X

Feedback + Support

Need Assistance? Notice something missing or broken? Let us know!

Press esc to dismiss

project icon for bitcoin-cash

Bitcoin Cash

BCH
$262.61
0.30%
Positive delta icon

Bitcoin Cash is a cryptocurrency implemented as a hard fork of Bitcoin in August 2017, aiming to address Bitcoin’s scaling issues through a larger block size.

Overview

Project Stage

Live status icon

Amount Raised

Market Cap

$4,874MM

Sector

Cryptocurrency

Blockchain

Native token icon

Bitcoin Cash

Funding Source

Project Profile

Bitcoin Cash positions itself as fulfilling Bitcoin’s original promise of a peer-to-peer version of electronic cash. Bitcoin Cash has a current block size of 32MB, compared to Bitcoin's 1MB, and is intended to resolve what has become both a philosophical and technical debate surrounding Bitcoin's ability to scale and process higher transaction volumes. Although Bitcoin’s block weight and throughput increased with the softfork activation of segregated witness in August 2017, Bitcoin still has a fixed block size of one megabyte, put in place by its anonymous creator Satoshi Nakamoto with no specific justification given at the time. Bitcoin developers generally agreed the size’s purpose was to prevent spam transactions or denial-of-service attacks. This fixed block size limited the Bitcoin network to less than five transactions per second. As the Bitcoin network became more popular and started approaching the transaction limit, transaction fees increased and users experienced delays in the processing of their transactions. In contrast to what became the consensus view of the Bitcoin community to tackle throughput limitations via efficiency improvements to the base layer and the development of second-layer networks, the Bitcoin Cash community’s response was to scale the network by increasing the base block size. This approach allows more transactions to flow through the network without causing delays or increased transaction fees and contrasts with Bitcoin’s, which aims to enable scalability through the Lightning Network, where transactions can be securely confirmed without being included in the base chain's blocks. Broadly, this distinction represents a design difference in scaling at the protocol layer vs scaling at layer.

Project Details

Since it was created as a hard fork of Bitcoin, Bitcoin Cash inherited the transaction history of Bitcoin up to August 1, 2017. Anyone owning Bitcoin on that date had the same amount of Bitcoin Cash as they had Bitcoin. After this contentious hard fork, Bitcoin Cash and Bitcoin became two entirely separate blockchains. The new Bitcoin Cash chain also implements a modification of Bitcoin’s difficulty adjustment algorithm, making it easier for miners to optimize profitability and mitigate hashrate fluctuations. Like Bitcoin, it uses SHA-256 as the PoW consensus mechanism and has an identical block reward (12.5 BCH), target block time (10 minutes), and supply limit (21 million BCH). At the time of the fork, Bitcoin Cash had a block size of 8MB. Bitcoin Cash is supported by early Bitcoin evangelist Roger Ver and his cryptocurrency services company, Bitcoin.com, and by ASIC manufacturer Bitmain. Despite supporting a 32x greater block size and thus the capacity for greater transaction throughput, Bitcoin Cash supported significantly less daily transactions than Bitcoin in its first year of existence.

The Bitcoin Cash network underwent a protocol upgrade on May 15, 2018, that increased the block size from 8 to 32 megabytes, increased the default OP_Return size from 80 bytes to 220 bytes, and re-enabled some OpCodes that were removed from the Bitcoin protocol prior to the Bitcoin Cash hardfork. The increased block size allows for even greater transaction volume on the Bitcoin Cash network. A larger OP_Return size increases the amount of data that can be embedded into the Bitcoin Cash blockchain, potentially enabling applications to be built on top of the Bitcoin Cash blockchain. Re-enabling OP_Codes expands the possibilities for Bitcoin Cash, including binary options contracts.

