Business 5 July 2018Jasmine Solana
Bitcoin BCH tokenization proposals solve token, smart contract issues
To shape the next evolution of the Bitcoin Cash (BCH) blockchain, CoinGeek challenged the crypto community to put tokenization on the BCH chain. The available prize is £5 million worth of Bitcoin Cash.
Since the contest was announced early this year, more than 50 teams have taken on the challenge to design a tokenization solution that runs on the BCH blockchain as well as its associated test networks. Among the participants, CoinGeek has already seen three impressive drafts of white papers solving the token and smart contract issue. CoinGeek expects the solutions to be rolled out before the CoinGeek Conference in November.
CoinGeek will keep the contest open—with an adjusted award and terms—to enable other solutions to also be developed and released open source on the BCH platform. More information about the CoinGeek tokenization contest can be found here.
Cornerstone of a globally distributed economy
In its short life, Bitcoin BCH has already demonstrated that the vision contained in the original Satoshi Nakamoto white paper can be realized on the network. Massive on-chain scaling is possible, as evidenced by the May upgrade that saw the introduction of the 32MB block size.
Aside from the on-chain scaling, the network upgrade also resurrected several OP_Codes. This enables developers to build complex projects on top of the Bitcoin Cash blockchain—and unleash capabilities that were once thought of as impossible. Immediately after the upgrade, Bitcoin Cash saw its first on-chain atomic bet, alongside new apps like GitCash.io, Chainfeed, read.cash and _OPreturn, among others.
These advancements are helping Bitcoin BCH move from simple cryptocurrency solution to become a cornerstone of a globally distributed economy. To put it simply, Bitcoin BCH is capable of doing everything all the other platforms can do and more. Ethereum does not scale or work as a cryptocurrency, and its only redeeming feature was smart contracts—a feature now available on Bitcoin Cash chain. Then there’s SegWit BTC, which is no longer a cryptocurrency. Since it forked off Bitcoin to SegWit technology, BTC removed many of its original abilities and shut off its Bitcoin powers in a bid to transfer value to side chains and away from miners.
Helping the growth of merchant adoption
This leaves us with Bitcoin Cash, the only coin that follows the original Satoshi Nakamoto white paper and offers the best scaling and security features. If you’re interested in helping the growth of merchant adoption of Bitcoin Cash, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community.
For those who are interested in gaining a more in-depth understanding of the Bitcoin Cash network, developers and merchants of the Bitcoin BCH community will be on hand for the first CoinGeek Week happening in London in November. The historic week features a Developers Summit, a two-day bCommerce Conference, and a meetup between merchants and developers.
Calvin Ayre, owner of CoinGeek.com and a Bitcoin BCH currency advocate, said the CoinGeek Conference, which comes a few days after the November 15 network upgrade, is “a conduit for the merchant community back into the platform developers, so that there can be better communication between the two.”
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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