Last year, Bitcoin cash main developers team announced that they were making “tentative” plans to increase the cryptocurrency block size again. That plan is about to come true in a little more than three weeks time, on May 15, 2018 at approximately 12:00:00 UTC to be exact. The Bitcoin (BCH) network is planning to hard fork by upgrading its block size to 32MB and also integrate additional functionalities to the protocol.
The network and its entire community is currently making steady preparations for the consensus change as development teams release new code. Meanwhile its users and infrastructure providers will upgrade their full node implementations.
Biggest Block Size Increase in History
The BCH Network Block Size Increase will probably be the biggest block size increase in history. But BCH developers and users alike are excited about the prospects the block size increase presents. It will enable developers the to maintain consistent transaction throughputs for the billions of people living in the world, alongside on-chain fees anyone from any developing nation can afford. The block size increase will also allow enough room for transactions since BTC is more expensive to transact with at 10.73X than BCH according to statistics.
The block increase will allow for the addition of colored coins, representative tokens and smart contracts to the BCH chain. Developers have already added
OP_Codes and a larger OP_Return data size. By May 15, BCH will have more innovation to offer users should be on the lookout.
Let us know what you think about the upcoming Bitcoin Cash upgrade in the comment section below.
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