Subsequent upgrades have included a change in November 2018 from topological transaction ordering to canonical ordering, to speed-up transaction validation, and the implementation of Schnorr signatures in May 2019, which offers small improvements in privacy, and throughput while opening the possibility to layer two networks by reducing transaction malleability. Outwith core protocol updates, Bitcoin Cash developers have added a protocol for issuing tokens, called the Simple Ledger Protocol, and added support for the trustless privacy-enabling mixing service, CashShuffle.

Mining Bitcoin Cash is similar to mining Bitcoin. Like Bitcoin, Bitcoin Cash mining has been dominated by several large mining pools, members of which utilize application-specific integrated circuits (ASICs). Given the similarities between Bitcoin, Bitcoin Cash, and Bitcoin SV miners can switch between the two with relative ease, directing efforts towards the more profitable network.

Bitcoin Cash Mining

Bitcoin Cash uses an identical hash algorithm (SHA-256) and hardware as Bitcoin. Bitcoin’s PoW system was heavily inspired by Hashcash, developed in 1997, and previously used to limit email spam and denial-of-service attacks. The Bitcoin Cash network emerged long after ASICs dominated the market, and it was broadly accepted that Bitmain was a substantial source of BCH’s early hashing power. Today, all miners capable of mining BTC can mine BCH, and smart pools often switch between them based on relative profitability. Innovations in ASIC efficiency are dominated by firms including Bitmain, InnoSillicon, and Canaan, and as of late 2019, mining pools controlled by Bitmain produce over 40% of blocks.

Bitcoin Cash Supply Schedule

The genesis block of Bitcoin Cash occurred after a hard fork from Bitcoin in August 2017; all addresses with BTC were allocated BCH on the new chain at a 1-1 ratio. Otherwise, Bitcoin Cash follows an identical supply schedule. The Bitcoin Cash protocol mints new Bitcoin Cash every block (approximately 10 min) and distributes 100% to miners. There was no genesis supply. The block reward, which started at 12.5 BCH / block at the hard fork, drops in half every 210,000 blocks (approximately 4 years). This yields an eventual total supply of 21 million BCH, with 20,989,800 by 2052.

Bitcoin Cashdark(1).png

Governance

Much like with Bitcoin, Bitcoin Cash does not have a formal governance structure, but instead relies on the collaboration between different interest groups, principally; developers and client implementations, miners, service providers, and users.

Following disagreements within the community that involved a debate surrounding additional block size increases, a group that included nChain hard forked from the Bitcoin Cash network in November 2018, forming a new blockchain, Bitcoin SV.

Although there are several Bitcoin Cash clients, the majority of nodes follow either Bitcoin ABC or Bitcoin Unlimited implementations. The Bitcoin ABC development team, in coordination with miners from China, recently published a development funding proposal that has led to significant disagreement within the broader community about the optimal route for developer funding while maintaining the ethos of decentralization.

project icon for bitcoin-cash

Bitcoin Cash

BCH
$262.61
0.30%
Positive delta icon

Bitcoin Cash is a cryptocurrency implemented as a hard fork of Bitcoin in August 2017, aiming to address Bitcoin’s scaling issues through a larger block size.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$4,874MM
Native token icon

Bitcoin Cash

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Cryptocurrency

Project Profile

Bitcoin Cash positions itself as fulfilling Bitcoin’s original promise of a peer-to-peer version of electronic cash. Bitcoin Cash has a current block size of 32MB, compared to Bitcoin's 1MB, and is intended to resolve what has become both a philosophical and technical debate surrounding Bitcoin's ability to scale and process higher transaction volumes. Although Bitcoin’s block weight and throughput increased with the softfork activation of segregated witness in August 2017, Bitcoin still has a fixed block size of one megabyte, put in place by its anonymous creator Satoshi Nakamoto with no specific justification given at the time. Bitcoin developers generally agreed the size’s purpose was to prevent spam transactions or denial-of-service attacks. This fixed block size limited the Bitcoin network to less than five transactions per second. As the Bitcoin network became more popular and started approaching the transaction limit, transaction fees increased and users experienced delays in the processing of their transactions. In contrast to what became the consensus view of the Bitcoin community to tackle throughput limitations via efficiency improvements to the base layer and the development of second-layer networks, the Bitcoin Cash community’s response was to scale the network by increasing the base block size. This approach allows more transactions to flow through the network without causing delays or increased transaction fees and contrasts with Bitcoin’s, which aims to enable scalability through the Lightning Network, where transactions can be securely confirmed without being included in the base chain's blocks. Broadly, this distinction represents a design difference in scaling at the protocol layer vs scaling at layer.

