Editors Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing)Editors Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
, Author: JX kin, Editor: Wen Dao, reproduced by Odaily with authorization.
On September 4th, the Bitcoin Cash community held a meeting in Queensland, Australia, calling community members from all over the world to BitcoinCash City to experience the BCH payment experience, and also chatted about the future development path to consolidate and expand the community consensus.
After independence, BCH was given high hopes, and some even believed that it might replace Bitcoin. However, the facts did not go as expected. Not only did it fall sharply in the subsequent bear market, but it also encountered a fork on the way to upgrade.
Now, two years have passed, the voice of replacing Bitcoin has gradually disappeared, and the BCH community has also taken a little respite from the bear market and split, and continues to upgrade and iterate on the road of payment currency, while also exploring the direction of smart contracts. Unfortunately, The pace is still slow.
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The community gathers in the city of BCH to find direction
In Queensland, Australia, the coastal city of Townsville is sandwiched between Brisbane and Cairns. This small city with a total population of only 200,000 is the city with the most merchants supporting Bitcoin cash payment in the world, so it is called the city of BCH (Bitcoin cash city).
On September 4th, the BCH Australia Summit was held here. This is a non-profit event aimed at bringing together developers and other supporters of the BCH community. Of course, Amaury Séchet, chief developer of Bitcoin ABC, and Vin Armani, CEO of Cointext, did not The meeting was absent, and Liu Changyong and Wang Hongli, supporters of the Chinese community, also went to the scene.
BCH developers and community members from all over the world not only experienced BCH payment, but also discussed the original Bitcoin vision, government compliance and supervision, mining, investment and other issues.
Enthusiasts use BCH to pay bills for taxi rides
Wang Hongli paid the fare with BCH when he took a taxi locally. He described that, like domestic mobile payment, the driver hangs a QR code address in the car, and passengers scan the code to pay in BCH equivalent to the US dollar. In some foreign places where online banking payment is not well developed, being able to pay directly with BCH makes him feel convenient, except that he feels that he is cutting flesh..
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The price of the currency has shrunk by 98% in one year due to the split of the network
Compared with the 10-year history of the birth of Bitcoin, 2 years is not a long time for BCH, but the Prince is not as lucky as the currency king. In the past two years, BCH has reached the apex of the bull market, experienced the cold winter of the bear market, and encountered a split.
Many BCH enthusiasts will never forget the highlight moment of Prince. On December 18, 2017, the price of BCH rose to $4,000, which was only 4 months after it was forked from Bitcoin, and the price was 13 times higher than when it was born.
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The price of BCH has shrunk by 98% in one year
Of course, that was also the peak of glory for the entire cryptocurrency market. In addition to the rise of BCH is related to the rise of the broader market, there is also a voice that the giant supporting it, Bitmain, contributed buying funds to attract miners, increase computing power, and use real money to maintain the network security and stability of BCH .
After the peak, the bear market hit, those voices who once shouted BCH will replace Bitcoin gradually weakened, and the biggest supporter, Bitmain, also encountered many setbacks in the cooling of the mining machine market. Under the double attack, BCH once fell to $74 on December 10 last year, shrinking by 98% in a year, which became the darkest moment for the entire community.
The dark night is not only covering the currency price, but also noises in the community. Craig Steven Wright, an Australian who calls himself Satoshi Nakamoto, set up another faction and pulled up the banner of bigger blocks, claiming to increase transaction speed, reduce handling fees, and restore a batch of Bitcoin codes.
The split finally ended with the two factions saying goodbye completely. BCH took off the ABC suffix and returned to independent development; BCHSV also became a new currency BSV and went its own way. History seemed to repeat itself.
After encountering the double blow of external cold winter and internal turmoil, BCH in the bottom is struggling to move forward. Fortunately, the market has picked up this year, and BCH has rebounded. The current price has climbed to around $300, which is still a long way from the price before the split.
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The BCH currency issuance contract has issued 3,800 kinds of tokens
Payment is the original intention of BCH following BTCs currency freedom, including its departure to realize the dream of big blocks, and it is also a choice made for faster payment.
This choice has been favored by many people, and even regarded as a feature superior to Bitcoin. Even V God, the founder of Ethereum, once believed that BCH is worth fighting for the title of Bitcoin.
Despite the poor market performance, BCH has been sticking to its role on the road of payment.
In May of this year, BCH ushered in an upgrade again, this time enabling Schnorr signatures. Previously, each transaction initiated by the user would be signed once, and when multiple transactions were initiated at the same time, it would cause congestion. After Schnorr signature is enabled, the network can sign multiple transactions at one time, thus shortening the transaction time.
It can be seen that the focus of this May upgrade is still to increase the speed of transaction verification, which is still the job of BCH as a payment currency.
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In November this year, the BCH network continued to upgrade its transaction capabilities
In November of this year, that is, there are still 2 months left, BCH will be upgraded again to continue to complete the job. It is reported that the new upgraded version has been developed, and the Schnorr signature will be carried on a check script opcode. After the upgrade, all signature checking operations will support Schnorr signatures.
BCH, which is constantly iterating on the payment capability, is also exploring other paths, hoping to surpass coin king in function.
In July 2018, another upgrade of BCH that year released some smart contracts and tokenization capabilities, and added a protocol extension interface to lay a foundation for the future launch of smart contracts. This also means that the development path of BCH is changing.
One month later, at the Ecological Construction Project Conference held on the first anniversary of the birth of BCH, the Wormhole Protocol was officially unveiled. The wormhole protocol based on the OmniLayer protocol was originally regarded as a cutting-edge weapon for BCH to realize the functions of issuing, transferring and burning tokens.
But in the exploration of smart contracts, BCH moved slowly, and the wormhole protocol was also silent until the emergence of the Simple Ledger Protocol (SLP).
SLP is another smart contract platform based on BCH. Unlike Wormhole, it is a pure Token solution that only solves the problem of issuing coins for users. According to the SLP browser, more than 3,800 Tokens have been issued based on the platform. On June 13 this year, HonestNode and the US trust company Prime Trust jointly issued a stable currency USDH based on the SLP agreement, which maintains a stable exchange rate of 1:1 with the US dollar.
Measured by the number of Tokens, BCHs currency issuance function does not seem to be able to replace Ethereums market dominance.
