Ryan X Charles, CEO of Yours.org, a social network based on Bitcoin Cash [BCH] has recently explained the details of the upcoming Bitcoin Cash fork which is scheduled on 15th May.
According to him, the BCH team believes that it is very important to have a hardfork on a regular basis so that the protocols can be upgraded, hence Bitcoin Cash hard fork is scheduled every 6 months.
The main upgrades which are expected to happen are:
- Raising the block size 32Mb, which is the largest block size that can be implemented without changing the peer-to-peer protocols.
- Re-enabling the existing opcodes which were disabled earlier because they are the building blocks for some of the advanced smart contracts.
- Increasing the upper turn size to 220 bytes from 40 bytes which allow users to add more data on the upper turn and can be archived in the blockchain. The most important of a use case of this is Colored coins, wherein you can track other assets that are not validated by miners.
- Time stamping data is also another use case of increasing the upper turn size, which allows users hash a document and add it to the blockchain so that they can prove the existence of the document.
“The utility of the Bitcoin Cash would increase through these use cases, which would consecutively be the reason for higher prices of BCH over the long run. Hence the technology would be more useful to improve BCH transactions.”
Bitcoin Unlimited [BU], the full node implementation for Bitcoin and Bitcoin Cash networks is also playing a vital role in the upcoming hard fork along with ABC developers.
The BU team has planned to increase the block capacity by decreasing the block intervals to 1-2.5 minutes. BU has implemented some newer opcodes like OP_GROUP or OP_DATASIGVERIFY, which could enable “representative token and binary contracts,” among other things. They are also responsible for announcing a new address format to help users send Bitcoin Cash to Bitcoin addresses. Cashaddr is the new format suggested by ABC. BU is also working on some of the advanced technologies to achieve better mining
A Redditor recently said:
“I like BCH and other altcoins. Of course there are some I think are pure hype, but BCH people are not maximalist idiots like CryptoGod12 and most hold some good stash of ethereum, other cryptos too.”
Currently, the ABC team is running various tests on both new rules and their activation. A testnet has been released for other public groups who are interested in testing the new features. The next Bitcoin Cash fork is scheduled for 15th November 2018.
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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
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
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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