Slow development of basic protocols
The upgrade of BCH on May 15 this year is the lowest community and media attention in history. Whether it is media reports or community discussions, it seems that everyone is not paying attention. This is also the smallest change in the history of BCH. No new technology has been deployed. Three main functions have been added. The signature check method “sigcheck” is changed when the script is executed; the opcode “: OP_REVERSEBYTES” is added to reverse the bytes in the string; the transaction limit in the memory pool is changed from 25 to 50.
In the previous upgrade, the BCH block size was increased to 32MB, the Satoshi opcode was re-enabled, OP_Checkdatasig was implemented, Canonical Transaction Ordering (CTOR) was added, and Schnorr signature support was added. These upgrades are a milestone for BCH. As for why BCH’s basic protocol development has slowed down, it is mainly because the development team lacks money and lacks technical developers. It can be seen from the fund-raising plan announced by Bitcoin ABC and other development teams that BCH’s basic protocol development is a huge project.
Fortunately, BCH’s main development team has received enough development funds. Flipstarter has donated more than 2000 BCH to the BCH full-node client projects BCHD, BCHN, Knuth and Bitcoin Verd. BCH’s important development team, BU, has sufficient funds and does not need to raise funds. BCH’s core development team, Bitcoin ABC, has obtained $ 1.5 million in development funds through other channels. This means that the BCH development team will not worry about development funds for a period of time in the future. With sufficient funds, you can concentrate on the development of BCH infrastructure and make the BCH infrastructure more powerful.
Infrastructure deterioration
One of the most important projects on BCH, Cointext, was rejected because of its low adoption rate. Cointext is a company, an application, or a third-party transfer system. Users can use Cointext to trade BCH in the form of text messages on their mobile phones without the need for Internet access and low handling fees. Bitcoin Jesus, the most important supporter of BCH overseas, fired 50% of the company’s employees a few days before the halving, and bitcoin.com is no longer an open source wallet. However, Bitcoin Jesus appointed Dennis Jarvis as the new CEO of bitcoin.com, and everything returned to normal. Cointext is still welcomed by the community, and it continues to make efforts in payment and international remittances. BCH payment in Australia even occupies most of the cryptocurrency payment market.
Bitcoin cash transactions grow slowly
According to data from BitinfoCharts, the number of Bitcoin Cash (BCH) transactions has remained at around 50,000 in a year. It can be seen from the graph that the growth rate in the past year is very slow and basically remains stable. Bitcoin is 300,000 transactions, only one sixth of Bitcoin.
Merchants accepting BCH payments grow slowly
According to r / btc’s “Monthly Merchant Report”, merchant adoption has only increased by about 50% last year, of which 88% + comes from online merchants and about 5-10% comes from physical stores. It seems to be growing faster, but it is still a bit slow for BCH, which is committed to becoming a global payment currency. If it has increased by 10 times compared with two years ago, BCH is also popular with merchants in the payment field and is the mainstream of cryptocurrency payments.
Bitcoin ABC and BCHN dispute
Bitcoin ABC supports the controversial BCH infrastructure financing plan (IFP), but the plan has not been widely agreed. In order to oppose the plan, some developers created a full-node client BCHN. The only difference between this client and the Bitcoin ABC full-node client is the removal of IFP in the code. IFP was controversial in the community at that time, and the technical differences among developers even increased to language violence, which caused an extremely bad influence on the BCH community. However, in the end, both parties chose to compromise, both refused to split, respect the longest chain principle, and IFP did not implement it.
This controversy also completely changed the developers, so that the former high-ranking developers became more grounded, and began to respect the opinions of the community, actively integrate into the community, understand the needs of the community, rather than blindly develop. The Chinese community that has been excluded from development has also gained more attention this time. Both Bitcoin ABC and BCHN have begun to lift the BCH Chinese community, and the articles have appeared in the Chinese version. .
Recently, the BCH community proposed the creation of a foundation. The foundation is responsible for raising BCH development funds and coordinating relations within the community. Others have proposed suggestions to encourage developers in the form of Nobel Prizes. These are good suggestions, I hope the community can unite and work together, less debate, more thinking!