Cryptocurrencies has caught all the attention that its requires, however there are still some people who aren’t as sure about the idea of crypto. To help such people, this year has been a great time for the ecosystem on the whole. The past quarter has been great for both crypto giants and exclusive altcoins. The emergence of UPbitfud caused a grave decline in the market, however this denied day before yesterday. Even before the markets got a chance to stabilise, Bitcoin Cash, one of the Bitocin’s most diligent fork have accomplished their target of increasing the block size.
True Meaning behind the Upgrade
In their high spirits, the Bitcoin Cash community underwent a hard fork of Bitcoin Cash to the new Bitcoin ABC Software. Forking is basically a fundamental change of blockchain or distributed-ledger technology. A usual outcome of a hard fork is the creation of two individual coins. In fact, this is how the Bitcoin Cash came into being and it is primarily just another version of bitcoin representing an upgrade of processing power to 8 MB units whereas Bitcoin core version only has a 1MB block. The main objective of the upgrade is to enable users in making faster transactions while keeping the network fee in check.
Default Data-Carrier-Size Upgrade
This upgrade has not only helped the BCH community but has also helped those people who had their hopes high reading Bitcoin Cash. The hard fork was initiated using Median Time Past. It went live on the next block after MTP timestamp at 4:14 p.m. UTC. However, there are other prominent upgrades that have been implemented as well. One such example is how the blockchain’s default data-carrier-size has risen to 220 bytes from 80 bytes. This increase will enable a strong OP_Return feature which is basically a less expensive method to embed data into Bitcoin Cash Chain.
How Will It Help The Community?
The reason for this upgrade is pretty clear and it’s to allow hefty numbers of transactions on the Bitcoin cash, while simultaneously ensuring the promised lower network fees. The entire ecosystem is aware of the increasing number of transactions and its acceptance by new businesses. Hence, increasing the block size fourfold will amount to the blocks taking more time to fill up. Experts are of the opinion that these new innovations will make BCH further more popular and enhance its usability.