hasn’t yet been an on-chain confirmation. This enhances Bitcoin Cash’s utility as a payment solution where a high-volume of small-value transactions must be processed in a short time. For apps like Satoshi Dice, for instance, this will improve players’ experience. Previously, players who hit 50 transactions in less than 10 minutes would have to wait for the next block to continue playing. This update removes that limit, meaning you can now play without interruption.
Do I have to take any actions for this upgrade?
If you’re running node software, please ensure you have upgraded to the latest version of https://bitcoincashnode.org/. Otherwise, no actions are necessary.
Will service be interrupted?
No, the upgrade is expected to complete seamlessly and without incident.
Are there any other changes coming with this upgrade?
The default block mining max size will be set to eight megabytes. This will allow operators to mine bigger blocks without having to configure this parameter manually (although the option to change the default is still available).
Secondly, the upgrade enables the inclusion of more than one OP_RETURN statement in each transaction. This offers programmers the choice of using this space for other purposes while still preserving its use for the SLP token protocol.
What’s CHIP?
Going forward, Bitcoin Cash will be formalizing the upgrade process by introducing a Cash Improvement Proposal (CHIP) system and scheduling regular annual upgrades. The objective is to improve transparency in the development process and achieve buy-in from a greater number of stakeholders towards building stronger consensus on the improvements needed and the direction to take Bitcoin Cash.