A little bit more than in a month Bitcoin Cash, altcoin which got executed from the “king” BTC last year August, is going to experience its own fork. However, that will be done in order to update the consensus rules of Bitcoin Cash. Therefore, larger block sizes will be available as well as other alterations.
BCH To Get Upgraded
Amaury Séchet, the top dev of full-node client Bitcoin ABC, affirmed that BCH would experience the fork on in the middle of the next month – on May 15. In particular, the update will occur at 12 pm UTC.
The client ABC 0.17.0 is even accessible for the download before the update, as Bitcoin ABC devs made is so for other users.
The respective notification the devs specified that “when the median timestamp of the most recent 11 blocks is equal to, or greater than 1526400000, then the new consensus rules shall apply to the next block.”
What Is Going To Change?
Thanks to the update of the protocol, the two primary characteristics are going to change:
- Instant approval of transactions
- Scaling (the size of each block will enlarge to 32 MB)
Therefore, Bitcoin Cash devs expect that the upgrade will fasten the financial operations and broaden the scope of them.
At the conference Satoshi’s Vision, which took place last month, Séchet compared the change in Bitcoin Cash to what will permit payments volume, available for PayPal users.
But that’s not all. The upgrade of the protocol will also include the rewriting of operational codes. Moreover, there will be input features, typically intrinsic to Ethereum. These codes, as well as colored coin tech, have all the chances to potentiate rep assets and key smart contracts.
Why Is It Necessary?
According to Séchet, numerous implementations of Bitcoin Cash protocol allow everything to work seamlessly. Indeed, there are two reasons for that. First of all, it is the technical root. In case there is any harmful defect in one of the exercises, one can continue running the net if he or she has another one.
Besides, several exercises stave off monopolization and work in the name of justice. He said that as there are numerous clients, it helps everybody be fair.
What Should Users Do?
In the official online letter, ABC devs suggest everybody running a node should download the novel variant. At the same time, they should also seek assistance from the crypto-community, e.g., trading venues, wallet provider and so on.