Project Details

Since it was created as a hard fork of Bitcoin, Bitcoin Cash inherited the transaction history of Bitcoin up to August 1, 2017. Anyone owning Bitcoin on that date had the same amount of Bitcoin Cash as they had Bitcoin. After this contentious hard fork, Bitcoin Cash and Bitcoin became two entirely separate blockchains. The new Bitcoin Cash chain also implements a modification of Bitcoin’s difficulty adjustment algorithm, making it easier for miners to optimize profitability and mitigate hashrate fluctuations. Like Bitcoin, it uses SHA-256 as the PoW consensus mechanism and has an identical block reward (12.5 BCH), target block time (10 minutes), and supply limit (21 million BCH). At the time of the fork, Bitcoin Cash had a block size of 8MB. Bitcoin Cash is supported by early Bitcoin evangelist Roger Ver and his cryptocurrency services company, Bitcoin.com, and by ASIC manufacturer Bitmain. Despite supporting a 32x greater block size and thus the capacity for greater transaction throughput, Bitcoin Cash supported significantly less daily transactions than Bitcoin in its first year of existence.

The Bitcoin Cash network underwent a protocol upgrade on May 15, 2018, that increased the block size from 8 to 32 megabytes, increased the default OP_Return size from 80 bytes to 220 bytes, and re-enabled some OpCodes that were removed from the Bitcoin protocol prior to the Bitcoin Cash hardfork. The increased block size allows for even greater transaction volume on the Bitcoin Cash network. A larger OP_Return size increases the amount of data that can be embedded into the Bitcoin Cash blockchain, potentially enabling applications to be built on top of the Bitcoin Cash blockchain. Re-enabling OP_Codes expands the possibilities for Bitcoin Cash, including binary options contracts.

Subsequent upgrades have included a change in November 2018 from topological transaction ordering to canonical ordering, to speed-up transaction validation, and the implementation of Schnorr signatures in May 2019, which offers small improvements in privacy, and throughput while opening the possibility to layer two networks by reducing transaction malleability. Outwith core protocol updates, Bitcoin Cash developers have added a protocol for issuing tokens, called the Simple Ledger Protocol, and added support for the trustless privacy-enabling mixing service, CashShuffle.

Mining Bitcoin Cash is similar to mining Bitcoin. Like Bitcoin, Bitcoin Cash mining has been dominated by several large mining pools, members of which utilize application-specific integrated circuits (ASICs). Given the similarities between Bitcoin, Bitcoin Cash, and Bitcoin SV miners can switch between the two with relative ease, directing efforts towards the more profitable network.

Bitcoin Cash Mining

Bitcoin Cash uses an identical hash algorithm (SHA-256) and hardware as Bitcoin. Bitcoin’s PoW system was heavily inspired by Hashcash, developed in 1997, and previously used to limit email spam and denial-of-service attacks. The Bitcoin Cash network emerged long after ASICs dominated the market, and it was broadly accepted that Bitmain was a substantial source of BCH’s early hashing power. Today, all miners capable of mining BTC can mine BCH, and smart pools often switch between them based on relative profitability. Innovations in ASIC efficiency are dominated by firms including Bitmain, InnoSillicon, and Canaan, and as of late 2019, mining pools controlled by Bitmain produce over 40% of blocks.

