Tech 16 May 2018Cecille de Jesus
The Bitcoin Cash upgrade: over 8 million transactions per day, data monitoring, and other possibilities
Here are details of the upgrade and what that means for developers, businesses, and users.
Yesterday’s historic hard fork for Bitcoin Cash (BCH) has been executed smoothly. But what do the upgrades mean for everyone?
32Mb blocks > 8 million transactions per day. This is already more than what Paypal handles daily.
The 32Mb block size is quite a jump from the previous 8Mb limit—and a far stretch from the legacy chain’s 2Mb maximum. This increase will enable the network to process orders of magnitude more transactions per second. At an average transaction size of 226 bytes, this would add up to over 8 million transactions per day.
This on chain scaling will be the largest of any platform in this space and will attract all the application developers that need low cost, reliable, and fast transactions for their business models to work.
This aspect of the upgrade is far more complex, especially for non-developers. Overall, the reactivated codes can enable developers to build complex projects on top of the Bitcoin Cash blockchain—and unleash capabilities that were initially thought of as “impossible,” until now.
The reactivated codes, listed by nChain developer Steve Shadders, are below:
Below are some brief explanations on some of them.
OP_CAT and OP_SPLIT
In combination with the existing hash operations within the Bitcoin protocol, OP_CAT enables a powerful security and compression capacity. Resurrecting this code re-enables the ability to integrate more complex scripts into the network, while taking up far less space—with OP_CAT re-enabled, it’s possible to concatenate (combine) two or more stacks into one hash.
This would take multisignature functionality to a whole new level—an enormous scale. In combination with the 32Mb block size, this opens up a massive opportunity for those thinking of opening up a payments gateway especially in areas where high-speed, low-cost crypto-payments are an untapped market. Imagine if you get to that market first.
This was originally disabled as a precautionary measure. At the time, the developers were focusing on secure payments, and more complex uses were put in the back burner due to a lack of time for testing, and a lack of need for it.
That and panic from [perceived] threats of a memory exhaustion attack.
But such an attack can easily be deterred simply by dictating the maximum length of an operand. So the attack above is not really a threat.
OP_SPLIT, according to Shadders, can be used in tandem with existing operation codes (such as OP_DATASIGVERIFY) to split and extract values from lines of data. “OP_SPLIT would be used to extract values from this data for decision making, after verification of signatures,” Shadders wrote.
From what I gather, this can be used for monitoring data, such as trading values, for bots and automated trading. Of course, the use case is far bigger than that—developers can think up more ingenious uses for this.
OP_NUM2BIN and OP_BIN2NUM
These operation codes are new, and according to Shadders, are pre-emptive measures to mitigate the possible errors.
“In order to alleviate concerns raised during the peer review of the specification about accidental misuse of these op codes with incorrect data types, it was decided to introduce two new op codes to provide safe and explicit conversion of data between types. This is simply about making the script language safer and easier to use rather than adding specific use cases. This benefit is not only applicable to the op codes mentioned in this article but also to many existing op codes.”
All of this, massive on chain scaling and the enabling of op-codes for smart contracts and much much more are going to attract all the Application Development and move Bitcoin BCH even farther ahead as the one true Bitcoin and the world’s one everything coin.
If you are building a project, come see us.
As I am not a developer, my comprehension of codes is limited. For those who are interested in gaining a more in-depth understanding of how you can unleash the maximum potential of these codes for building a project, the developers of the Bitcoin Cash community will be at the CoinGeek Conference on Friday, May 18, in Four Seasons Hotel, Hong Kong. The Github link for the codes is here, but it would be of the highest benefit that you learn face-to-face from the experts themselves.
We also have an open Tokenization Contest—where £5 million in BCH is up for grabs. There is no deadline, first to propose an Earth-shattering innovation gets the prize. If you are thinking of building a project, come see us. The CoinGeek Conference is a perfect opportunity to learn and decide what to build for yourself.
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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