One of the founders of Bitcoin Cash has published an update on the status of the project.
Jonald Fyookball was in fact part of the team that launched the new Bitcoin Cash (BCH) protocol on August 1st, 2017, forking that of Bitcoin (BTC), and now more than three years later he shares an overview of the situation.
Fyookball obviously admits that this is a partisan point of view, since he loves Bitcoin Cash, nevertheless, being part of the launch team, his input remains interesting for those who follow the evolution of this project.
In fact, he believes that cryptocurrencies should be mainly used as a means of payment and not as a store of value. Whereas Bitcoin (BTC) is imposing itself as the latter.
For this reason, the evolution of BCH differs from that of BTC, since Bitcoin Cash has as main objective to be used as exchange currency, while Bitcoin is becoming more and more primarily a store of value.
Fyookball admits that the price of BCH has behaved badly during the bearish market, so much so that its current value is close to its launch value, in August 2017, and still very far from the highs, unlike BTC.
The reason for this could be the volume of daily transactions, described as “disappointing”. For example, when comparing the number of daily transactions, BCH does not reach one-tenth of those of BTC, despite the fact that it should have been used as a means of payment, theoretically for a much higher number of transactions.
Despite this, Bitcoin Cash is still the world’s sixth cryptocurrency by market capitalization, although overall it is worth about 70 times less than BTC.
Bitcoin Cash, the protocol updates
Some of the new features introduced in these three years that stand out:
- CashFusion, the protocol for coinjoins,
- the testnet which reached 11,000 transactions per second thanks to 250 MB blocks,
- the CheckDataSig for the inclusion of external data signatures,
- the adoption of BCH as a means of payment in 7,500 shops worldwide,
- high-level programming languages such as Spedn and Cashscript, Purse.io, ASSERT DAA to keep block time stable,
- the Flipstarter crowdfunding tool, Read.Cash,
- the AnyHedge protocol for decentralized financial instruments,
- and other developments.
Fyookball also points out that the recent Bitcoin Cash ABC (BCHA) fork has not been particularly damaging, as was the case with the 2018 Bitcoin SV fork, to the extent that it was called a “bullish” fork for Bitcoin Cash.
He concludes by saying that BCH has managed to maintain a multi-billion dollar market cap for several years, and is here to stay due to its solid fundamentals.