Bitcoin Cash Supply Schedule

The genesis block of Bitcoin Cash occurred after a hard fork from Bitcoin in August 2017; all addresses with BTC were allocated BCH on the new chain at a 1-1 ratio. Otherwise, Bitcoin Cash follows an identical supply schedule. The Bitcoin Cash protocol mints new Bitcoin Cash every block (approximately 10 min) and distributes 100% to miners. There was no genesis supply. The block reward, which started at 12.5 BCH / block at the hard fork, drops in half every 210,000 blocks (approximately 4 years). This yields an eventual total supply of 21 million BCH, with 20,989,800 by 2052.

Bitcoin Cashdark(1).png

Governance

Much like with Bitcoin, Bitcoin Cash does not have a formal governance structure, but instead relies on the collaboration between different interest groups, principally; developers and client implementations, miners, service providers, and users.

Following disagreements within the community that involved a debate surrounding additional block size increases, a group that included nChain hard forked from the Bitcoin Cash network in November 2018, forming a new blockchain, Bitcoin SV.

Although there are several Bitcoin Cash clients, the majority of nodes follow either Bitcoin ABC or Bitcoin Unlimited implementations. The Bitcoin ABC development team, in coordination with miners from China, recently published a development funding proposal that has led to significant disagreement within the broader community about the optimal route for developer funding while maintaining the ethos of decentralization.

Recent News

Bitcoin Cash network experiences halving event.

The Bitcoin Cash network has undergone a halving event, whereby its block reward decreased by 50% from 12.5 BCH 6.25 BCH per block. The event occurred at a block height of 630,000 on Wednesday at approximately 12:20 UTC. Bitcoin Cash hardforked from Bitcoin in 2017 and, despite inheriting the same monetary policy, has experienced its halving several weeks before Bitcoin. In recent weeks, Bitcoin Cash’s hash rate has fallen from 5 EH/S in the middle of February to 3.3 EH/S at the same time as the BCH token has experienced price declines of similar magnitudes. The event is expected to lead to many Bitcoin Cash miners to no longer profit from mining the token, leading to further reductions in hash power and network difficulty adjustments until an equilibrium is reached.

April 8, 2020

Sources:

CoinDesk

The stablecoin, Tether has launched on the Bitcoin Cash blockchain.

The USD-pegged stablecoin, Tether (USDT), has launched on the Bitcoin Cash network. Tether will run on top of the Simple Ledger Protocol, a tokenization protocol that runs on Bitcoin Cash. The stablecoin is already live on the Omni protocol and Liquid sidechain, which operate in tandem with Bitcoin, as well as Ethereum, EOS, Tron and Algorand. Just as it does now, USDT issued on Bitcoin Cash will aim to maintain a 1:1 USD peg.

March 23, 2020

Sources:

CoinDesk

Major Bitcoin Cash miners announce temporary development fund of 12.5% of the block reward.

The group of BCH mining pools, including BTC.TOP, Antpool, ViaBTC, and Bitcoin.com (Roger Ver), comprise a majority of the identified network hash rate. For a 6 month period, 12.5% of the coinbase block reward will be diverted and dispersed to developers through a Hong Kong corporation. Any blocks mined that do not include this developer allocation will be orphaned by the group of BCH mining pools. At current prices, this fund is worth approximately $6m.

January 23, 2020

Sources:

