More than two weeks ago, I started writing an article for the theme “Bitcoin Cash (BCH) Ecosystem”. My first article “Bitcoin Cash (BCH) Ecosystem 101: No Point Of Failure” doesn’t gain significant traction that made me decide to pause writing articles for this theme. Three days ago, I resumed writing for this theme and was able to write two (2) follow-up articles, Bitcoin Cash (BCH) Ecosystem: Top Articles for Bitcoin Cash and Bitcoin Cash (BCH) Ecosystem: Top Articles for *Bitcoin Cash Wallet*. I would like to reemphasize my goal is to explore all aspects of the BCH ecosystem, including facts, challenges, opportunities, campaigns, adoption, and everything else. I believed that there are so many stories that accompany this trend that would enable me to come up with topics of something valuable to both me and my viewers.
This article is a continuation of the theme “Bitcoin Cash (BCH) Ecosystem”. My focus is to look into headlines or trends about everything but Bitcoin Cash and my no-sense reaction. This is another Do Your Own Research (DYOR) activity.
Bitcoin Cash Scheduled May 15 Upgrade
The upgrade of Bitcoin Cash is regular instead of spontaneous as the need may arise. Every six (6) months an upgrade of Bitcoin Cash will take effect. This year's upgrade first will happen on May 15, and the second will be around November. The news.bitcoin.com posted this announcement a day ago that on May 15th, the Bitcoin Cash (BCH) network will receive an update that will include a number of small but interesting updates aimed at improving compatibility and quality of life rather than making significant changes to the consensus algorithm. The majority of the significant improvements are aimed at improving consumers' and retailers' experiences by using bitcoin cash to make online or in-store purchases, reaffirming the value of the cryptocurrency. The following are the improvements or changes that will take effect:
Removing the limit or cap on unconfirmed chained transactions. Users would be able to perform more than 50 chained unconfirmed transactions at once.
Double-spend checks or tests will be introduced, which will allow nodes to send messages to specific wallets when a transaction is attempted to be double-spent.
Increasing the maximum block size to eight (8) megabytes is the norm, allowing for new installations and lazy operators.
Several OP_RETURN statements are included in each deal, allowing programmers to use this space for other purposes while maintaining the SLP token protocol.
My Reaction
I’ll not dig much into the technical details of the matter. But the goals of efficiency in transactions and the user-friendliness to lazy adopters are yet to experience by the community. However, the possibility of another fork might be inevitable and the risk is high. This may create contentions and competitions against BCH, that I personally hope this will not happen. In one way or another, this would still affect the current excellent performance of BCH. Let’s not forget that BCH was a result of a contentious position at BTC, thereby fork from it until today. It’s not a guarantee that BCH will still succeed against its ‘defector’ such as BSV. While the reasons and position of the fork from BTC are good and keep its nature as described in the original BTC whitepaper, ‘defectors’ might also have good reasons in the future to fork from BCH. Just saying!
My Thoughts Sketch
Though my reaction here is just superficial, I still maintain that any idea that tends BCH towards centralizations must be prevented. While it is desirable to have regular updates for the BCH network and ecosystem efficient and secure, any proposal updates I think must be shared and be voted by the BCH community before will be considered in the implementation of any updates. I am saying that contentious proposals must be addressed properly and lessen the possibility of creating a fork and ‘defect’ from the BCH network because this could be a POINT OF FAILURE.
Side Note: Just watch yesterday the MarcDeMesel vlog live two (2) weeks ago, and I like his life perspectives. Yeah, get rid of toxic people.
Thank you,
