May 15 was a momentous day for the Bitcoin community. On that day, Bitcoin Cash (BCH)—the true remaining Bitcoin and the world’s only functional cryptocurrency—successfully executed its scheduled network upgrade, resulting in a block size increase to 32MB as well as the resurrection of the disabled OP_Codes, among other functionalities.
The work, however, isn’t done yet—especially for nChain, one of the main teams leading the development of Bitcoin Cash. nChain’s goal is to empower and ignite enterprise-level usage of Bitcoin Cash blockchain and cryptocurrency to pave way for a day when “massive level usage by the Amazons of the world, by the Alibabas, are on Bitcoin Cash chain.”
To get to that day, CEO Jimmy Nguyen said nChain has started working on a proof-of-concept for a high level language and associated compiler that will enable programming with “more sophisticated language capabilities, more sophisticated applications” on Bitcoin Cash.
“We have believed for a long time that Bitcoin Cash has the capability, as the original Bitcoin did, to function for higher level technical programming,” Nguyen told CoinGeek. “So the Ethereum network was born with the solidity language to create smart contract solutions and apply patent for that, well, that’s totally doable on Bitcoin Cash.”
The challenge lies in the restriction on the number of OP_Codes in the Bitcoin Cash scripting language, currently standing at 200. Re-enabling the OP_Codes will enable smart contracts to run on the chain, which can start off a wave of commercial adoption since merchants and other projects and businesses can now be integrated into the BCH blockchain.
“That [restriction] needs to be lifted to make this high level language and compile a proof-of-concept with developing more usable,” Nguyen said.
nChain is also working on creating its full node software implementation for Bitcoin Cash. The “Tera node” features a microservices architectural approach, which makes it modular, according to Nguyen.
“If you’re a miner, you might need certain modules, but it’s different when you’re a merchant using the node to accept payments, or if you’re running an exchange,” he said, “and I think that will make it more efficient and more effective for major enterprises.”
nChain is also integrating its work in Tera node with the Terab project to create an optimized solution for the unspent transaction output (UTXO) database. The Terab project is an open source initiative whose goal is to deliver, among other things, a standardized microservice API and high performance single node, multi-node and distributed software implementations that are progressively capable of supporting the throughput required for 1GB and then 10GB blocks, laying the groundwork for similar implementations that can support TB size blocks. The Terab project is backed by nChain as well as CoinGeek.com owner and Antiguan-based entrepreneur Calvin Ayre, who has pledged up to €3.6 million in funding.
“What we’re trying to demonstrate is possible on Bitcoin Cash, and this is what the future holds. And what that means for people who are investing in and supporting Bitcoin Cash is that, it’s the day coming where Bitcoin Cash is the all-in-one coin,” Nguyen said. “It’s both a currency that you can use for payment, but it also has smart contract, tokenization, and other technical functionalities, so you can do it all in one coin, and we don’t need all these other coins and blockchains that are out there.”
Nguyen will be on hand at the inaugural CoinGeek Conference, along with other experts in the cryptocurrency space, to provide their expertise on a wide range of topics related to eCommerce, advancements in the BCH technology and the future of the crypto space.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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