Rising from the ashes: BCH’s road to post-war reconstruction

It took two years, and in 2018, after parting ways with Bitcoin in 2017, Bitcoin Cash once again removed obstacles on the road to development, expelling CSW from the Bitcoin Cash community, and using powerful computing power to support the cleanup.

If the first hard fork was forced to abandon the conservative party, then the second hard fork can be said to be a more important decision for the stable development of Bitcoin Cash in the future. Bitcoin Cash has chosen a balance between conservatism and radicalness. It must be said that this low-key and unique payment public chain has the unique charm of the East.

In the face of dazzling technological innovations and commercial applications in the blockchain world, Bitcoin Cash seems to have been able to move freely.

Quick transaction confirmation

Quick confirmation of transactions in two seconds without any threshold, what can you think of?

The Lightning Network is not technically difficult and difficult for beginners to get started;

It’s not EOS where the memory is always overflowing and the account is “autistic”;

It is not Ethereum that has reached a development bottleneck and is in trouble, but the "zero confirmation" technology of Bitcoin Cash.

Once Bitcoin Cash’s zero-confirmation technology was launched, it was criticized by conservative parties, pointing out that its security could not be guaranteed. After all, a recent incident in which a Bitcoin ATM machine was double-spended and more than $200,000 worth of Bitcoin was stolen, confirming that zero confirmation on Bitcoin is really unsafe.

However, the Bitcoin Cash development team did not stop there. In order to achieve a better payment experience like zero confirmation, they developed the Avalanche algorithm, which is an innovative algorithm that integrates popular technologies such as aggregated signatures, BFT, and DAG.

Avalanche algorithm

Avalanche pioneered the concept of pre-consensus. Any node deploying the Avalanche algorithm can directly confirm the transaction after packaging the block, eliminating the lengthy transaction confirmation process and greatly shortening the transaction time, even shortening the transaction time to 2 to 3 seconds.

The impact of using Avalanche to ensure the effective implementation of zero confirmation is huge, and the most significant feature is that commercial applications have the opportunity to be implemented. Blockchain advocates equality and reasonable distribution of interests, so some new business models that are now familiar to everyone, such as blockchain combined with writing, blockchain combined with transactions, blockchain combined with games, and blockchain combined with crowdsourcing, have emerged.

Taskopus is a blockchain+ crowdsourcing platform. What’s more interesting is that this platform only accepts BCH settlement. The website developers’ reasons are “faster payment” and “lower handling fee”.

Indeed, in some high-frequency application scenarios, regardless of developers or users, the importance of the "payment" function is much higher than the "stored value" attribute.

Behind such payment speed and cheaper fees are larger blocks. Compared to Bitcoin’s single-digit block size, Bitcoin Cash’s block size reaches 32MB to accommodate more transactions in the same time.

Full node program "Flowee"

The negative side of large blocks is that the block download speed is slower and it is more difficult for small nodes to synchronize. In response to this difficulty, the Bitcoin Cash developer community created a new full-node program "Flowee". The developers of Flowee redeveloped Bitcoin’s UTXO database so that blocks can be downloaded quickly.

After testing, it takes a week or even months to download full node data on Bitcoin, and it only takes 3 hours to complete the synchronization.

However, the Bitcoin Cash development team did not stop there. Larger blocks do not mean more space will be wasted. How to fill the blocks more fully and fill more data in the limited block size is the key to improving the applicability of Bitcoin Cash.

Schnorr signature

The developers proposed Schnorr's signature technology, which was submitted to the Bitcoin Cash network upgrade proposal that is rapidly iterated every six months and will be added to the Bitcoin Cash network upgrade in May this year.

Schnorr signature is a shorter signature scheme than Bitcoin's ECDSA, which can expand data and reduce the pressure on blockchain storage and bandwidth.

With the support of the Schnorr algorithm, transaction applications from different users will be placed under the same transaction and transmitted to different payees through multiple outputs, which means that transactions pay more attention to privacy protection.

Project developers in the bear market have become the silent majority. The market is so cold that people have forgotten the enthusiasm more than a year ago. Only a handful of developers are still thinking passionately, and Bitcoin Cash is one of them.

Even if there are conceptual quarrels within the digital currency circle due to different development concepts, I believe that Bitcoin Cash will be one of them that survives until the next spring.

Finally, the Lightning Network has been booming in recent times, and the Bitcoin Cash community has also launched a torch relay event. A BCH fan used the SLP protocol to issue a smart contract for torch relay, spreading this incredible torch seed to believers in the community, one after another. Will you be one of them?

(Source: Coin Circle Bond)