Following the announcement made by Bitcoin ABC developers in November 2017, regarding their plans of reactivating some of the Bitcoin Opcodes and adding the protocol extension points to function the Opcode upgrades, the team has confirmed Bitcoin Cash forking on May 15th.
The Bitcoin Cash fork is scheduled at 12:00:00 UTC, which includes the upgradation of block size to up to 32MB and several Bitcoin Cash Opcodes which were deactivated earlier will be reactivated. Also, they have added protocol extension points for the development of colored coins and simplified smart contracts that can perform automated functions. These protocols use a scripting system in the transactions.
Smart contracts would help in the advancement of Decentralized Autonomous Organizations [DAO] and it would also help the investors to leave funds for someone to receive at a future date.
The colored coins will represent various virtual or physical assets like stocks, bonds, loyalty points, etc.
A Cryptocurrency enthusiast says:
“Thanks for posting! Bitcoin Cash-based colored coins and smart contracts, I’m ready!”
An Op-Group meeting was conducted on GitHub discussing the new implementations where some of the Bitcoin Cash developers had participated. Nine op-codes will be reinstalled which were available in the older Bitcoin implementations. Some of the op-code phrases were removed due to the bugs.
Apart from this, the cryptocurrency news firm, Coingeek announced that they are ready to pay £5 million to a programmer or development team who can develop the tokenization function to Bitcoin Cash chain. The developers are expected to create an interactive system which is capable of producing secure blockchain based tokens, wallet compatibility and an audit solution for the customers to check the validity of the tokens.
Developers are asked to provide a supporting design documentation along with the working source code. The firm has also launched a new version of Nakasendo Software Development Kit exclusively for the BCH developers.
A blockchain developer says:
“Devs are once again taking control of bitcoin. Their goal should be to liberate bitcoin from needing devs… The fatal flaw seems to be that the incentives of the devs isn’t lined up with this.Maybe the miners will preserve BCH through keeping the legacy chain of the May 15th fork alive and hire devs that don’t want to shepherd bitcoin toward success. But I really just hope the new op-codes are not a mistake.”
Justin Abua, a Bitcoin proponent says:
“Regardless of how hard bitcoincash tries! It will never be bitcoin! The fact that it has “Cash” attached to its name makes it inferior. Most people think its bitcoin wannabe! An altcoin like every other!”