Tokenization, Smart Contracts Will Give Boost to Bitcoin Cash ...Compete Head on With Ethereum
A number of experts are predicting that a scheduled hard fork for Bitcoin Cash (BCH) for May 15 could result in great things, including but not limited to a block increase to 32Mb, an increase to the OP_Return data carrier limit to 223 bytes, and the restoration of certain OP_Codes for advanced functionality.
The greatest impact of all will be on Bitcoin Cash's ability to run smart contracts, which puts the cryptocurrency in direct competition with Ethereum.
Ethereum gave rise to thousands of blockchain projects, and thousands too many cryptocurrencies and ICO’s—most of which are only out to make a quick buck off the hype, writes Cecille de Jesus of CoinGeek.com. As a result, several investors dealt with losses in the tens of thousands.
The push now is to have developers held accountable for their negligence.
From CoinGeek.com:
Tokenisation and smart contracts will bring Bitcoin Cash directly head-to-head against Ethereum. With Bitcoin Cash stepping in the game—resurrecting previously deactivated OP_Codes that would unleash its smart contracts functionalities, it can effectively give Ethereum a run for its money. nChain CEO Jimmy Nguyen says the resurrection of these functionalities will propel the network to the forefront of the industry.
“The second key upgrade is restoring certain OP_codes that had been deactivated in the Bitcoin script language. These OP_codes are being brought back to Bitcoin Cash to enable the ability for tokenisation and smart contract execution on the BCH network. This will be a game-changer in the cryptocurrency space because it makes Bitcoin Cash the clear leader, with the ability to do all in one coin-efficient payments and advanced technical functions such as tokenisation and smart contracts – what many other coins and blockchains separately claim to do. We at nChain and other groups have already been working on new tokenisation solutions to implement on Bitcoin Cash.”
nChain issued a statement regarding the anticipated improvements coming to Bitcoin Cash as a result.
“The restoring of certain OP_Codes in the Bitcoin scripting language will bring advanced technical functionality to the Bitcoin Cash network. In computing, operating codes are the section of automated language which dictates what operation must be performed. The restored OP_Codes will enable tokenisation and smart contracts to be executed on the BCH blockchain. More advanced functions will be possible with future upgrades to the Bitcoin Cash network.
"Tokenisation – of financial instruments, assets, rewards, or for Initial Coin Offering (ICO) purposes – and the ability to make use of smart contracts, means that Bitcoin Cash can be used to do anything that other blockchains such as Ethereum, can do. Bitcoin Cash is already a superior payment system, because it is fast, low-fee and allows borderless transactions to anywhere in the world. With these additional technical capabilities, Bitcoin Cash can be the all-in-one coin,” they wrote.
- Aaron Goldstein, Gambling911.com
