The Bitcoin Cash (BCH) blockchain will soon undergo an update to introduce various improvements.
The update will take place after the Unix timestamp is equal to or higher than 1,589,544,000, then from the block after that timestamp, the various updates will take effect.
What will the Bitcoin Cash update involve?
- The limiting system and the SigOp counter will be replaced by the SigCheck counter, where the new limit is based on the number of signatures running the script;
- A new opcode called OP_REVERSEBYTES will be introduced to the script system;
- Enforcement of the Infrastructure Funding Plan, subject to activation by BIP 9 miner signalling.
Other improvements include:
- The default for max number of in-mempool ancestors is changed from 25 to 50;
- The default for max number of in-mempool descendants is changed from 25 to 50;
- Automatic replay protection for future upgrades.
The investment plan for the development
The purpose of the Infrastructure Funding Plan (IFP) is to provide funds for the development of projects working on the Bitcoin Cash infrastructure and, if activated, will allocate 5% of the block reward to one of the specified addresses; its activation is specified in BIP 9.
As far as the Automatic replay protection is concerned, this acts as a full node support for the previous version: it will, therefore, force the validating full nodes that do not update to be excluded from the main network after today’s update.
In essence, the nodes that will implement this update will remove the protection and all regular wallets will be able to use the default ForkID without following changes in the main network, which must be done by November 2020.
Now, all that is left is to wait for the update countdown and the Bitcoin Cash blockchain will be updated.