4th crypto market list*
Market cap of :* 30,609 Billions$ Us *
4.8 % of crypto dominance *
Sites: https://www.bitcoincash.org/#about
Consensus : Proof of work
Goal of Bitcoin Cash
Been create with the purpose of increasing the amount of possible transactions, and lower the fees of them
Founders
From original white paper of Satoshi Nakamoto
First operation
1st of August 2017: The first Bitcoin Cash blocks were mined. So starting the blockchain after block 478559 of Bitcoin
So what is behind Bitcoin Cash
Up to today, Bitcoin Cash seems to be the only Hardfork of Bitcoin having managed to maintain their supporters. Bitcoin Cash (BCH) aims to be a reform of Bitcoin to resolve the problems of scalability due to its limit of the 1mb block size. Bitcoin in its original shape is limited to 4.4 transactions per second. To understand, that in a block of 1 mb 65 % of the block is used to encrypt the digital signature. Further to the debate between the miners and nodes, a soft Fork was proposed as the BIP91 and BIP148 (Bitcoin improvement Proposal) thinking of resolving a part of the problem by introducing Segwit2x, an additional block in which would be included the digital signatures. The opponents of the BIP91 and BIP148 forced a hardfork to create the Bitcoin Cash with conviction that 8 mb of block size was THE solution to be able to include more transaction at a lower mining cost in a block . The whole being that is the economic issue, the miners want to concentrate their hashing power on the BlockChain which will be the most profitable to them and "nodes" wishes to see the transactions handled in the most efficient time.
PROS of Bitcoin Cash
- Lower transaction fees
- Faster transfert
- Adjustable difficulty level for miners
- Upcoming smart contract possibility
- All other advantage from Bitcoin
CONS OF Bitcoin Cash
- Still highly energy consumption du to Proof-of-work
- Lot of insecurity from users for the futur
Conclusion
Bitcoin Cash was created by a group wanting to increase the number of transaction by block versus a group being afraid as that it becomes less profitable to treat. For the user, it offers a nother method of payment that philosophizes with the initial idea of the Bitcoin. The organization behind Bitcoin Cash still has some cards in its game. In May, 2018 should be voted an improvement to the protocol to add the possibility of smart contract to the transactions. Let see you they play them out.
Reference : blockgeeks.com, https://en.wikipedia.org, https://coingeek.com, http://www.bitcoincash.org
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