moreCoinDesk
Load More
Show projects Article List
Sort icon: direction descending
Profile Updated
166d
Project details updated.
No icon fallback
ALTG
Profile Updated
166d
Project details updated.
Project Added as Signal
179d
Project details updated.
Profile Updated
179d
Project details updated.
Profile Updated
180d
Project details updated.
project icon for beam
BEAM
Profile Updated
180d
Project details updated.
Profile Updated
185d
Project details updated.
Profile Updated
185d
Project details updated.
project icon for qtum
QTUM
Profile Updated
190d
Project details updated.
Profile Updated
190d
Project details updated.
Profile Updated
191d
Project details updated.
project icon for aion
AION
Profile Updated
191d
Project details updated.
Profile Updated
192d
Project details updated.
project icon for grin
GRIN
Profile Updated
192d
Project details updated.
Profile Updated
193d
Project details updated.
Profile Updated
193d
Project details updated.
Profile Updated
197d
Project details updated.
project icon for kadena
KADENA
Profile Updated
197d
Project details updated.
project icon for chia
CHIA
Profile Updated
199d
Project details updated.
project icon for waves
WAVES
Profile Updated
199d
Project details updated
Profile Updated
201d
Project details updated.
Profile Updated
201d
Project details updated.
Profile Updated
204d
Project details updated.
No icon fallback
KLAY
Profile Updated
204d
Project details updated.
Profile Updated
205d
Project details updated.
project icon for neo
NEO
Profile Updated
205d
Project details updated.
Profile Updated
206d
Project details updated.
Profile Updated
206d
Project details updated.
project icon for aelf
ELF
Profile Updated
207d
Project details updated.
project icon for eos
EOS
Profile Updated
207d
Project details updated.
Profile Updated
208d
Project details updated.
Profile Updated
208d
Project details updated.
project icon for storj
STORJ
Profile Updated
212d
Project details updated.
Profile Updated
213d
Project details updated.
Profile Updated
213d
Project details updated.
project icon for zrx
ZRX
Profile Updated
214d
Project details updated.
project icon for tether
USDT
Profile Updated
214d
Project details updated.
project icon for wax
WAXP
Profile Updated
215d
Project details updated.
Profile Updated
215d
Project details updated.
Profile Updated
218d
Project details updated.
Profile Updated
218d
Project details updated.
Profile Updated
219d
Project details updated.
project icon for tzero
TZEROP
Profile Updated
219d
Project details updated.
Profile Updated
220d
Project details updated.
Profile Updated
220d
Protocol and asset details updated.
project icon for skale
SKALE
Project Added as Signal
220d
SKALE is an Ethereum Layer 2 scalability protocol facilitating the formation and operation of on-demand elastic sidechains.
Project Added as Signal
239d
TrueBit is a distributed marketplace for off-chain computation of resource-intensive smart contracts, verifying proper results using a game theory-based incentive structure rather than cryptographic proofs.
Project Added as Signal
250d
Spacemesh is a cryptocurrency and smart contract platform operating on directed acyclic graph infrastructure and utilizing a Proof-of-Spacetime consensus algorithm that intends to achieve a more equitable distribution of mining rights by decoupling the conferment thereof with access to financial means.
No icon fallback
BZRX
Project Added as Signal
252d
bZx is an Ethereum-based, decentralized cryptoasset lending protocol that facilitates margin trading of ETH and ERC-20 tokens.
Project Added as Signal
256d
Oasis Network is a permissionless, blockchain-based cloud computing platform that aims to improve upon the scalability and privacy of its peers through novel architecture.
Project Added as Signal
267d
FTX is a cryptoasset derivatives exchange, powered by a proprietary liquidation engine and clawback prevention protocol, offering futures, leveraged tokens and an over-the-counter trading portal.
