Bitcoin Cash Upgrade

Owned by Egya (Unlicensed)
Last updated: May 18, 2022
2 min read

Bitcoin Cash is expected to undergo a technical upgrade to further expand its virtual machine (VM) contracting capabilities.

News - Bitcoin Cash Upgrade 2022 (bitcoincashnode.org)

Specs - 2022-05-15 Network Upgrade Specification - Bitcoin Cash upgrade specifications (bitcoincashnode.org)

It is expected to take effect once the median time past (MTP) [1] of the most recent 11 blocks is greater than or equal to UNIX timestamp 1652616000.

Evaluation Process

MidChains evaluates:

  • What is changing?

  • Analysing the impact of those changes.

  

What is Changing?

  •  Consensus changes

    • CHIP-2021-03: Bigger Script Integers - This proposal expands the integer range allowed in BCH contracts (from 32-bit to 64-bit numbers) and re-enables the multiplication opcode (OP_MUL).

    • CHIP-2021-02: Native Introspection Opcodes - This proposal adds a set of new virtual machine (VM) operations which enable BCH contracts to efficiently access details about the current transaction like output values, recipients, and more – without increasing transaction validation costs.

 

Upgrade Preparation

For Bitcoin Cash users, this upgrade requires no preparation; payments can safely be made and accepted throughout activation. Existing wallet software will continue to function without upgrades.

Miners, exchanges and other node operators are advised to upgrade node software before May 15, 2022 to avoid service disruptions. The upgrade requires no downtime, and operations can proceed normally.

Impact Analysis

There is no impact to MidChains operations or trading platform.

Impact on Client Funds: There is no impact on Client Funds. Bitcoin Cash deposits and withdrawals will not be affected. Trading will remain open for the trading pair - BCHUSD.

What are the Regulatory implications: None

Maturity / Market Capitalization: BCH remains the same asset.

Security and Operations: No Impact

Traceability / Monitoring: The changes does not affect the addresses so tracing will not differ.

Exchange Connectivity and Demand: No Impact

Type of Distributed Ledger Technology (DLT): Remains the same for BCH

Innovation and Efficiency: Precision in large balances management, improved efficiency of contract designs, improved wallet security, efficiency of recurring payments.