Launched one year ago, Bitcoin cash has finally found momentum in terms of future plans and it’s guiding principles. It was a split off from Bitcoin that came to the public attention through Wechat and Twitter updates following the morning of the separation.
The morning of August 1st, 2017, miners created another blockchain platform with a different agenda than Bitcoin itself. The plan was to become a better and bigger crypto network than Bitcoin.
- It increased each block size to 8 MB.
- It removed SegWit, a code change that was to activate on the bitcoin blockchain by the end of August the same year.
The Segwit2x incorporation into the Bitcoin blockchain was a scaling proposal and Bitcoin was just a couple of steps away from activating on the network, but some bitcoin users were unhappy about the outcome.
SegWit posed short term inconvenience and long term risks to Bitcoin. Earlier the same year, Segwit was becoming a viable scalability plan for 75% of Litecoin’s mining hashrate. Bitcoins dealing with SegWit, sparked Litecoin protocol creator, Charlie Lee and other Litecoin users to threaten to code an alternative user-activated soft fork (UASF) proposal.
Message from Litecoin users and markets is loud and clear. Users want SegWit!
We will add UASF BIP148 SegWit to Litecoin 0.14 & backports. pic.twitter.com/SgoZc2qKlb
— Charlie Lee [LTC⚡] (@SatoshiLite) April 12, 2017
SegWit could compromise the code of Bitcoin and also fail at fulfilling the promised benefits. Bitcoin decided to go ahead to the lock-in stage of the new technological reinforcements nonetheless. The incentive was that the size would have increased by joining two code change ideas – the code optimization Segregated Witness (SegWit) and a block size increase. The Segwitx2 website says ‘Together we will build the best Bitcoin.’ – Till date.
Miners took notice and combined a team to fork out a chunk of Bitcoin and to introduce a bigger network with greater transaction potential and lower costs. Bitcoin Cash made scaling possible without changing the code by lot.
Business development manager at BTC.com, Alejandro DeLaTorre, said in an interview;
In countries such as Venezuela where monetary inflation is estimated above 40,000 percent, the utility of this new block space to open up fast, low-cost transactions as an alternative payment system to local fiat has been more than salient,
Several apps that use Bitcoin Cash have helped the network sustain, in return, BCH has helped these apps to enjoy lower costs on a fraction of costs other networks offer.
BitcoinABC, the first software to implement the Bitcoin Cash protocol.
Memo.cash, a social media platform resembling Twitter, where users can post short messages that get stored on the bitcoin cash blockchain never to be erased.
GitCash, which launched just last month,is integral since it allows users to tip, no matter how small the amount, the developers for their work on Github. The project emphasizes that bitcoin cash’s model allows fees to stay low even if usage increase dramatically.
Bitman’s Wormhole, is going to allow greater competitivity to other networks by allowing sustained increase in strength and fool-proof technology.
Referring to the CryptoKitties app, that went viral and caused high fees and transaction backlogs late last year, DeLaTorre said:
I don’t think we’ll see the bitcoin cash network get clogged by CryptoKitties anytime soon.
And one year later, Bitcoin Cash tweets;
We are so happy to see the #BitcoinCash community showing their passion around the world. We will keep retweeting photos & information about the Global #BCH Airdrop ???? Here you can find information about how to redeem your $BCH: https://t.co/2SotPr0hyW
— BTC.com (@btccom_official) July 31, 2018