The price of Bitcoin Cash (BCH) surged dramatically once the news of the upcoming Bitcoin Cash fork came out. BCH broke over 300 USD with an increase of 13% as the news of Schnorr upgrade broke the internet and the crypto space. Schnorr upgrade was initially being proposed by Peter Wuille, the Blockstream co-founder. The Bitcoin Cash community has voted for the Schnorr upgrade unlike their criticism on the past discussions on Lightning, Segregated Witnesses (SegWit) and other technologies.
The Bitcoin Cash hard fork date scheduled is on May 15, 2019. Before that, a testnet has already been launched, which will help the developers test before the official launch. You can track the BCH hard fork time here, where you can find Bitcoin Cash hard fork countdown.
Alysssa Hertig tweeted from CoinDesk that this change is going to be phenomenal, and is widely supported by the community members:
Cryptographically, to prove that you own Bitcoin and in order to send funds to others, you “sign” with a private key, which as of now, uses Elliptic Curve Digital Signature Algorithm (ECDSA) scheme which lacked scalability and privacy features. But Schnorr signatures will be able to verify several signatures at once, which is way faster than even verifying one signature eight times, which in turn will improve scalability and privacy, wherein there would be certain anonymity. Schnorr signatures will aggregate the signatures, public keys and messages of multiple transactions into one, enabling faster transactions.
Wuile wanted to implement this for bitcoin as well, but until a few years ago, Schnorr signatures were patented and they have grabbed the opportunity once the patent has expired. But there was some dilemma between the Bitcoin and Bitcoin Cash developers over whether to go for soft fork upgrade which is backward-compatible or hard fork upgrade, which is not backward compatible, which means the users must upgrade to the new change, otherwise they won’t be able to make any transactions.
Bitcoin Cash Developer, Amaury Sechet opted for the hard fork as it enables the blockchain to deploy features with lesser codes.
As there is no formation of a new coin, and only technology upgrade is happening, the BCH users are advised to not panic about anything as your assets are secured with the respected exchanges. After the upgrade, you just need to update as well. Meanwhile, the developers can use the platform to test the new feature.
We will keep this space updated.
Previously, there was a BCH hard fork formation on November 15, 2018. You can go here to know more about it.
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2019-06-06 11:37:00.147335 | 2 min