The exact scope of the software updates to be implemented in November will become known in a few days.
Bitcoin ABC is almost ready with the updates that should be rolled out during a planned November hard fork for Bitcoin Cash (BCH). The leading developer team, headed by Amaury Sechet, has spelled out the upcoming changes.
Bitcoin ABC has set a deadline of August 15 for the package of changes, which aim at reducing network spam and further cutting fees for some of the transactions. One of the upcoming updates includes “Enforcement of minimum transaction size of 100 bytes to prevent attacks on the Merkle tree”. Another update, still in progress, aims to modify the fee structure to make typical transactions cheaper by an unspecified order of magnitude.
After the code is prepared, the team will notify the community. From October 15, the changes will run on testnet, and the final deadline for the hard fork will be established in November.
Sechet has explained the logic behind the series of updates and optimizations for Bitcoin Cash, as a necessity to set in place before the network grows too large. He believes the building of a global electronic cash system will require optimizations tailored to fit that exact purpose:
The Bitcoin Cash network has fallen to its usual level of around 15,000 transactions per day, as the spikes in usage were limited in scope and did not reflect the real network usage. After failing to achieve a price flippening, the Bitcoin Cash project fights for adoption and usage seeking to position itself as the easier and friendlier digital cash.
Still, the BCH market price has suffered in the recent sell-off. More than 56% of BCH trading happens against the Tether (USDT), signifying an exodus of investors selling to store value in a fixed-price asset. Additionally, in the past weeks and months, BCH has been less profitable to mine compared to Bitcoin (BTC), and the slight difference is adding up.
BCH lost more than 21.5% in the past week net, crashing below $600. The slide is partially due to the very slim trading volumes, as well as the lack of new investments. BCH volumes hardly reach $500 million in USDT equivalent. The price of the asset lost support and slid sharply around 19:00 UTC on Wednesday, going from around $612 to $575.74.