Bitcoin ABC, a development team behind Bitcoin Cash have announced the full details of the next Bitcoin Cash update (hard fork) set to roll out on the 15th of November 2018. The announcement is so far in advance of the update, as Bitcoin ABC have a responsibility to ensure that people are ready for the update and that none of the technology behind Bitcoin Cash are affected by the roll out.
The update is now live and ready to be downloaded and implemented, but as stated, the update won’t actually go live until November. So in essence, if this affects you, download now and forget about it, the rest will happen in good time, automatically.
According to the official Bitcoin ABC announcement:
“We are pleased to announce that Bitcoin ABC 0.18.0 has been released. You can download it at: https://download.bitcoinabc.org/0.18.0/. The goal of Bitcoin ABC is to help create sound money that is usable by everyone in the world. We believe this is a civilization-changing technology which will dramatically increase human freedom and prosperity. Bitcoin ABC 0.18.0 represents the next step towards this goal. Bitcoin ABC 0.18.0 includes implementation and activation of the Bitcoin Cash network upgrade that will take effect on Nov 15, 2018. All users of Bitcoin ABC should upgrade to version 0.18.0 as soon as possible.”
So what does the update include?
“The specific features included in the November 15th upgrade, and provided by Bitcoin ABC 0.18.0, are:
- A new opcode called OP_CHECKDATASIG that improves the BCH scripting language to permit the validation of messages from outside the blockchain. This will enable uses such as the use of oracles and cross-chain atomic contracts.
- The introduction of canonical transaction ordering. This is a technical building block that lays the foundation for massive scaling improvements in the future.
- Several minor technical fixes and improvements.”
These updates are carried out to ensure that everyone on the network has access to a fairer and better product, therefore these updates are not simply just to keep developers busy, rather they are designed to address the needs of everyone, from miners to investors and general users of Bitcoin Cash. As cryptocurrency with a huge pro-adoption community, these updates are also designed with adoption in mind, therefore within this, Bitcoin ABC want to make Bitcoin Cash better for the average person to use. According to their official announcement:
“We aim to work in the best interests of miners, investors, and users of Bitcoin Cash, and to collaborate and coordinate with other teams and projects in the Bitcoin Cash ecosystem. Bitcoin ABC 0.18.0 grew out of this collaborative process. It implements network upgrade features developed with input and collaboration from many different groups. It is an important step in the process of careful and incremental technical progress to improve the utility of Bitcoin Cash and enable massive on-chain scaling. To become a solid base for application development and innovation, Bitcoin Cash needs to continuously improve and compete. At Bitcoin ABC, we are working diligently building a technical foundation to enable Bitcoin Cash to be the best money the world has ever seen.”
Bitcoin Cash technical analysis: BCH/USD is currently trending in a downwards channel formation
- BCH/USD is currently trading around $308 in the early hours of Saturday.
- The relative strength index (RSI) indicator is trending around 39, right next to the oversold zone.
BCH/USD daily chart
BCH/USD went down from $315.15 to $307.50 this Friday as bears took control of the market following two straight bullish days. BCH/USD managed to have a bullish start to the day as the price has gone up to $308. The daily price is trending below the 50-day simple moving average (SMA 50) and SMA 20 curves while it is above the SMA 200 curve. The relative strength index (RSI) indicator is trending around 39, right next to the oversold zone.
BCH/USD 4-hour chart
The 4-hour BCH/USD market is trending below the green Ichimoku cloud. The market sentiment will soon turn bearish as per the Ichimoku cloud. The 4-hour price chart sees significant resistance at $315.75 and finds support at $301.85. The moving average convergence/divergence (MACD) indicator shows sustained bullish momentum.
BCH/USD hourly chart
The hourly price chart is trending in the upper half of the 20-day Bollinger band and below the SMA 200 curve. The narrowing of the Bollinger jaw indicates decreasing market volatility. The Elliot oscillator shows six straight bullish sessions of increasing intensity.
|Today last price||307.7915|
|Today Daily Change||-0.4232|
|Today Daily Change %||-0.14|
|Today daily open||308.2147|
|Previous Daily High||316.1083|
|Previous Daily Low||295.5295|
|Previous Weekly High||345.941|
|Previous Weekly Low||255.06|
|Previous Monthly High||516.9074|
|Previous Monthly Low||362.9877|
|Daily Fibonacci 38.2%||303.3906|
|Daily Fibonacci 61.8%||308.2472|
|Daily Pivot Point S1||297.1267|
|Daily Pivot Point S2||286.0387|
|Daily Pivot Point S3||276.5479|
|Daily Pivot Point R1||317.7056|
|Daily Pivot Point R2||327.1964|
|Daily Pivot Point R3||338.2844|
Bitcoin Cash (BCH/USD) forecast and analysis on July 20, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 312. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.
Bitcoin Cash (BCH/USD) forecast and analysis on July 20, 2019
As part of the Bitcoin Cash forecast, a test of the level 328 is expected. Where should we expect an attempt to continue the fall of BCH/USD and further development of the downward trend. The purpose of this movement is the area near the level of 246. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at the level of 330.
Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of 340. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on July 20, 2019implies a test level of 328. Further, it is expected to continue falling to the area below the level of 246. The conservative area for selling Bitcoin Cash is located area of 330. Canceling the option of falling cryptocurrency will be a breakdown of the level of 340. In this case, we can expect continuation growth.
Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development
Bitcoin Cash (BCH) platform and protocol development have seen a lot of delivered code and projects over the last two years. The upgrades will help Bitcoin Cash scale to the masses, and many of the added features are protocol developments that are unique to BCH.
