Due to differences between the two groups on the issue of expansion, Bitcoin Cash, which was born four years ago, has grown so much. To provide a full set of solutions for cryptocurrency users, with the support of thousands of merchants around the world, and recently launched Smartbch, a project designed to bind smart contract functions to protocols, Bitcoin Cash is now more mature than ever. However, misfortunes also occurred along the way.
Welcome to the world, Yang Shuya!
On August 1, 2017, in a large-scale debate that shook the cryptocurrency world, Bitcoin Cash (BCH) It is the result of a series of disagreements between developers and Bitcoin influencers on how to best implement blockchain expansion. Some proponents chose to expand the scale of the chain by increasing the block size, and this idea became today’s Bitcoin Cash.
Welcome to the world, Yang Shuya! And Bitcoin Cash! https://t.co/ymh4Ciwypb
— ViaBTC (@ViaBTC) August 1, 2017
However, since then, thanks to the contributions of several people and organizations, but not without difficulties and forks along the way, Bitcoin Cash has now become a powerful blockchain with an established upgrade path that aims to maximize To reduce the drama and past forks associated with upgrades. This is especially important because most upgrades in the impact chain come from plans, standards, and the inclusion of improvements into agreements every six months.
Even if some obstacles were encountered in the process, and as a minority chain, Bitcoin Cash still managed to achieve its main goal, which is to provide more Economic freedom To those in the world who need it. Judging from technical achievements such as Schnorr Signatures, A token standard called SLPAnd a new difficulty algorithm, by supporting communities in countries such as Venezuela, South Sudan and Argentina, focusing on the social part of the cryptocurrency range, Bitcoin Cash covers the entire range of actions represented by cryptocurrency.
Bitcoin Cash is considered the most successful Bitcoin fork in the entire cryptocurrency market: it appears in most of the world’s leading exchanges, including Binance, Huobi, Upbit, Coinbase, Okex, and even Paypal. And accepted by millions of cryptocurrency users worldwide.
Bitcoin Cash fourth year: highlights
This is another interesting year for the Bitcoin Cash community. Sadly, on November 15 last year, the community experienced another blockchain split, which gave birth to another one called Bitcoin Cash ABC. Chain. The event originated from discussions surrounding the implementation of the infrastructure development fund and the new DAA (difficulty adjustment algorithm) that Bitcoin ABC wanted to adopt by the leading nodes at the time.
However, most communities rejected the proposal that miners give part of the block rewards to the developer’s central agency to help subsidize development costs, and chose to stay in the original chain’s rule set. This split resulted in the separation of Bitcoin ABC from the Bitcoin Cash project, which was led by Amaury Sechet, one of the currency’s original collaborators.
The controversy over funded projects has also spawned one of the basic projects of Bitcoin Cash this year: Clamshell machine. Flipstarter, which is a non-custodial crowdfunding tool that uses Bitcoin cash,show Bitcoin cash Communities can use their own means to fund projects that are valuable to the environment and thus thrive.More than 12 projects set It surpassed $1 million in August last year, and the amount has only increased exponentially since then.
In terms of system, Bitcoin cash There are also some interesting victories.Gray was originally Green light In August last year, the institution provided shares of its Bitcoin Cash Trust, which means that now institutional investors can access the asset without having to worry about custody, which is a major concern for many interested investors. Privacy has also undergone a great leap forward, Cash fusion, A fungibility protocol designed to conceal cryptocurrency transactions in the Bitcoin Cash chain, arrive A milestone $3.2 billion anonymous.
Bitcoin Cash is also taking a big step towards decentralized finance. Last year, General Protocols was a company dedicated to building decentralized finance (defi) protocols. Bitcoin cash, improve US$3 million from strategic investors after listing Any hedge And Detoken, the first two defined tool examples, aimed at Bitcoin cash protocol.Just recently, a new sidechain called Smartbch uses Bitcoin Cash as its main token roll out, Able to run EVM compatible contentIn theory, this will enable Bitcoin Cash to have equivalent functions and compatibility with Ethereum.
With all this happening, the development of currency has not stopped. Many node implementations joined a new node called the Bitcoin Cash node, and the developers jointly took over the development of the protocol. On May 15, 2021, the new update is applied to Bitcoin cash Chain and success.This update bring Some important improvements include the inclusion of an unlimited number of unconfirmed chain transactions. In addition, new measures aimed at increasing transparency and standards to control the content and timing of upgrades, such as CHIP (Cash Improvement Proposal), aim to avoid new confrontations like those that have occurred in the past.
Bitcoin Cash is one of the few chains that has adopted adoption as one of its top tasks from the beginning. The entire goal of the expansion is to allow more people to use Bitcoin Cash for transactions at low fees. And this last feature makes it especially interesting for third world countries where users cannot pay high fees to use cryptocurrency as currency.
Many people ask me why I support Bitcoin Cash and why I think it has the greatest upside potential. good question.
I made this small website for you:https://t.co/DIOiBCf1HB
— Kim Dotcom (@KimDotcom) February 12, 2021
In the past year, people have made important efforts to bring Bitcoin Cash into the hands of underserved people. Bitcoin Cash Argentina, A new Bitcoin Cash non-profit organization, has joined more than 100 merchants in the region and organized gatherings to promote the knowledge and use of cryptocurrency in the region.The organization operated with its own funds until it succeeded in May last year Crowdfunding A Flipstarter campaign that enables it to expand its goals.
Other groups in Venezuela and Colombia are doing the same thing: George DonnellyFormer Dash supporter, Bitcoin Cash Latam has been providing services to merchants and users, demonstrating the benefits of using cryptocurrencies in inflationary and depreciating economies. The organization has always targeted the Venezuelan capital, and now hundreds of businessmen already know how to use cryptocurrency for profit.
Satoshi Nakamoto’s Angel It is another group that has been carrying out merchant adoption activities since December 2020. It has a strong team of ambassadors and has successfully attracted more than 300 merchants so far. According to one of its founders, Yokoo Akane, The team has been organizing three monthly virtual gatherings in English for two regions, one in Spanish, and both regions are open to everyone in the world.
Although this year’s celebration will be affected by Covid-19-related measures, which are still affecting the liquidity and operations of some countries, Satoshi Nakamoto’s angel will host a live To commemorate this milestone.Users can get it for free Bitcoin cash If they follow the host and use CCTip to forward airdrop posts, they will airdrop every day before the event. During the event, airdrops will also be provided for current users in the chat. There will also be live broadcasts and discussions in other areas throughout the day.
What do you think of Bitcoin Cash’s fourth year of existence? Tell us in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.