Scheduled to happen on May 15 this year, the Bitcoin Cash hard fork is viewed as more ambitious than the first which is no small feat given that it broke off from Bitcoin core. The upcoming Bitcoin Cash fork is set to improve on a number of issues that will help the network handle more transactions than Bitcoin.
The update was announced back in November of 2017 and aims to enable the BCH network to handle more transactions than it can now and also more than Bitcoin core. There are also additional features that will make the network better. The most notable feature will be the increase of the Bitcoin Cash block size from 8MB to 32 MB. This will enable the network to handle more transactions per block.
Another area BCH looks to improve on is increasing the size of the OP_RETURN field. This will enable users to store additional data on the blockchain. It’s set to increase from 80 to 220 bytes. This is an easy change but one BCH developers claim will have a positive consequence. The OP_RETURN function is usually used by services that require asset creation, time stamping, and rights management.
Some old features of Bitcoin core have also been added back. Chiefly smart contracts that will give users added functionality and control on how BCH tokens can pass between users. This feature was deactivated after Satoshi realized it could provide a hack loophole, however, BCH developers believe they have had time to study and seal up the holes.
Roger Ver, Bitcoin Cash evangelist has been very vocal about the upcoming fork. He says people are always scared of the word fork whereas it’s just a fancy word for a software upgrade. Reiterating if anything, Bitcoin Cash users should be excited about the upcoming developments.
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