On May 15, 2021, the Bitcoin Cash network will undergo the process of an upgrade that will bring a handful of improvements. These updates include the removal of the unconfirmed transaction limit, enabling multiple OP_RETURNS, the implementation of double-spend proofs, and the inclusion of a new mining block default limit size of 8 MB, as the inclusion of CHIPs (Cash Improvement Proposals) to introduce new specification changes to the protocol.
Bitcoin Cash May 15 Upgrade: What You Need to Know
The Bitcoin Cash (BCH) network will experience an upgrade on May 15th that will bring a series of simple, yet interesting changes focused on usability and quality of life improvements instead of hard changes to the consensus algorithm. Most of the important changes are destined to improve the experience of users and merchants when using bitcoin cash to make online or in-store payments, reaffirming the commitment the currency has with becoming a peer-to-peer cash-focused tool.
The first important change proposed is the removal of the unconfirmed chained transaction limit, which will allow users to do more than 50 chained unconfirmed transactions at a time. This was a highly requested feature for a long time by gambling sites and other high volumes, quick transaction apps that relied on Bitcoin Cash as a payment solution. Satoshi Dice, a dice-playing app, even offered a bounty of 1000 BCH last year to get rid of this limit. Now, its users will be able to enjoy a more streamlined experience without having to wait for a block to be mined every 50 transactions.
Another important update is the introduction of double-spend tests, that will allow nodes to message certain wallets when an attempt of double spending is happening with a transaction. This will improve the security of 0-conf transactions for applications that use high-volume, high-value transactions commonly.
Other important updates include changing the default block mining max size to eight megabytes, something that will allow new installs and lazy operators to include mine bigger blocks without having to configure this parameter by themselves (but the option can be changed), and the inclusion of more than one OP_RETURN statement in each transaction, offering programmers the choice of using this space for other different purposes while still preserving its use for the SLP token protocol.
CHIPs and the New Upgrade Schedule
One of the most criticized aspects of the upgrade/ hard fork the process of Bitcoin Cash was the centralization and transparency of what was going to be included in each upgrade and what was definitely left out. For past updates, there was no standard to follow and goalposts and objectives were often moved with no definition. To solve this particular problem, the node programming community introduced the concept of CHIPs.
CHIPs (Cash Improvement Proposals) are standardized proposals that seek to modify or improve certain aspects of the Bitcoin Cash environment. These CHIPs would have to be first presented to the community to be considered by full node client programmers, who will try to find consensus to include (or reject any significant modification. Most of the CHIPs presented till now are hosted on the Bitcoin Cash Research page, which serves as a sort of hub for these considerations.
All of this will need a longer period to take care of and examine each one of the proposals before an update; this is the reason why this upgrade is also modifying the schedule for upgrades to happen once every year. This is a more stable approach that now allows for more experimentation and careful consideration of more radical changes to the protocol for future upgrade cycles.
Meanwhile, bitcoin cash (BCH) markets have seen significant gains during the last 48 hours, jumping over the $1,200 per unit range on Wednesday morning (ET).
What do you think about the Bitcoin Cash May 15 network upgrade? Share your thoughts on the subject in the comments section below.
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