Bitcoin Cash has risen for 6 consecutive days, and its computing power has increased by 480%

In addition to the bullish factors on the technical level, the upcoming hard fork on May 15 and the endless stream of innovative development tools in the BCH community have greatly boosted the market's bullish sentiment. What exactly allows BCH to maintain such a high continuous growth rate? Is now the best time to buy? Shopkeeper Du will make an analysis.

BCH's second hard fork is about to start

The upcoming BCH hard fork on May 15 is a "hard fork upgrade" aimed at upgrading technology and providing better services to users, just like the hard fork (difficulty algorithm adjustment) that occurred on the BCH network in November 2017. It will not generate new currencies, but will only improve some problems. It is worth mentioning that in this hard fork, BCH will re-enable or activate some OP-CODEs, one of the functions it implements is smart contracts.

The open source blockchain underlying system created by Ethereum is supported by smart contracts, which has enabled many ICO projects to be implemented. Since Ethereum, which supports smart contracts, is already on the market, why is BCH still committed to the construction of smart contracts?

1. Maximizing value

The simple payment function cannot maximize the value of BCH. Under the pressure of homogeneous competition, with the assistance of smart contracts, payment and application can be integrated to attract more users, which can promote its faster and better development in the future. At the same time, it can also perfectly reflect the inclusiveness and innovation of BCH.

2. The advantages of expanding the block are obvious

One of the most important features of BCH is that it can be continuously expanded. Although smart contracts have been well developed on Ethereum, the growth rate of the number of ETH applications far exceeds the rate of blockchain expansion, and the ETH blockchain has similar congestion as the BTC blockchain, causing the handling fee for each transaction to continue to increase. BCH itself uses large blocks, and the block size can be increased in the future according to market demand, so the above problems will not occur on the BCH blockchain.

No matter from which angle you look at it, adding smart contracts is a win-win approach. Moreover, one of the BCH development teams, nChain, has obtained the first blockchain-based smart contract invention patent, which means that the technical problems of smart contracts on BCH have also been perfectly solved. BCH continues to innovate, improve technology and enhance user experience through hard forks, and step by step realizes its goal of "the best currency in the world".

Development kits and apps proliferate

In addition to various online and offline BCH gatherings and the growing price, the recent launch of a large number of applications in the Bitcoin Cash community has proved BCH's inclusiveness and pursuit of freedom. In order to facilitate developers to better use the BCH network for development, the Bitcoin Cash community has also launched several development tools to help developers establish a development framework. Below, Du will briefly introduce several outstanding applications and toolkits.

Centralized social software Memo

Memo is a decentralized social networking platform based on the Bitcoin Cash blockchain. It is also the first social networking application launched by all mainstream platforms. On Memo, users’ posts, following someone’s dynamics or liking posts will be recorded in the Bitcoin Cash blockchain OP_RETURN data carrier, which is protected by the Bitcoin Cash blockchain’s unalterable and uncensorable characteristics.

Handcash Bitcoin Cash Red Packet

This wallet application focuses on ease of use. Bitcoin cash payments can be completed in seconds, and there is no need to ask for an address. It is as convenient as paying directly. When a user sends Bitcoin cash to another Handcash user, the wallet system will also create a new address for each transaction to ensure transaction security.

Nakasendo Software Development Kit

This SDK will provide a centralized cryptographic library that enables more flexible key generation and sharing capabilities, helping to ensure the overall security of private keys and digital wallets. Nakasendo can be used for any blockchain, supporting any type of digital wallet, product or application.

Flowee Interface

Flowee can provide an interface between the BCH network and external applications through its simple API. The technology allows applications to interact with the BCH blockchain. In this way, developers can bring their ideas to the BCH network and can "quickly process large amounts of data in a bidirectional manner."

Is Now the Time to Buy BCH?

Regarding this issue, Brian Kelly, founder and CEO of digital currency investment company BKCM, said, "Now that tax season is over, the cryptocurrency bear market may be over, and the digital currency market will recover. Now is the best time to buy Bitcoin Cash."

Brian Kelly cited data to analyze why now is the time to buy Bitcoin Cash. He believes that "Bitcoin Cash has now entered a triangle area and is waiting for a breakthrough. Based on Bitcoin Cash's volatility and increasing trading volume over the past month, there is potential for an upward breakthrough. If a breakthrough is achieved, it will open up room for growth." He also said that he would buy at a low point.