This is a token layer protocol on the Bitcoin Cash platform. The proposal paper for Recursive Smelting, which is a relatively new topic, states that:
“In Recursive Smelting (RS) the primary objectives are to create a permissionless protocol using on-chain data, while maximizing SPV compatibility and avoiding invasive protocol changes. Our proposal originates in the DAG category and then breaks from it using novel cryptographic techniques — specifically Succinct Non-interactive Arguments of Knowledge (SNARKs). An RS token’s ledger is a collection of transactions adhering to one of three primitive transaction formats.”
The people behind the Recursive Melting update have also released reports that show the project is getting a lot of traction and that developments are on schedule.
This is basically a system where tokens can be built on smart contracts using the Bitcoin Cash Protocol. The project was initiated by a developer called Clemens who believes that smart contracts are the future of the digital asset world. He stated:
Bitcoin cash was also in the news recently when Bitcoin ABC, a development team behind Bitcoin Cash will be releasing a new fork again after their recent network upgrade on May 15th this year. Bitcoin ABC has a responsibility to ensure that people are ready for the update and that none of the technology behind Bitcoin Cash are affected by the roll out.
The updates for the new version are available for download. However, the new upgrade will not go live until 15th November. Bitcoin ABC’s new upgrade will help create “sound money” that is usable by everyone in the world. Bitcoin ABC believes that they represent the next step towards this goal.
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