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Bitcoin Cash [BCH] based ‘Wormhole’ explained, platform sees smart contracts as the future of technology

Akash Anand

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Bitcoin Cash [BCH] based 'Wormhole' explained, platform sees smart contracts as the future of technology

On 9th August, users found out more about Wormhole, the Bitcoin Cash-based smart contract platform. The platform is being co-developed by Bitmain, the Hong Kong-based semiconductor company.

The developers had earlier spoken about Wormhole stating that:

“The Omni Layer runs on top of Bitcoin blockchain — Since the Omni Layer protocol uses the MIT license (open source), we forked the Omni Layer protocol and implemented the tech feature on Bitcoin Cash blockchain to achieve token issuance. We named this technical solution Wormhole protocol, and the original token in the protocol is named Wormhole Cash.”

Jiazhi Jiang, the Lead Developer of Wormhole uploaded a video where he talked more about its developments. According to Jian, Wormhole is built on the Bitcoin Cash protocol with ERC 20 transfer functionalities. The platform will mainly focus on building permissionless smart contracts that will enable safer and faster transactions. The company has also stated that they are also building ‘Plasma’, a feature to make the transaction system better.

The Omni layer on the platform is aimed to make Wormhole bigger and better, stated the company. Jiang also went on to say that the platform will focus on security and consensus achievement with the core software designed around the BCH protocol. He also said that decentralized timestamps will be provided to users to help users track the data.

The Lead Developer also said that Wormhole has integrated the BCH OP code that will give consistent results throughout any process run on the platform. The company has also pointed out the positives of the platform that includes the possibilities of multiple innovations and smart contract applications.

Jiang was also frank in stating the current problems associated with Wormhole right now. The first problem pointed out by him is related to the UTXO accounts on the platform which have the tendency to cause problems with data storage. Since Wormhole is based on an account model, Jiang has stated that the data has nowhere to go.

The second problem, according to the company, is because of transactions occurring on the platform. The company has stated that the UTXO chain can break during processes with the inability to track the problems on a deeper and consistent level.



With developments on the platform getting added on consistently, Jiang added that the UTXO application will give users greater advantages compared to other platforms. The advantages mentioned by the company include Wormhole providing greater decentralization and independent outputs on every process.

Jiang ended the upload by pointing out that Wormhole solves a lot of multiple party issues with jurisdiction on the platform being a key focus during development.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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