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Will Bitcoin Cash Lead the Way with Its Continued Innovations?

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Bitcoin Cash
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The current bearish trend of Bitcoin doesn’t bode well for any altcoin. Each second Bitcoin price dips even further making its recovery harder. Crypto investors and traders have been suffering from losses since the last weekend and even now the cryptocurrency markets show no signs of reformation. At this critical juncture, Bitcoin Cash (BCH) that is also dubbed as Bitcoin’s best fork so far is busy working on its platform innovation. On completion, this on-going project could help BCH survive Bitcoin’s current relentless fall. In this article, we shall know more about ChainBet and the new transaction ordering rule for Bitcoin Cash.

ChainBet: First Atomic Bet Using New OP_Codes

A few days ago BCashers went wild over the news of ChainBet becoming the first atomic bet use-case for Bitcoin Cash OP_Codes. ChainBet is a proposed Bitcoin Cash protocol developed to allow on-chain betting. It is being developed by Jonald Fyookball the founder of Bitcoin Cash supported wallet Electron Cash, James Cramer, and Openbazaar’s dev Chris Pacia. The initial proposal depends on a simple coin flip bet which is tethered to Bitcoin Cash chain, the only difference is that its principles can be extrapolated to offer more elaborate configurations. The protocol mainly comprises two components which are:

  • Commitment Scheme, it offers a trustless wager
  • A messaging system which works on-chain for the sake of communication.

Although ChainBet still needs peer reviews in order to mend its flaws but on the subreddit of BTC where fyookball first posted it shows people’s support for it.

Effect on Bitcoin Cash Community

Majority of Bitcoin Cash’s community is delighted with ChainBet and OP_Codes application. They’ve openly complimented fyookball’s idea all over the subreddit. The detailed information regarding how ChainBet works on the GitHub repository has wowed people and even non-believers of BCH. The system proposed is well prepared to reduce collision and there’s potential in ChainBet to grow even more secure and efficient. One of the major differences between Satoshi Dice and ChainBet is that in its case of the former, players have to place their trust in the operator that he’d pay out the winnings and not escape with their bets whereas since the former one is an atomic bet hence it guarantees that winner will be paid irrespective of other consequences. Chris Pacia has already shown the Bitcoin Cash community how the trustless scheme looks in action while focussing on the point that this won’t work on BTC since it doesn’t have OP_Codes enabled.

Proposal of a New Transaction Ordering Rule

The Bitcoin Cash community and even its developers have proved many times that they believe in continuous innovation and improvement of its blockchain platform. Instead of behaving like sitting ducks, four researchers and Bitcoin Cash developers have come forward with a plan to enable different transaction sorting process called ‘canonical transaction ordering’. The current topological transaction ordering rule is far complex as compared to the newly proposed ordering rule because it would sort transactions against their identifiers which would ultimately ease the processing of very large blocks by the network. according to the researcher’s proposal paper, the new transaction ordering rule would also contribute to better scaling. This new process is said to increase the efficiency of block propagation and emissions. With the help of proposed ordering rule, networking participants will have a chance to use their bandwidth capacity better by transferring much more information before the emission of a new block occurs. After this proposal was made public on 12th June, it seemed to have gained the support of many BCashers on various forums and social media. The only question remains is that whether this functionality will be added to Bitcoin Cash in the upcoming hard fork in November.

Current Market Position

As most crypto enthusiasts know, cryptocurrency markets are currently showing no sign of betterment as Bitcoin continues to dip. At this point, there aren’t many altcoins which are not following bitcoin. Currently, Bitcoin Cash is stuck at the 4th rank on CoinMarketCap. Its individual price has reached $875.8 and is currently rising at the rate of 0.38%. Its total market capitalization at the time of writing is $15 billion whereas an approximate of $586 million worth of Bitcoin Cash has exchanged hands in the past 24 hours.

Final Thoughts

It’s clear to see the untapped potential in Bitcoin Cash. The upgrade that took place in May and the re-enabling of OP_Codes continues to be of use to BCH. It has also started a new sort of comparison among crypto enthusiasts nowadays. The new buzz is whether Ethereum smart contracts are better or Bitcoin Cash OP_Codes. Although both smart contracts and OP_Codes differ widely, there’s a possibility that due to OP_Codes functionality, BCH may observe positive profits in the days to come.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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