CoinGeek.com engaged Dr. Craig Wright, chief scientist at nChain, and asked him about what’s new and what’s being done in the world of Bitcoin Cash.
It’s been half a year since the historical hard fork at block #478558 that saw Bitcoin Cash (BCH) split from the legacy Bitcoin or SegWit1x (BTC) chain. Since then, the latter has devolved into a congested network with sky-high fees and untenable wait times for transaction confirmations.
Asked about the current roadmaps being fulfilled by Bitcoin Cash developers, nChain Chief Scientist Dr. Craig Wright shared, “It’s actually really good, we’re starting to get everything organized and developed and we’ve had our first hard fork which went through really, really smoothly.”
Bitcoin Cash is being developed in a decentralized manner, according to Wright, involving many teams such as Bitcoin ABC and Bitcoin Unlimited, as well as independent contributors to the project. This is in stark contrast with the work being done on the BTC chain, which at the moment is being controlled by a single, centralized dev team, backed by a corporate entity called Blockstream.
Dr. Wright expressed confidence in the decentralized development being done with the cryptocurrency, stating that “[we are] going to ensure that not only right now but going forward we’re going to scale, increase the adoption of Bitcoin Unlimited and Bitcoin ABC and the whole Cash (BCH) ecosystem so that we’re going to be able to have it so that scales to everyone viably.”
With recent news of Bitcoin Cash developers proposing an imminent block size increase to 32MB, the cryptocurrency has nowhere to go but forward. Its advances in the technical side, however, have been met by an imbalance in terms of the user-facing aspects.
“I do realize how difficult it is rather at the moment and I’ve been saying for quite a while the front end of Bitcoin is really problematic, the UI. And there are some other teams out there who have some really cool easy to use, I’ll even say sexy UIs that really have potential for adoption,” Wright said.
To the ordinary user, using Bitcoin Cash can be quite intimidating in terms of the interface—crypto software isn’t exactly for beginners. A lot of development has been going on in this aspect of the crypto market though, and Wright said they have “[…] been working with a number of companies who should be taking that problem up themselves and we’re going to help them and make sure that they can release something that will make it so that my grandmother can actually use Bitcoin Cash.”
The recent panic set in by BTC’s continuing ruin is predicated on a loss of market confidence. With more crypto users being educated on the sound values of Bitcoin Cash, it’s not long before people will use it as peer-to-peer electronic cash.
Dr. Wright observes the philosophical problem with BTC’s current state in terms of how most people use it: “It’s like any traders on stocks or anything like this. If you have a lot of movement, then every penny makes you cash, and for a lot of people, that’s a strategy for actually creating a lifestyle, a way of living at the moment, and it’s not sustainable long-term, that’s the problem. Eventually, someone stops the music, and you find out that there’s less chairs.”