Smart Contracts On Bitcoin Cash

As a smart contract developer on Ethereum, i always dream about smart contract support on Bitcoin cash and my dream coming to true.

Bitmain, known for its Application Specific Integrated Circuit [ASIC] miners, has recently proposed developing and implementing a protocol for smart contracts on the Bitcoin Cash [BCH] blockchain. The proposals reportedly emerged from Chinese WeChat groups comprising of developers from the company.

Bitcoin cash team partnered with Bitmain to enable smart contract functionality on Bitcoin cash blockchain.

Bitcoin cash with the help of Bitmain is planning to bring smart contract technology on BCH blockchain using Wormhole tokenization protocol. The first token that has been issued with this protocol is known as Wormhole Cash.

Wormhole Cash adds new features to the BCH Blockchain. This includes token issuance, transferring and burning into the BCH blockchain without any changes to the current consensus rules.

The transaction’s metadata is written in OP_RETURN, one among Bitcoin Cash’s opcodes.

Wormhole protocol-based tokens can be issued, transferred and burnt only through Bitcoin Cash transaction. Additionally, it can be completed by reading data stored in OP_RETURN.

The Wormhole protocol will be implemented by integrating into Bitcoind, without any changes to the consensus rules of Bitcoin Cash.

After tremendous research, now they have paid attention to the Omni Layer protocol. The Omni Layer runs on top of Bitcoin blockchain. As Omni Layer protocol is open source, they forked Omni Layer protocol and implemented the technical feature on Bitcoin Cash blockchain to achieve token issuance. Named this technical feature as Wormhole protocol, and the original token in the protocol is named as Wormhole Cash

Wormhole will utilize Bitcoind nodes and consensus will not need to be changed.

The security of the protocol is ensured primarily by the Proof-of-Work [PoW] algorithm adopted by Bitcoin Cash. This is also multiplexed into the decentralized timestamp server model that has been running without issues for almost 10 years since the Genesis block of Bitcoin itself.

The second layer run on Bitcoind will consist of nodes that won’t process data that doesn’t meet the Wormhole protocol requirements.

Each node has the ability to reanalyze transaction data and calculate the most recent legal final state of Wormhole Cash.

Soon full details will be released

I am eagerly waiting to write my first smart contract on BCH :-)