Events 14 May 2018Erik Gibbs
Bigger block size, smart contracts: Bitcoin Cash gears up for network upgrade
The Bitcoin Cash (BCH) community is gearing up for a second network upgrade happening on May 15. The upgrade will introduce many anticipated updates to the network, including bigger block sizes and the introduction of some exciting features, including the restoration of a few OP_Codes. Experts have predicted that this could be the biggest boost BCH has seen, and could help it push forward to be one of the top three cryptocurrencies in the world.
The network upgrade was planned with several changes in mind. The first is the introduction of the 32MB block size. This will help reduce the already-low transaction fees for BCH payments, as well as reduce the time needed to conduct a transaction. Both characteristics will make the digital currency more appealing to the retail and eCommerce communities.
Additionally, the network upgrade will see the implementation of several OP_Codes, bits of code that perform different functions. The OP_Codes were never introduced when BCH split from BTC due to bugs and security flaws identified in the code. Now that BCH developers have been able to rectify the issues, some of the codes will be integrated into the BCH blockchain. The result will be the introduction of smart contract capabilities, which will put BCH on a competing platform with Ethereum.
nChain’s Jimmy Nguyen said of the upgrade, “At the end of the day, …if all those things are possible on one coin, why do you need the others? There were some that birthed, like Ethereum, because they wanted to do smart contract capability, which people did not think was possible on Bitcoin—because some people turned off some of the OP_Codes. Now that they’re restored, you have to ask yourself how much do you need Ethereum anymore?”
Future of cryptocurrency space
Three days after the network upgrade, CoinGeek will hold its inaugural CoinGeek conference. The conference will be held at the Four Seasons Hotel in Hong Kong on May 18, and will be the perfect opportunity to discuss the advances generated by the network upgrade. Additionally, a number of cryptocurrency experts, including Nguyen, Roger Ver, Dr. Craig Wright, and others will be on hand to provide their expertise on a wide range of topics related to eCommerce, advancements in the BCH technology and the future of the crypto space.
The conference will get underway at 8 a.m. with an informal networking session where entrepreneurs, business leaders and experts will be able to make new alliances and rekindle old connections. A number of exciting workshops will follow, providing a wealth of knowledge not found anywhere else. The sessions will wrap up by 6 p.m.
Following the conference, CoinGeek owner Calvin Ayre will host an after party for everyone. As discussed last week, reservation payments are now only accepted through BCH, but are still offered at 50% off the regular attendance price. Don’t miss out on this amazing opportunity to be a part of the future.
Find out how you can integrate blockchain into your business by registering for the CoinGeek.com conference today.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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