Halfway through 2019, a review of BCH’s performance

2019 is already halfway through, and so far, the Bitcoin Cash (BCH) network and market have experienced a fast six months of development. The price of BCH hit a high of $522 on Sunday, and BCH rose 213%. In addition, since the hash war in November 2018, the Bitcoin Cash network and infrastructure have become stronger, and the Bitcoin Cash network has entered a new stage of development.

Price surge: BCH has risen more than 200% since January 1

Over the past six months, Bitcoin Cash supporters have been working tirelessly to promote the popularity and widespread adoption of Bitcoin around the world, while BCH developers have been strengthening infrastructure construction. As of press time, the BCH market has risen by more than 213% this year. The total market value of BCH is approximately $8.4 billion, with a global trading volume of $2 billion and a unit price of $470. This is the highest point of BCH prices since the BCH hash war in November 2018.

BCH infrastructure is gradually improving

1 BCH daily transactions are steadily increasing

The Bitcoin Cash network's on-chain transaction volume (tpd) has risen significantly, from 8,392 on January 1 to 66,000 per day. The overall growth of on-chain transactions exceeded 686%. Compared with other digital currencies, Bitcoin Cash ranks third in on-chain transaction volume, second only to BTC and ETH. According to the Bitcoin Cash network data provided by Coindesk, the direct network contribution of the BCH network (such as usage indicators such as on-chain transactions) has increased significantly compared with other chains.

2 UTXO and hashrate increased significantly

The BCH network’s UTXO set is also growing compared to on-chain transactions. Some believe there is a connection between the UTXO set and the growing BCH market valuation. It can be said that the growth of UTXO increases with adoption, and the current size of UTXO has surged since September 2018. In addition to this, the BCH hashrate has also been climbing and has risen 66.6% since the beginning of the year.

Overall hashrate fell after the hash war in November 2018, but over the past six months, BCH miners have increased their processing power from 1.3-1.5 EH/s to 2.3-2.6 EH/s this month. Currently, there are 12 known BCH mining pools that are investing hashrate. In the past seven days, unknown miners accounted for 19% of the global BCH hashrate. Since January 1, the hashrate of mining pools has increased significantly, including top BCH mining pools including Btc.com, Btc.top, Viabtc, Huobi, Poolin, Antpool and Bitcoin.com.

Protocol Development

1. Development work is progressing steadily

Development work has also been excellent since the November 2018 upgrade. Since the deployment of CTOR and the opcode OP_Checkdatasig, BCH programmers have been working hard for another upgrade on May 15. As of block height 582680, the BCH chain has successfully implemented two new features by adding Schnorr signatures and Segwit recovery. The goal of BCH developers is to establish Bitcoin Cash as "money that everyone in the world can use." Bitcoincash.org explains the BCH protocol roadmap, which emphasizes that future technical improvements can be divided into three categories:

Scaling Bitcoin Cash transaction throughput from less than 100 Tx/s to over 5,000,000 Tx/s. Protocol improvements must be made so that transaction processing at this scale can be achieved.

Improve the payment experience and make it fast and reliable. Transactions should be completed within three seconds and be secure.

Making Bitcoin Cash scalable. A scalable protocol makes future improvements less disruptive and provides a solid foundation for businesses and developers.

2 Bitcoin Cash (BCH) Network Roadmap

Developers are already discussing a draft specification proposal for the next upgrade. Some of the proposed features include enabling Schnorr signatures for OP_Checkmultisig (VERIFY), enforcing minimum pushdata, enforcing NULLDUMMY, and changing the rules in scripts to limit signature operations. In addition to these developments, some members of the community have launched a Bitcoin Cash Developer Fund to support developers. The development fund aims to raise £1,600 by August 1, and so far, the fundraising efforts have been very successful.

Application Extensions

1. Coin mixing service

In addition to core protocol development, there are many infrastructure extension applications and platforms that have made great progress in the ecosystem of the BCH network. In the past six months, the mixing service has been an extremely successful progress, added to the popular electronic cash wallet by default. Since March 27, BCH users have participated in 13,744 mixings, with the mixing amount reaching millions of dollars.

2 SLP Protocol

Another one is the Simple Ledger Protocol (SLP) which has attracted a lot of attention in 2019, which allows people to create various tokens on top of the BCH chain. SLP tokens have added trading pairs on exchanges, and the small sovereign state of Liberland also uses tokens using the SLP protocol. All types of tokens were created this year, and there are multiple wallets that can save them with the SLP blockchain explorer. Due to the simplicity and convenience of the SLP protocol, hundreds of tokens have been created on the BCH chain through the SLP protocol, some of which have been listed on exchanges, and a company has created a BCH stablecoin called Honestcoin.

Finish

The price increase is indeed good news, but it is only a small indicator compared to the development, computing power and on-chain activity of the BCH main network in the past six months. Due to the current development of the main chain and infrastructure, many BCH supporters believe that the price of Bitcoin Cash is currently seriously undervalued. The BCH community will bring peer-to-peer electronic cash to the world through their passion and innovation, and will continue to move forward in the second half of the year.

This article comes from: BitcoinCash, original link: 2019 is halfway through, BCH performance review