Project Added as Signal
271d
ThunderCore is a permissionless, Turing-complete smart contract platform offering full EVM-compatibility and PaLa, a new variant of Proof-of-Stake consensus, as its distinguishing features.
Project Added as Signal
274d
Santiment is a blockchain data and analytics provider offering content streams, data feeds and analysis, APIs and its own ERC-20 token, SAN.
Project Added as Signal
288d
Nexus Mutual is a blockchain-based, protocol-enabled mutual insurance fund operating on Ethereum and owned entirely by its members, who buy into the fund by purchasing NXM tokens.
Project Added as Signal
316d
Gods Unchained is a decentralized trading card game that uses the ERC-721 non-fungible token standard to establish on-chain ownership of cards to be used in off-chain gameplay.
Project Added as Signal
326d
Synthetix is a decentralized synthetic asset issuance protocol consisting of an Ethereum-based smart contract, an exchange, and a dApp to facilitate smart contract interaction.
project icon for zrx
ZRX
Profile Updated
331d
Update on 0x v3, including protocol fees, staking incentives, and liquidity pooling with Uniswap, Kyber, and Oasis.
No icon fallback
LUNA
Project Added as Signal
340d
Terra is an algorithmically-governed, seigniorage share style stablecoin blockchain platform to which a collection of fiat-pegged tokens and a stabilizing cryptoasset, Luna, are native.
Profile Updated
357d
Stellar Development Foundation burns 55 billion XLM from its reserves, over half of the total supply, and removes the ongoing inflation to current token holders. The SDF had previously earmarked these tokens for community airdrops and ongoing organization funding.
Project Added as Signal
372d
Nervos is a public, PoW-based smart contract platform that utilizes off-chain computation in service of transaction scalability and implements a unique token emissions mechanic that imposes a perpetual cost for on-chain data storage.
Profile Updated
382d
Supply Information added.
project icon for beam
BEAM
Profile Updated
385d
Supply Information added.
project icon for grin
GRIN
Profile Updated
385d
Supply Information added.
Profile Updated
388d
Supply Information added.
Profile Updated
388d
Supply Information added.
project icon for siacoin
SC
Profile Updated
388d
Mining Information added.
project icon for dash
DASH
Profile Updated
389d
Mining and Supply Information added.
Profile Updated
389d
Mining and Supply Information added.
Profile Updated
392d
Mining and Supply information added.
Profile Updated
393d
Mining and Supply Information added.
project icon for kin
KIN
Project Removed as Signal
400d
Kin removed as Signal.
project icon for simple
OST
Project Added as Signal
401d
OST added as Signal.
Profile Updated
415d
Signal profile updated.
Project Added as Signal
429d
Edgeware added as Signal.
Profile Updated
431d
Ethereum Classic profile added.
project icon for steem
STEEM
Profile Updated
442d
Signal profile updated.
Profile Updated
442d
Signal profile updated.
project icon for neo
NEO
Profile Updated
442d
Signal profile updated.
No icon fallback
KLAY
Project Added as Signal
442d
Klaytn added as Signal.
No icon fallback
ALTG
Project Added as Signal
449d
Althea added as Signal.
Profile Updated
455d
Signal profile updated.
No icon fallback
UMA
Project Added as Signal
463d
UMA added as Signal.
No icon fallback
LIBRA
Project Added as Signal
463d
Libra added as Signal.
Project Added as Signal
469d
Chainlink added as Signal.
Profile Updated
475d
Signal profile updated.
Profile Updated
481d
Signal profile updated.
project icon for chia
CHIA
Profile Updated
487d
Signal profile updated.
project icon for bitfinex-leo
LEOTOKEN
Project Added as Signal
493d
Bitfinex LEO added as Signal.
project icon for coda
CODA
Profile Updated
498d
Signal profile updated.
Project Added as Signal
505d
Paxos added as Signal.
project icon for celo
CELO
Project Added as Signal
511d
Celo added as Signal.

