It was a year ago. A year ago the Bitcoin community was facing its first Hard Fork (Forced Division) and the ecosystem was waiting impatiently for the consequences. On August 1, 2017 the world woke up with Bitcoin Cash. A Bitcoin that unlike the first appeared with names, marketing and machinery of all kinds.
In 2009, the dream that Satoshi Nakamoto had published the previous year, began to work. The year 2010 Satoshi Nakamoto limited the size of the blocks reached 1MB (this limit had been imposed temporarily by its creator to prevent SPAM attacks that could have threatened the stability of the currency in its earliest stages) only being able to create 1 block every 10 minutes. As the adoption of the cryptocurrency increased, the network became congested since it could only process 7 transactions per second.
Given this was born the need to change the bitcoin protocol by presenting different alternatives to the consensus of miners. From this consensus it was agreed to apply the Segwit protocol “Segregated Witness”. On July 20, 2017, at the height of block 476768, of the Bitcoin network, the BIP91 code was secured, (designed to reject the blocks created by miners who did not support the implementation of SegWit) so that it was activated by mining the block 477120. This was the first “Soft Fork”.
But not all the users agreed with this solution, they wanted an increase in the parameter of the limits of the size of the blocks. Among these users the mining company Bitmain that on June 17 of the same year published in its blog the article entitled UAHF: a contingency plan against UASF (BIP148), in which the also mining hardware manufacturer ASIC published the specifications of hard fork The first implementation of the Bitcoin Cash protocol, called Bitcoin ABC, was revealed by Amaury Séchet (nicknamed “Deadal Nix”) at the Future of Bitcoin conference in Arnhem, The Netherlands.
The name of Bitcoin Cash was originally proposed by the mining company ViaBTC.
The last block of a common blockchain that both Bitcoin would have would be number 478558. From there, they will walk separately feeling in the cryptocurrency ecosystem a great silence in the form of expectation.
The positive surprises started soon, when Bitcoin Cash separated it already had the capacity to mine blocks of up to 8 MB, although the first block with that size would be mined on August 16, 2017. In addition to this, Bitcoin Cash would debut a new algorithm of Adjustment of the difficulty of mining called Adjustment of the Emergency Difficulty (EDA).
But this was not what first conquered the users: All those who had bitcoins before the separation of the chain of bitcoin blocks, saw the same balance reflected in the two networks, but in two differentiated cryptocurrencies: bitcoin (BTC) and bitcoin cash (BCH). This was the most commented and what is still remembered today.
One year later
A year has passed since that day and Bitcoin Cash has consolidated as the fourth cryptocurrency in business volume and adoptability according to coinmarketcap. BCH currently has the capacity to process data blocks of 32 MB and supports its own address format called CashAddress, after several updates of its protocol, the last one on May 15, 2018.
Bitcoin Cash advances with controversy, with interviews, detractors and admirers. With proper names like Roger Ver CEO of Bitmain. The debate whether BCH is the continuation of bitcoin or an altcoin still seems to cause some rashes.
However, I would like to give my birthday present to this coin:
Respected BCH Now that you’re one year old, now that you walk alone, what does your last name matter? After one year your business value is $ 13,400,301,208. People from all over the world know you, so let your hair down and let’s celebrate your birthday tonight in Valencia. Yes, Valencia Spain has its Bitcoin Cash group and today they get together to celebrate giving satchoshis from BCH.
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.