The most used Bitcoin Cash client has announced 15th of May as the hard-fork upgrade date using the “Median Time Past” (MTP) method.
That is when the middle time-stamp of the past 11 blocks reaches midday London time on May 15th, the new consensus rules come into effect.
One such new consensus rule is the raising of the blocksize limit to 32MB, some 4 times higher than its current limit of 8MB.
A limit actual blocksize usage is no where near, but BCH devs believe the network can handle 32MB. Therefore, to allow more clarity and certainty for businesses, they are increasing it now.
More exciting for some might be the many new OP_Codes. This will allow for very simple smart contract like coding of transactions with numerous use cases.
However, OP_Group, which has caused some controversy, will not be included in this upgrade, but it is planned for November.
While OP_Return, which could potentially allow for tokenization on Bitcoin Cash, will increase its data carrier size to 220 bytes.
That will allow for a lot more functionality of tokens or coins running on top of Bitcoin Cash as somewhat discussed during the proposal.
There is broadly wide consensus in the Bitcoin Cash ecosystem for this upgrade, therefore it may go smoothly with the chain continuing to operate as before but with higher functionalities.
Some nervousness has however been expressed regarding the number of new OP_Codes being re-instated at once, especially considering there have previously been OP_Code exploits in bitcoin’s early days.
“Essentially out of an abundance of caution and lack of time to fully explore and fix the edge cases that needed to be addressed, the decision was taken to simply disable any op codes around which there were doubts or even hints of doubts,” a BCH dev says.
The development team is now a lot bigger. They have therefore seemingly tightened the code, but of course you can never know how secure it is until months or preferably years have passed without exploit.
Yet BCH wants to move towards this codable money paradigm with a scalable blockchain that can incorporate tokenized things.
So adding to the vibrancy and dynamism of innovation in this space, especially as rumors suggest Gavin Andresen is coding for it, Mike Hearn might be making a comeback, and Jeff Garzik might complete the dream team.