Also read: Indian Government Breaks Silence on Crypto Regulation
BCH Infrastructure and Blockchain Development
In less than two weeks, BCH fans around the world will be celebrating the anniversary of the blockchain split that occurred on August 1, 2017. Since then there’s been a lot of Bitcoin Cash development and a total of four BCH upgrades. In the following report, news.Bitcoin.com summarizes a list of completed BCH developments that reveal how much has been accomplished in two years. All of the completed BCH features can be seen on the analytics website Coin Dance, alongside other developments in the works. BCH developers also have plans to upgrade the chain this November and the specifications in regard to the consensus rule changes are being reviewed before the feature freeze on August 15, 2019.
Re-enabled Satoshi Opcodes
Back in the early days of Bitcoin, Satoshi Nakamoto added operation codes to the protocol that could push data or perform certain functions via the Bitcoin Script language. Not long after, the opcodes were disabled after developers found a bug in a specific opcode called OP_LShift. In May 2018, Bitcoin Cash developers re-enabled the Satoshi operation codes (opcodes) that can allow for a variety of decision-based transactions, compilers, and other functions depending on the opcode used.
The opcode OP_Checkdatasig is a Script operation that checks the validity of a signature using a message and public key. Essentially the operation calculates the hash within a transaction in order to validate signatures in an automated way. OP_Checkdatasig allows for data to be imported that can be validated through the use of an oracle. The opcode has facilitated some very cool concepts like a noncustodial escrow system, an onchain SLP token auction console, a BCH recurring payment system, an endowment platform, and an onchain game of chess.
32MB Block Size Increase
The Bitcoin Cash chain implemented a 32MB block size increase in May 2018. The BCH block size is a lot larger than BTC’s 1MB limit and 4X larger than the 8MB size BCH started out with two years ago. 32MB blocks are not processed yet, but large blocks were tested on the BCH mainnet in September 2018 during the stress tests. During the first week of that month, BCH miners processed a few 15MB blocks and the largest was 23MB that week. However, prior to the blockchain split which created Bitcoin SV the mining pool, BMG processed multiple 32MB blocks on November 10, 2018.
Graphene Version 1
On July 25, 2018, the Bitcoin Unlimited (BU) development team announced merging Graphene version 1 into the BU client. Graphene is a block propagation concept that aims to be 10X more efficient than compact blocks. The code merge provides the first functional implementation of graphene blocks according to BU’s George Bissias who also stated that the “code will also require further optimization.” In the past, developers have mentioned that Graphene blocks could be optimized with a different transaction ordering process like canonical ordering.
Canonical Transaction Ordering
Prior to the implementation of Canonical Transaction Ordering or CTOR, consensus rules processed transactions in a list form and the list was topologically sorted. After the November 15, 2018 upgrade, the BCH chain can now work with blocks as a set, as opposed to a list ordering, and the process is done in a canonical fashion. As mentioned above, according to some, Graphene can leverage CTOR when it comes to concepts like Graphene compression rates. By itself, developers believe CTOR is important for the future of BCH scaling in order to alleviate computational load and allow for giant-sized blocks.
At block 582680, the BCH chain upgraded by adding Schnorr signatures, a signature scheme invented by Claus Schnorr. The recent Schnorr addition acts as the foundation for a variety of different techniques that can improve scaling and privacy. The day before Schnorr was implemented on BCH, independent developer Mark Lundeberg told news.Bitcoin.com that the Schnorr foundations could remove 4% of the current transaction storage. Lundeberg also detailed that in the future after further Schnorr upgrades, the scheme could provide for public signature aggregation and more complex sign-to-contract concepts.
A Number of Accomplishments Worth Celebrating
This is just the tip of the mountain when it comes to BCH platform and protocol development. Other notable developments include Cash-ID, an open protocol that allows secure authentication; Hash-DB, a database written by Flowee specifically for the Bitcoin Cash UTXO set; Cashshuffle, a stable mixing application release that helps preserve an individual’s transaction privacy when using the BCH network; Neutrino, a lightweight SPV wallet that uses BCHD and allows client-side filtering. Cashshuffle participants have already shuffled more than 100,000 BCH since March 27. Then there’s the Simple Ledger Protocol (SLP) which has boosted the concept of tokenization solutions using the BCH chain. SLP infrastructure is growing as various wallets like Crescent Cash, Badger, Ifwallet, and the social media platform Memo.cash all support SLP tokens. Moreover, developers have produced other features like X-Versionmessage, Cash Accounts, Cleanstack and the Segwit recovery option alongside other protocol developments.
Bitcoin Cash developers are also working on features for the upcoming November 2019 BCH upgrade. The draft specification summary for the next set of implementations include various protocol enhancements like enabling Schnorr signatures for OP_Checkmultisig(Verify), a minimal push and minimal number encoding rules in Script, enabling NULLDUMMY and the rule that limits signature operations in Script will be changed.
On July 11, during the 12th Bitcoin Cash Development video meeting, programmers explained that people can review the code and consensus ruleset changes before developers enact the feature freeze on August 15, 2019. There are also other developments under discussion like Avalanche, Merklix Trees, Blocktorrent, and projects still being worked on like Cashscript, Cashfusion, Spedn, and Xthinner.
Additionally, in May, a group of BCH supporting businesses and individuals initiated a fundraiser to help bolster the future of open source Bitcoin Cash development. BCH proponents can visit the Bitcoin.com/fundraise page to donate to BCH projects like Bitcoin ABC, Unlimited, BCHD, Bcash, Verde, Flowee, and Bitprim.
The fundraiser aims to raise 1,600 BCH by August 1 and there are still 12 days left to go. At that time, Bitcoin Cash fans will be celebrating the large number of accomplishments the protocol has achieved in the last two years. BCH supporters will surely be tipping their hats to platform and protocol developers who have contributed an enormous amount of time, energy, and innovative concepts to the BCH chain.