Interviews 17 May 2018CoinGeek
Jimmy Nguyen: Bitcoin Cash can function for higher level technical programming
May 15 was a momentous day for the Bitcoin community. On that day, Bitcoin Cash (BCH)—the true remaining Bitcoin and the world’s only functional cryptocurrency—successfully executed its scheduled network upgrade, resulting in a block size increase to 32MB as well as the resurrection of the disabled OP_Codes, among other functionalities.
The work, however, isn’t done yet—especially for nChain, one of the main teams leading the development of Bitcoin Cash. nChain’s goal is to empower and ignite enterprise-level usage of Bitcoin Cash blockchain and cryptocurrency to pave way for a day when “massive level usage by the Amazons of the world, by the Alibabas, are on Bitcoin Cash chain.”
To get to that day, CEO Jimmy Nguyen said nChain has started working on a proof-of-concept for a high level language and associated compiler that will enable programming with “more sophisticated language capabilities, more sophisticated applications” on Bitcoin Cash.
“We have believed for a long time that Bitcoin Cash has the capability, as the original Bitcoin did, to function for higher level technical programming,” Nguyen told CoinGeek. “So the Ethereum network was born with the solidity language to create smart contract solutions and apply patent for that, well, that’s totally doable on Bitcoin Cash.”
The challenge lies in the restriction on the number of OP_Codes in the Bitcoin Cash scripting language, currently standing at 200. Re-enabling the OP_Codes will enable smart contracts to run on the chain, which can start off a wave of commercial adoption since merchants and other projects and businesses can now be integrated into the BCH blockchain.
“That [restriction] needs to be lifted to make this high level language and compile a proof-of-concept with developing more usable,” Nguyen said.
nChain is also working on creating its full node software implementation for Bitcoin Cash. The “Tera node” features a microservices architectural approach, which makes it modular, according to Nguyen.
“If you’re a miner, you might need certain modules, but it’s different when you’re a merchant using the node to accept payments, or if you’re running an exchange,” he said, “and I think that will make it more efficient and more effective for major enterprises.”
nChain is also integrating its work in Tera node with the Terab project to create an optimized solution for the unspent transaction output (UTXO) database. The Terab project is an open source initiative whose goal is to deliver, among other things, a standardized microservice API and high performance single node, multi-node and distributed software implementations that are progressively capable of supporting the throughput required for 1GB and then 10GB blocks, laying the groundwork for similar implementations that can support TB size blocks. The Terab project is backed by nChain as well as CoinGeek.com owner and Antiguan-based entrepreneur Calvin Ayre, who has pledged up to €3.6 million in funding.
“What we’re trying to demonstrate is possible on Bitcoin Cash, and this is what the future holds. And what that means for people who are investing in and supporting Bitcoin Cash is that, it’s the day coming where Bitcoin Cash is the all-in-one coin,” Nguyen said. “It’s both a currency that you can use for payment, but it also has smart contract, tokenization, and other technical functionalities, so you can do it all in one coin, and we don’t need all these other coins and blockchains that are out there.”
Nguyen will be on hand at the inaugural CoinGeek Conference, along with other experts in the cryptocurrency space, 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.
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.
Interviews 14 February 2019
Hans Henrik Hoffmeyer: Regulators are keenly aware that this is a paradigm shift
Listen to the latest CoinGeek Conversation podcast with Coinify COO Hans Henrik Hoffmeyer, who talks about crypto regulation and how it will pave way for greater adoption.
Interviews 13 February 2019
bComm Founding President Jimmy Nguyen: No limits for Bitcoin SV
bComm Association Founding President Jimmy Nguyen recently joined our CoinGeek’s Stephanie Towers to talk about how BSV is evolving with increase OP_RETURN limits, increased block sizes, and enterprise applications for the only protocol to follow Satoshi’s original vision.
Interviews 11 February 2019
Kaspar Korjus: Distributed tech show you don’t need to trust any gov’t employee
How can technologies like distributed ledger help countries stay relevant? In Estonia’s case, the answer is simple: it helps gain trust between the government and the people.