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Will Bitcoin Cash Lead the Way with Its Continued Innovations?

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Bitcoin Cash

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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Bitcoin

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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