BCH officially upgraded, smart contracts, chasing dreams!

Although Bitcoin was born in 2008, its technical level did not improve qualitatively until 2017, and it was even surpassed by competing coins such as ETH in some aspects. All this is thanks to the stubborn core party.

Fortunately, within less than a year of its birth, BCH has made several leaps in the technical level of Bitcoin, while BCE, which has seized the name of Bitcoin, is still standing still. After 0:00 on May 16th, Beijing time, new rules have been enabled for blocks after BCH, and the long-awaited block limit has risen to 32MB, which is more than 16 times higher than the theoretical limit of BCE.

Apart from the block limit, the most important thing is the restart of some OP codes that were rejected by the core before. Steve Shadders, a developer of nChain, wrote: "Bitcoin itself is built on a scripting language with a rich instruction set, which shows that it has always been a basic platform that enables more complex rule sets to manage the transfer of funds. The restart of some OP codes is nothing more than restoring Bitcoin to its original intended design."

Simply put, a smart contract is a set of promises defined in digital form, including protocols on which the parties to the contract can execute these promises, allowing both parties to conduct credible contractual transactions without a third-party notary. The basic concept of smart contracts is to embed contracts and terms into the system. After deploying smart contracts, users will have more autonomy and the project itself will have more scalability.

Ethereum seeks to become a decentralized and uncensored application publishing platform. Simply put, Ethereum is blockchain technology plus smart contracts. After deploying smart contracts, Ethereum attracted the development of many ICO projects and became the second largest digital currency in the world. Smart contracts are becoming more and more important for public chain platforms. In addition to Ethereum, many high-quality projects have chosen to deploy smart contracts, so for BCH, smart contracts are imperative. After the hard fork upgrade, BCH has the ability to deploy smart contracts.

nChain is a company that focuses on blockchain research and development. It is one of the development teams of BCH. CSW is its technical leader, and its development focus has always been on the field of smart contracts of BCH. About a month ago, nChain developed a method for storing smart contracts and broadcasting transactions on a computer, including a security mechanism for implementing smart contracts, and applied for a patent. It also stated that the patent is free for BCH development and use, and future patents are free to the BCH community.

The nChain team was the most excited about the previously disabled OP code that was re-enabled in this upgrade. This upgrade will enable smart contracts to run on the BCH blockchain, which means that BCH is actually open to business, and more business projects and applications can be integrated on the BCH blockchain, which will greatly promote the commercial application of BCH.

The biggest competitor of BCH smart contracts is ETH. Although ICOs have to use ETH, ETH's security vulnerabilities have always been criticized. Ilya Sergey, an associate professor at University College London, once analyzed nearly 1 million smart contracts for 10 seconds each and found that 34,200 of them were vulnerable to hacker attacks. The Parity wallet vulnerability of Ethereum can also cause the lock of user assets. ETH's security vulnerabilities may become a factor in the popularity of BCH smart contracts.

Admittedly, BCH's smart contracts will also face more or less security issues. "The developers have adopted a cautious approach to this, slowly launching the OP code, launching a part first to limit the risk, while also allowing all those involved in the development to pay attention to every code. By keeping the scope of change small, BCH developers have the opportunity to improve the startup process," wrote Steve Shadders.

In fact, BCH has already made preparations for the launch of smart contracts. In addition to nChain's early launch of relevant patents and development toolkits for developers to use, other development teams such as Bitcoin ABC and Lokad are also escorting BCH's launch of smart contracts. Decentralized development teams can reduce the impact of personal factors in the BCH development process, put technology first, and have a stronger resistance to security risks.

BCH's smart contracts will surely attract more merchants and users to support it. BCH has become a decentralized smart public chain platform, and users can gain more autonomy on BCH. For mainstream digital currencies, their market value comes more from the value added by merchants and users. In the medium and long term, the value of BCH will inevitably rise in order to attract more users, a virtuous cycle, and the value will inevitably be in the hands of every supporter.

In fact, no matter what, the development of BCH is following Satoshi Nakamoto's vision and fulfilling his promise to every supporter. He hopes that more merchants will integrate their businesses into the BCH blockchain and make it a consensus for everyone.