You've reached the end of the list

project icon for bitcoin-cash

Bitcoin Cash

BCH
$262.61
0.30%
Positive delta icon

Bitcoin Cash is a cryptocurrency implemented as a hard fork of Bitcoin in August 2017, aiming to address Bitcoin’s scaling issues through a larger block size.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$4,874MM
Native token icon

Bitcoin Cash

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Cryptocurrency

Project Profile

Bitcoin Cash positions itself as fulfilling Bitcoin’s original promise of a peer-to-peer version of electronic cash. Bitcoin Cash has a current block size of 32MB, compared to Bitcoin's 1MB, and is intended to resolve what has become both a philosophical and technical debate surrounding Bitcoin's ability to scale and process higher transaction volumes. Although Bitcoin’s block weight and throughput increased with the softfork activation of segregated witness in August 2017, Bitcoin still has a fixed block size of one megabyte, put in place by its anonymous creator Satoshi Nakamoto with no specific justification given at the time. Bitcoin developers generally agreed the size’s purpose was to prevent spam transactions or denial-of-service attacks. This fixed block size limited the Bitcoin network to less than five transactions per second. As the Bitcoin network became more popular and started approaching the transaction limit, transaction fees increased and users experienced delays in the processing of their transactions. In contrast to what became the consensus view of the Bitcoin community to tackle throughput limitations via efficiency improvements to the base layer and the development of second-layer networks, the Bitcoin Cash community’s response was to scale the network by increasing the base block size. This approach allows more transactions to flow through the network without causing delays or increased transaction fees and contrasts with Bitcoin’s, which aims to enable scalability through the Lightning Network, where transactions can be securely confirmed without being included in the base chain's blocks. Broadly, this distinction represents a design difference in scaling at the protocol layer vs scaling at layer.

Project Details

Since it was created as a hard fork of Bitcoin, Bitcoin Cash inherited the transaction history of Bitcoin up to August 1, 2017. Anyone owning Bitcoin on that date had the same amount of Bitcoin Cash as they had Bitcoin. After this contentious hard fork, Bitcoin Cash and Bitcoin became two entirely separate blockchains. The new Bitcoin Cash chain also implements a modification of Bitcoin’s difficulty adjustment algorithm, making it easier for miners to optimize profitability and mitigate hashrate fluctuations. Like Bitcoin, it uses SHA-256 as the PoW consensus mechanism and has an identical block reward (12.5 BCH), target block time (10 minutes), and supply limit (21 million BCH). At the time of the fork, Bitcoin Cash had a block size of 8MB. Bitcoin Cash is supported by early Bitcoin evangelist Roger Ver and his cryptocurrency services company, Bitcoin.com, and by ASIC manufacturer Bitmain. Despite supporting a 32x greater block size and thus the capacity for greater transaction throughput, Bitcoin Cash supported significantly less daily transactions than Bitcoin in its first year of existence.

The Bitcoin Cash network underwent a protocol upgrade on May 15, 2018, that increased the block size from 8 to 32 megabytes, increased the default OP_Return size from 80 bytes to 220 bytes, and re-enabled some OpCodes that were removed from the Bitcoin protocol prior to the Bitcoin Cash hardfork. The increased block size allows for even greater transaction volume on the Bitcoin Cash network. A larger OP_Return size increases the amount of data that can be embedded into the Bitcoin Cash blockchain, potentially enabling applications to be built on top of the Bitcoin Cash blockchain. Re-enabling OP_Codes expands the possibilities for Bitcoin Cash, including binary options contracts.

Subsequent upgrades have included a change in November 2018 from topological transaction ordering to canonical ordering, to speed-up transaction validation, and the implementation of Schnorr signatures in May 2019, which offers small improvements in privacy, and throughput while opening the possibility to layer two networks by reducing transaction malleability. Outwith core protocol updates, Bitcoin Cash developers have added a protocol for issuing tokens, called the Simple Ledger Protocol, and added support for the trustless privacy-enabling mixing service, CashShuffle.

Mining Bitcoin Cash is similar to mining Bitcoin. Like Bitcoin, Bitcoin Cash mining has been dominated by several large mining pools, members of which utilize application-specific integrated circuits (ASICs). Given the similarities between Bitcoin, Bitcoin Cash, and Bitcoin SV miners can switch between the two with relative ease, directing efforts towards the more profitable network.

