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In recent years, investment in digital currencies has increased significantly. Bitcoin has the largest share of this market as the first digital currency in the world, but due to the low speed of network transactions of this digital currency, many people invest in other digital currencies such as Atrium, Light Coin and Theron. So in 2017, Bitcoin expanded its network and introduced Bitcoin Cache to speed up transaction speeds. Stay tuned to Ramzinx to learn more about the differences between Bitcoin and Bitcoin Cash.
Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The purpose of making this digital currency is to trade without intermediaries and banks. This digital currency is used to buy a variety of online and recently offline devices. The price of bitcoin rose sharply in 2017, reaching thousands of dollars.
In July 2017, bitcoin mining companies and pools spent 80 to 90 percent of their bitcoin computing power using a well-known segregated witness technology called SegWit2x. SegWit2x connects the amount of data that must be validated in each data block by removing the signature data from the data block that needs to be processed and shrinking the block space into an advanced block.
Signature data is estimated to make up approximately 65% of the data processed per block.
There was talk of changing the size of the blocks and increasing them by 1 to 2 MB in 2017 and 2018, but finally in 2019 this change was made and its amount increased to an average of 1.305 MB. The larger block size contributes to the bitcoin debate in terms of improved scalability.
Research conducted in September 2017 on BitMex exchanges showed that implementing SegWit in this digital currency has helped increase block size. In late 2017, Bitcoin Unlimited scientists showed that the world's first 1GB block is 1,000 times larger than its normal size.
Bitcoin Cache was created by Bitcoin miners and developers. Miners were skeptical of accepting and using segregated witness technology in the Bitcoin digital currency; Because they thought that SegWit2x could not solve the basic problems of scalability. So in 2017, some miners and developers introduced and developed Hard Fork, creating a new digital currency called Bitcoin Cash.
In Bitcoin Cache, the size of blocks has been increased to 8 MB to speed up process performance, adjust chain level of difficulty and speed up transaction confirmation, regardless of the number of miners. But this increase in speed has raised concerns about the security of bitcoin caches.
The difference between bitcoin and bitcoin cache
These two digital currencies each have advantages and disadvantages, which are mentioned below.
The word cache in bitcoin cache is not accidental, but its creators intend to turn this currency into a new type of cash in the future.
The size of the blocks in Bitcoin Cache is 8 MB, so more transactions will be done in a shorter time.
Bitcoin has many mining pools and no one can combine more than 51% of them. While BitcoinCash is very centralized, there are currently only 3 BitcoinCash mining pools in the world with more than 51% of their performance combined. This can be a dangerous situation; Because the future of this digital currency depends on these 3 sources.
The developers of Bitcoin Cash are aware of its weaknesses and have therefore come up with new settings to close this gap and create a more efficient currency. Here are some technical differences between Bitcoin and Bitcoin Cache.
Replay and Wipeout Protection: Bitcoin Cache uses different hash algorithms than Bitcoin. Therefore, the answer between the block chains of these two currencies is not possible.
On-chain scalability: Bitcoin cache technology has increased the number of blocks to 8 MB and it will be possible to increase them further in the future.
New transaction signatures: Bitcoin Cache has a different transaction signature for verification.
Emergency Difficulty Adjustment: Bitcoin Cache has created a new algorithm to change the number of miners in natural chain performance, which makes this currency more stable.