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Bitcoin Cash [BCH] to hard fork again, Canonical Transaction Ordering Rule to be implemented

Ajay Narayan

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Bitcoin Cash [BCH] to hard fork again, Canonical Transaction Ordering Rule to be implemented
Source: Pixabay

On November 15th, 2018, 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 but the new upgrade will not go live until November 15th.

Bitcoin ABC recently tweeted:

Bitcoin ABC announces the release of Bitcoin ABC 0.18.0

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. They also aim to work in the best interests of miners, investors, and users of Bitcoin Cash and will collaborate and coordinate with other teams and projects in the Bitcoin Cash ecosystem. They will also focus on improving the utility of Bitcoin Cash and enable massive on-chain scaling.

gr8ful4 an enthusiastic Redditor is of the opinion that:

“Dev team competition, as it should be. After reading the discussions (especially) in the last week, I sense this is a rather rushed/stubborn move and should be consequently punished by the market/miners.”

The new updates include several minor technical fixes and improvements. They have been focusing to become a solid base for application development and innovation. They will enable the use of oracles and cross-chain atomic contracts and will introduce a canonical transaction ordering which is a technical building block that lays the foundation for massive scaling improvements in the future.

Jonathan Toomim wrote an article explaining why Canonical Transaction Ordering Rule is highly desirable than compared to Topological Transaction Ordering rule.

  • Block emission is more efficient
  • Block propagation is more efficient
  • Software implementations are simplified
  • Proofs of transaction inclusion are improved
  • Opt-in locality between participants becomes possible
  • Potential attack vectors are mitigated

Jonathan Toomim strongly believes that Topological Transaction Ordering Rule [TTOR] should be replaced by Canonical Transaction Ordering Rule [CTOR] which will be simpler to implement and reduces the complexities that occur in TTOR.

CTOR allows all its participants to zoom into a block to identify whether a transaction is found or not without processing the whole block. This property will allow chainless apps to gain the possibility to verify flows of transactions without being encountered by an arbitrarily large blockchain.




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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

Winklevoss Twins launch new app; say they are “at home” with the crypto-winter

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Winklevoss Twins launch new app; say they are "at home" with the crypto-winter
Source: Unsplash

Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.

Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.

Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.

The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.

The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.

Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].

All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].

Cameron said:

“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”

Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.

The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.

Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.


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Bitcoin Cash

Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week

Namrata Shukla

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Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week
Source: Pixabay

The cryptocurrency market has been going through some tough time for the past few and on December 11, the market saw a different color of red. Two of the coins which faced the brunt of this vermilion market were Bitcoin SV [BSV] and Litecoin [LTC].

Source: CoinMarketCap

Source: CoinMarketCap

According to CoinMarketCap, BSV, which ranks eighth on the list, was valued at $89.68 with a market cap of $1 billion. The coin’s 24-hour trade volume was $57 million and had plunged by 8.96% over the past seven days. However, the coin slipped by only 1.69% over the past hour, at the time of press.

According to the 24-hour trade volume, GDAC registered the highest trading volume of $15 million with BSV/KRW. GDAC is followed by BitMart for the second and the third position. On the second position, BitMart registered a trading volume of $7.28 million with BSV/BTC pair. The third position recorded a trading volume of $7.23 million with BSV/USDT pair.

Source: CoinMarketCap

Source: CoinMarketCap

LTC, which ranks ninth on the CoinMarketCap list, was valued at $1 billion with a market cap of $4million. The coin recorded a 24-hour trade volume of $4 million with a dip of 4.67% over the past seven days. However, the coin dove nose first by 0.87% over the past one hour.

According to the 24-hour trade volume, the maximum trading volume was registered by DOBI trade, with a market cap of $84 million for LTC/BTC pair. It was followed by Bibox, which registered a trading volume of $23.8 million with LTC/USDT pair. On the third place was OKEx, which noted a volume of $23.4 million with LTC/BTC pair.

Amongst the highs and lows of the market, the two coins suffered a loss of 3.42% for BSV and 24.21% for LTC. The coins are being ravaged by the bear and it looks bitter at the moment.


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