Business 5 December 2017Cecille de Jesus
nChain and Bitprim release Bitcoin Cash statements: smart contracts are on the way
The Bitcoin Cash developer community has come together to fulfill the Satoshi vision for Bitcoin.
Jimmy Nguyen, CEO of nChain, released a statement in solidarity with previous statements from other developer teams working on Bitcoin Cash (BCH). Collectively, the Bitcoin Cash community has one primary goal, which Nguyen clearly stated in the beginning of their statement.
nChain believes Bitcoin Cash is the true Bitcoin. With its bigger blocks, faster speed, and lower transaction fees, Bitcoin Cash can fulfill the Satoshi Nakamoto white paper’s vision – a peer-to-peer electronic cash system. nChain is committed to using its research, technology and resources to ignite the growth of Bitcoin Cash, and help change the world.
In what he refers to as “the Accord,” members of the Bitcoin Cash development community (referred to as the “Developer and Testing Groups) have come together to fulfill Satoshi Nakamoto’s vision for Bitcoin. The teams are outlining what they see as priority upgrades for the blockchain which will then be vetted and decided by the community a month before the first scheduled upgrade next year.
Major priorities expressed by the different teams include the upgrade of block sizes from the current 8M limit to 32Mb, and the implementation of a new BCH address format to prevent confusion and errors between BCH and the legacy chain (BTC). In addition to the previously stated priority upgrades, nChain proposes a regularly scheduled protocol update every six months—starting from the planned upgrade to 32Mb happening on May 15, 2018. A new method of upgrading the protocol apart from soft forks and hard forks is also proposed.
The Developer and Testing Groups are also set on resurrecting Op Codes that were previously deactivated in the legacy chain, which would supposedly unleash powers within the original protocol that were neglected.
According to a statement by Bitprim founder and CEO Juan Garavaglia—who is also part of the developer community—smart contracts are on the horizon for Bitcoin Cash, and there is a lot of testing and development ahead.
Always keeping our main mission clearly, we also wish to start including features allowing the network to let decentralized trustless transactions and smart contracts. This vision is aligned with the one of the “Internet of Value”. By including this additional protocol features we expect to propose improvements for fungibility and privacy in a reasonable time, considering it is also one of the primary requirements for the massive adoption of BitcoinCash.
Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
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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