Worlds most robust blockchain technology.
The Best Money in the World
Cash brings sound money to the world, fulfilling the original promise
of Bitcoin as "Peer-to-Peer Electronic Cash". Merchants and users are
empowered with low fees and reliable confirmations. The future shines
brightly with unrestricted growth, global adoption, permissionless
innovation, and decentralized development.
All Bitcoin holders as
of block 478558 are also owners of Bitcoin Cash. All are welcome to
join the Bitcoin Cash community as we move forward in creating sound
money accessible to the whole world.
May 2018 Network Upgrade
Bitcoin Cash network will undergo a protocol upgrade on May 15th 2018.
Businesses and individuals who use the Bitcoin Cash network should check
to ensure that their software is compatible with the upgrade. A
specification is available, and the upgrade is being tested on testnet.
This upgrade is the first of planned series of protocol upgrades
announced late 2017 by several developer groups.
Chain Scalability - Bitcoin Cash follows the Nakamoto roadmap of global
adoption with on-chain scaling. As a first step, the blocksize limit
has been made adjustable, with an increased default of 8MB. Research is
underway to allow massive future increases.
Signatures - A new SigHash type provides replay protection, improved
hardware wallet security, and elimination of the quadratic hashing
New Difficulty Adjustment Algorithm (DAA) - Responsive
Proof-of-Work difficulty adjustment allows miners to migrate from the
legacy Bitcoin chain as desired, while providing protection against
Decentralized Development - With multiple
independent teams of developers providing software implementations, the
future is secure. Bitcoin Cash is resistant to political and social
attacks on protocol development. No single group or project can control
it. The bitcoin-ml mailing list is a good venue for making proposals for
changes that require coordination across development teams. Workgroups
have been set up to assist developers to coordinate and seek
peer-review. For those wishing to implement changes to the Bitcoin Cash
protocol, it is recommended to seek early peer-review and engage
collaboratively with other developers through the workgroups.
its launch, Bitcoin faced pressure from community members on the topic
of scalability. Specifically, that the size of blocks - set at 1
megabyte (MB), or a million bytes, in 2010 - would slow down transaction
processing times, thus limiting the currencys potential, just as it
was gaining in popularity. The block size limit was added to the Bitcoin
code in order to prevent spam attacks on the network at a time when the
value of a Bitcoins was low. By 2015, the value of Bitcoins had
increased substantially and average block size had reached 600 bytes,
creating a scenario in which transaction times could run into delays as
more blocks reached maximum capacity.
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number of proposals have been made to deal with transaction processing
over the years, often focusing on increasing block size. Because the
Bitcoin code is not managed by a central authority, changes to the code
require buy-in from developers and miners. This consensus-driven
approach can lead to proposals taking a long time to finalize. This has
resulted in groups creating separate blockchain ledgers using new
standards, called a fork. Several forks, such as Bitcoin XT and Bitcoin
Unlimited, failed to be adopted by a wide audience. Bitcoin Cash,
launched in August 2017, is another fork from Bitcoin Classic.
Cash differs from Bitcoin Classic in that it increases the block size
from 1 MB to 8 MB. It also removes Segregated Witness (SegWit), a
proposed code adjustment designed to free up block space by removing
certain parts of the transaction. The goal of Bitcoin Cash is to
increase the number of transactions that can be processed, and
supporters hope that this change will allow Bitcoin Cash to compete with
the volume of transactions that PayPal and Visa can handle by
increasing the size of blocks.
Because the computer power
required to process larger blocks could price out some smaller miners,
critics worry that adopting Bitcoin Cashs approach will lead to power
being concentrated in the hands of companies that can afford more and
better equipment. Opponents to the fork worry that this will threaten
the consensus-driven approach to Bitcoin, as a small number of companies
could control Bitcoin and more readily force changes on the community
in the future.
A successful hard fork for Bitcoin Cash entails
surviving long enough to entice individuals and companies to use and
mine the new digital currency if it is able to build substantial
interest and reach critical mass. Once this point is reached, however,
Bitcoin Cash may find that its success has prompted others to develop
their own alternative coins, which would put the same pressure on
Bitcoin Cash that it had placed on Bitcoin Classic. Since the issue of
scalability tends to be at the forefront of cryptocurrency debates,
developers have made increasing block size and improving transaction
processing speeds their top focus areas.