Bitcoin Cash Mining

Bitcoin Cash uses an identical hash algorithm (SHA-256) and hardware as Bitcoin. Bitcoin’s PoW system was heavily inspired by Hashcash, developed in 1997, and previously used to limit email spam and denial-of-service attacks. The Bitcoin Cash network emerged long after ASICs dominated the market, and it was broadly accepted that Bitmain was a substantial source of BCH’s early hashing power. Today, all miners capable of mining BTC can mine BCH, and smart pools often switch between them based on relative profitability. Innovations in ASIC efficiency are dominated by firms including Bitmain, InnoSillicon, and Canaan, and as of late 2019, mining pools controlled by Bitmain produce over 40% of blocks.

Bitcoin Cash Supply Schedule

The genesis block of Bitcoin Cash occurred after a hard fork from Bitcoin in August 2017; all addresses with BTC were allocated BCH on the new chain at a 1-1 ratio. Otherwise, Bitcoin Cash follows an identical supply schedule. The Bitcoin Cash protocol mints new Bitcoin Cash every block (approximately 10 min) and distributes 100% to miners. There was no genesis supply. The block reward, which started at 12.5 BCH / block at the hard fork, drops in half every 210,000 blocks (approximately 4 years). This yields an eventual total supply of 21 million BCH, with 20,989,800 by 2052.

Bitcoin Cashdark(1).png

Governance

Much like with Bitcoin, Bitcoin Cash does not have a formal governance structure, but instead relies on the collaboration between different interest groups, principally; developers and client implementations, miners, service providers, and users.

Following disagreements within the community that involved a debate surrounding additional block size increases, a group that included nChain hard forked from the Bitcoin Cash network in November 2018, forming a new blockchain, Bitcoin SV.

Although there are several Bitcoin Cash clients, the majority of nodes follow either Bitcoin ABC or Bitcoin Unlimited implementations. The Bitcoin ABC development team, in coordination with miners from China, recently published a development funding proposal that has led to significant disagreement within the broader community about the optimal route for developer funding while maintaining the ethos of decentralization.

Recent News

Bitcoin Cash network experiences halving event.

The Bitcoin Cash network has undergone a halving event, whereby its block reward decreased by 50% from 12.5 BCH 6.25 BCH per block. The event occurred at a block height of 630,000 on Wednesday at approximately 12:20 UTC. Bitcoin Cash hardforked from Bitcoin in 2017 and, despite inheriting the same monetary policy, has experienced its halving several weeks before Bitcoin. In recent weeks, Bitcoin Cash’s hash rate has fallen from 5 EH/S in the middle of February to 3.3 EH/S at the same time as the BCH token has experienced price declines of similar magnitudes. The event is expected to lead to many Bitcoin Cash miners to no longer profit from mining the token, leading to further reductions in hash power and network difficulty adjustments until an equilibrium is reached.

April 8, 2020

Sources:

CoinDesk

The stablecoin, Tether has launched on the Bitcoin Cash blockchain.

The USD-pegged stablecoin, Tether (USDT), has launched on the Bitcoin Cash network. Tether will run on top of the Simple Ledger Protocol, a tokenization protocol that runs on Bitcoin Cash. The stablecoin is already live on the Omni protocol and Liquid sidechain, which operate in tandem with Bitcoin, as well as Ethereum, EOS, Tron and Algorand. Just as it does now, USDT issued on Bitcoin Cash will aim to maintain a 1:1 USD peg.

March 23, 2020

Sources:

CoinDesk

Major Bitcoin Cash miners announce temporary development fund of 12.5% of the block reward.

The group of BCH mining pools, including BTC.TOP, Antpool, ViaBTC, and Bitcoin.com (Roger Ver), comprise a majority of the identified network hash rate. For a 6 month period, 12.5% of the coinbase block reward will be diverted and dispersed to developers through a Hong Kong corporation. Any blocks mined that do not include this developer allocation will be orphaned by the group of BCH mining pools. At current prices, this fund is worth approximately $6m.

January 23, 2020

Sources:

moreCoinDesk
Load More