Change is an ever constant in life. In the world of technology, the rate of change could be quite challenging for those not really following. This is especially true in the crypto industry.
Bitcoin Cash, the most successful fork of the Bitcoin blockchain has successfully completed an upgrade to its blockchain. The upgrade adds three new features to the network.
The three new features were added to the Consensus Rules in the network upgrade which occurred today May 15th, 2020. The first of the three new features was a new upcode support, Sigcheck implementations that allows an improved counting of signature operations and a chain limit extension.
According to News.BTC, the upgrade went into effect immediately the first next block was mined after the chain initiated at block 635,258.
The first of the new features allows for faster re-spending of unconfirmed transactions as developers have increased the chained transactions limit by 100% that’s from 25 to 50.
The second feature which was the new opcode supports OP_Reversebytes which reverses the bytes of the top stack item. The third feature of the upgrade was the Sigcheck. Sigcheck essential idea “is to perform counting solely in the spending transaction, and count actual executed signature check operations.”
This upgrade is one of two which occurs twice yearly. That’s May and November. The upgrade comes after the bitcoin network halved which reduced miners’ reward by 50% from 12.5 BTC to 6.25 BTC. The impact of which has made the business unprofitable for some miners and has resulted in the hike of bitcoin transaction fees.
With the reduction in the continuous supply of bitcoin from mining, elementary economics presents a likely increase in price. An idea that history has validated post halving.
What may be the position of the bitcoin network in terms of bitcoin transaction fees may not be so friendly, however, Bitcoin has shown resilience over it’s years of existence and things may just go back to ‘normal’ very soon.