Bitcoin Cash Plus Cryptocurrency Fork Is Launching Soonin Bitcoin, Cryptocurrency, Blockchain, Newbie, Altcoins
Bitcoin Cash Plus is a digital currency that is scheduled to launch on January 2, 2018. Bitcoin Cash Plus has no relation to Bitcoin Cash’s development team, and it’s not linked to the project in any way. Bitcoin Cash Plus is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale. Bitcoin Cash Plus just announced itself online at BitcoinCashPlus.org, which appeared on the internet on November 15. That website is extremely similar to websites like Bitcoin Classic – which is a malicious hard fork of the Bitcoin Cash blockchain. It’s also similar to the original Bitcoin Cash website, and it makes many of the same promises. Overall, Bitcoin Cash Plus describes itself as “the best money in the world”. The developers use the ticker symbol BCP, and the logo is the Bitcoin Cash logo (the tilted left logo) with a plus sign beside it.
Bitcoin Cash Plus FeaturesBitcoin Cash Plus is identical to Bitcoin Cash in every way but one: the developers plan to use the Equihash PoW algorithm to take power away from the hands of centralized mining corporations. This is the same algorithm used by Bitcoin Gold. Ultimately, aside from the Equihash algorithm, Bitcoin Cash Plus’s developers haven’t changed their feature list from the original Bitcoin Cash (BCH) website. The currency advertises almost the same features, including:
- A network that runs without congestion
- Low fees that allow you to send money globally for pennies
- A simple, easy to use currency
- A stable payment system that functions as a proven store of value
- A secure platform built on the world’s most robust blockchain technology
- On chain scalability with an increased default blocksize limit of 8MB
- Decentralized mining by adopting a PoW algorithm, Equihash, which cannot be run faster on the specialty equipment used for Bitcoin mining (ASIC miners.) This gives ordinary users a fair opportunity to mine with ubiquitous GPUs;
- Decentralized Development. With multiple independent teams of developers providing software implementations, the future is secure. Bitcoin Cash Plus is resistant to political and social attacks on protocol development. No single group or project can control it.
- New transaction signatures, including a new SigHash type that provides replay protection, improved hardware wallet security, and an elimination of the quadratic hashing problem;
- On Chain Scalability. Bitcoin Cash Plus follows the Nakamoto roadmap of global adoption with on-chain scaling. As a first step, the blocksize limit has been made adjustable, with an increased default of 8MB.
- Emergency Difficulty Adjustment (EDA). Responsive Proof-of-Work difficulty adjustment allows miners to migrate from the legacy Bitcoin chain as desired, while providing protection against hashrate fluctuations.
Bitcoin Cash Plus F.A.Q.
How is transaction replay being handled between the new and the old blockchain?Bitcoin Cash Plus transactions use a new signature hashing algorithm indicated by the flag SIGHASH_FORKID. These signatures are not valid on the Bitcoin Legacy network. This prevents Bitcoin Cash Plus transactions from being replayed on the Bitcoin blockchain and vice versa.
Why was a fork necessary to create Bitcoin Cash Plus?The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.
Was the 1 MB block size limit causing problems for Bitcoin?Yes, In 2017, capacity hit the 'invisible wall'. Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting. Bitcoin stopped growing. Many users, merchants, businesses and investors abandoned Bitcoin. Its marketshare among other cryptocurrencies quickly plummeted from 95% to 40%.
Does Bitcoin Cash Plus fix these problems?Yes. Bitcoin Cash Plus immediately raised the block size limit to 8MB as part of a massive on-chain scaling approach. There is ample capacity for everyone's transactions. Low fees and fast confirmations have returned with Bitcoin Cash Plus. The network is growing again. Users, merchants, businesses, and investors are building the future with real peer to peer cash.
Why didn't Bitcoin raise the block size if it was easy?Some of the developers did not understand and agree with the original vision of peer-to-peer electronic cash that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer. Many miners and users trusted these developers, while others recognized that they were leading the community down a different road than expected. These two very different visions for Bitcoin are largely incompatible, which led to the community divide.
Didn't SegWit increase the block capacity? Will Bitcoin Cash Plus ever have SegWit?Segregated Witness or "SegWit" is an unacceptable substitute for increasing the blocksize for several reasons.
- First, even if used in 100% of transactions, the increase would equate to 1.7MB blocks. Thus, it is a small capacity increase at best. It will not handle exponential growth or worldwide usage.
- Second, the soft fork implementation results in discardable signatures, which weakens Bitcoin's security model.
- Third, it makes future capacity increases more difficult due to bandwidth inefficiency and quadratic hashing attacks which SegWit doesn't solve since an attacker isn't forced to use it.
Which Development Team is In Charge of Bitcoin Cash Plus?Unlike the previous situation in Bitcoin, there is no one single development team for Bitcoin Cash Plus. There are now multiple independent teams of developers. This decentralization of development (and decentralization of software implementations) is a much needed and important step forward.
What is the ticker symbol for Bitcoin Cash Plus?Bitcoin Cash Plus is represented by a number of different ticker symbols depending on the service or wallet. BCP are the most popular tickers.
Bitcoin Cash Plus ConclusionUltimately, it’s not totally clear if the Bitcoin Cash Plus project is genuine. The project just appeared online on November 15, 2017. It could be an attempt from bitcoin supporters to generate distrust and confusion in the Bitcoin Cash (BCH) community. Or, Bitcoin Cash Plus could be a legitimate attempt to improve Bitcoin Cash. However, considering the website is a word-for-word replica of the Bitcoin Cash website in most spots, this doesn’t seem like a genuine project. The only real difference between Bitcoin Cash Plus (BCP) and Bitcoin Cash (BCH) is the use of the Equihash PoW algorithm, which is the same one introduced by Bitcoin Gold in an effort to take power away from huge centralized mining corporations. In any case, we have no information about Bitcoin Cash Plus at this time, and there’s no evidence this is a legitimate project or initiative. However, we’ll keep you updated if things change before the scheduled launch date of January 2 – including who’s supporting Bitcoin Cash Plus (if anyone).
What do you think of Bitcoin’s forks? Will they replace Bitcoin in future? Share your opinion in the comments section below, please.
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