All About The Latest Bitcoin Cash Upgrade

Since December 2017, the developers of the cryptocurrency platform has been working on adding a hard fork to the Bitcoin Cash menu. This specific hard fork was deployed via the ABC 0.17.1 Bitcoin software upgrade and is expected to be launched on the 15th of May 2018. In an announcement released by the developers of the crypto platform, it was stated that all node operators on the network should upgrade to the new version of the Bitcoin software as soon as possible and it further states that they should inform all crypto wallets, exchanges and other crypto network participants to upgrade to the latest version or run an updated version of the ABC Bitcoin software or any other compatible software at all. This upgrade generally should have been a hard fork but the overwhelming support that the upgrade gathered on the Bitcoin Cash consensus is why it is now seen as an upgrade.

Image Source : https://www.bitcoincash.org/

The most significant changes that the ABC software upgrade will offer is that of increasing the block size of the network to 32 MB. Generally, the Bitcoin Cash was developed to be an advanced version of the Bitcoin as it has a block size of 8 MB while the Bitcoin network has a block size of 1 MB. Asides from the increase in the block size of the network, it will also have several Bitcoin codes which include the OPCode. The OP Code will allow all users on the Bitcoin Cash network to store extra data on the blockchain. Also, this code in association with other needed infrastructure will lay a groundwork for the adoption and use of smart contracts on the network.

This upgrade has been referred to as the biggest block size increase that has ever been done in the crypto space. Also, this upgrade will increase the protocol's data carrier size to about 220 bytes. Although this upgrade has been fixed for May 15th, it will not be carried out until the Median Time Past processes 11 blocks which are greater than 1 million. If this happens, immediately after the next block, the block size of the network will be upgraded to 32 MB immediately. For all node operators on the Bitcoin Cash network to be able to gain access to the changes that have been made, they would have to upgrade their various software.

This increased block size will ensure that the Bitcoin Cash network is able to process vast amounts of transactions accompanied by cheap or inexpensive transaction costs. Also, it offers developers on the network the opportunity to quickly adjust the size of the block if it gets to its limit and therefore paves a path for mass adoption. This upgrade will prove to be a step in the right direction for the developers of the Bitcoin Cash platform and as mentioned above, it will greatly benefit the network. Not only will it be able to carry out fast transactions, it will ensure that the fee for transactions remains low and it will also increase the price of this token on the crypto market.