More than 50 days after the last hard fork, the Bitcoin Cash (BCH) network is up and running with full steam ahead. Different development teams are working on the BCH network in order to improve the cryptocurrency’s protocol. Discussions around the team of developers show that they have an ambitious plan for the digital currency. They are laying greater emphasis on the scaling property of the cryptocurrency so that the future hard forks are much smoother and people will not be afraid to upgrade their BCH software. Bitcoin ABC, Unlimited, Nchain, XT, and Classic are some of the team of developers that are currently working on the BCH network.
The different teams are proposing different ideas to improve the BCH network including something like a malleability fix without the additions Segregated Witness adds. Different types of difficulty adjustment algorithms are also under discussion. The developers are not afraid to hard fork the network from time to time in order to add such critical improvements. Bitcoin ABC developer Amaury Séchet, while discussing the implications of hard forking the network stated:
“If we want to scale big we’ll have to do a hard fork from time to time. Longer term, we may want to use extension point to add new features, but we are not there yet — more on extension points lbater on.”
Séchet is one of the many developers that are discussing different concepts related to the future of the Bitcoin Cash. Séchet proposed a new Merkel tree format and improving the light client security through UTXO commitments. Other developers propose improvements in non-consensus changes to improve and make the network more reliable. There have also been talking regarding how a hard fork should be coordinated so that multiple changes are collectively released.
Bitmain technology’s CEO, Jihan Wu, discussed the Bitcoin Cash network in detail while being interviewed by the Chinese exchange Huobi and argued that hard forks played an important role in the growth of the Bitcoin and the founder of Bitcoin, Satoshi, also believed the same that the bitcoin(s) would have to grow. Mr. Wu went on stating:
“Before Blockstream and their allies strangled opinions on certain important channels and media platforms, the entire bitcoin community was largely aligned with the plan towards Bitcoin’s block size upgrade.”
While discussing the Bitcoin Cash network, Mr. Wu stated that its initial price valuation during the first two weeks left a great mark on him.
“The price fluctuated violently and would triple in a few days then fall, because everyone was in the process of getting to know and accept it — This left the deepest impression on me.”
He believes that the BCH difficulty adjustment algorithm is also very interesting and have never occurred before in the history of bitcoin. He argued that this has far-ranging implications in the switching over of computer power and how the value of assets is determined and is worth being researched over.