Bitcoin Cash celebrates Address Day and yours.Org receives $ 1.5 million as an investment
A lot has happened at Bitcoin Cash: The community introduces a new address format with the Address Day, a stress test shows that the network is able to continue to process 8MB large blocks for several days, and the Bitcoin Cash Publishing platform Yours.Org receives an investment of $ 1.5 million.
While the Lightning network is slowly rolling up at Bitcoin, Bitcoin Cash continues to work on “Satoshi’s vision” from scaling through large blocks. Over the past few weeks there have been some interesting news from the controversial fork coin.
Stress test
Bitcoin cash enables significantly larger blocks than Bitcoin with a blocksize limit of 8 megabytes, but usually makes no use of it. One could say that exactly the feature that led to the fork is unnoted.
While the 300.000 daily Bitcoin transactions just fit into the now 1.05 megabyte blocks, the transaction volume at Bitcoin Cash is so low that the blocks are rarely larger than 0.1 megabytes. So far, the limit of 8 megabytes has actually been exhausted almost never in the beginning.
Between the 13. and 16. January it was different. On these days someone flooded Bitcoin Cash with huge transactions. Within a few hours, the memory pool – the amount of unconfirmed transactions – reached more than 100 megabytes, and the miners processed an 8MB block after the other.
As soon as the flood of the transactions stopped, the miners were able to dismantle the Mempool very quickly thanks to the large blocks. Since the transactions only paid 1 Satoshi per byte of fees, normal users have not noticed anything from the state of emergency if they have put 2 Satoshi fee on it. You could still use Bitcoin Cash very cheaply.
It is difficult to say whether it is a spam attack or a stress test. However, since the fees were kept low, the flood of the transactions was structured so that they did not leave an increased UTXO set, and the wave leaked after a few days, a stress test is more likely. Someone wanted to test whether Bitcoin cash can cope with such a high volume.
The answer is: it can cope with it, at least for a few days.
Address Day
Most Bitcoin Cash Wallet has been using a different address format for about a week. The new addresses now look like this:
Bitcoincash: QPMA82KPTTWNTLKETYDDPXQGX275Q09QYQMXVQE08
Ugly, or? To explain all of this, you have to get a piece. To the Bitcoin Core developer Pieter Wuille and Segwit. Wuille developed the Bech32 address format in early 2017. With that you can form native Segwit addresses instead of somehow through the already known P2SH addresses. This has the disadvantage that it makes transactions a bit larger.
So that Segwit really affects its effect, the Bech32 addresses are needed. The format already has a GDP at Bitcoin, but is not yet official. It is hardly used at all, because it hardly understands a wallet except Electrum.
Now that Bitcoin Cash has been researched, there were always problems with misguided transactions. Several users have accidentally sent Bitcoin cash on Bitcoin addresses. Since both coins use the same address format, this is not bad in itself. However, if the Bitcoin address was a Segwit address, the situation was serious.
The reason is simple: Segwit hides the signature behind an “Anyone CAN spend” script. The Bitcoin miners know that this is only a mask and where they find the signature. The Bitcoin-Cash-Miner, on the other hand, take the “Anyone-CAN spend” seriously: As soon as you pay the Bitcoins Cash on a Segwit address, everyone can claw the coins. It goes without saying that this is a problem.
So the Bitcoin Cash Community has decided to introduce a new address format. There was Bitpay’s proposal to simply change the test digits so that the addresses look like the usual Bitcoin addresses, but start with a different letter (Mitz “C”). However, Pieter Wuilles Bech32 Format was the favorite of the developers. This has various advantages:
- It only consists of small letters, which makes it easier to type it out on a smartphone or to give it an oral
- It is even more unlikely to meet a valid address by doing so
- The safety of multi -ig addresses is increased (with the conventional format it is said to move close to what can still be considered safe))
- It helps to transport zero-knowledge-proofs. Why, how and what I don’t know for.
So the Bitcoin Cash Wallets have integrated the new transaction format and chose the new standard as a cashddr. This is less complicated than it sounds, and it doesn’t make the old addresses obsolete either. Because while the Bech32 Segwit addresses of Bitcoin include a previously unknown instruction on how to spend coins, the new Bitcoin cash addresses are just a new case for exactly the same information. You can convert the addresses as desired. This makes such a change easy and not disruptive.
An example: my good old donation address 1bvayiasvcmgmg4wujmyrhonevwwo5snqc can be translated with this converter into the following addresses:
Bitcoincash: QPMA82KPTTWNTLKETYDDPXQGX275Q09QYQMXVQE08
And (bitpay format): CTUykwwnfjofoxwa46zorqh3ivdq2uba
Overall, the address day was a great success. Most wallets and stock exchanges have integrated the new format. It is possible that Bitcoin Cash also helps Bitcoin itself to switch to Bech32 addresses.
Yours.org
Yours is a platform on which authors can sell their texts. The spartant website allows you to publish an arrest for texts and then release the rest for a self -determined price. There is also a button for donations and the possibility to request small amounts for comments.
Ryan X. Charles, the developer of Yours, actually wanted to form the platform for Bitcoin. So he processed the payments via Payment Channels. According to his own statements, he was the first to implement a Lightning network. But then he realized that Payment-Channels do nothing for the micropayment if the input transaction costs 5-10 euros in fees. So he only tried Litecoin, but then switched to Bitcoin Cash and thrown away the Payment channel. “This allowed us to use our time to develop our product instead of working through the bugs and usability problems with Payment channel. This has accelerated the development of our site and our community about 10 times, ”says Ryan.
The side has its charm. You save your Bitcoin cash in the browser through a seed. Yours does not keep any funds, but only instructs the browser to send the coins. This will probably save yours the regulatory obligations that are usually received when you keep money from other people. However, the blockchain pays the price.
There is a transaction for each individual action. If an article bought for 50 cents, a comment posted for 10 cents, or just a like for 30 cents – everything is a transaction on the blockchain. You don’t have to be clairvoyant to realize that this is not exactly sustainable. When yours becomes success, the Ryan X. Charles promises, the platform itself will clog the 8MB blocks from Bitcoin Cash. In the long term, a platform like yours would be perfect for the Lightning Network or other networks from Payment Channels.
Recently Ryan X recently. Charles now announced that yours received $ 1.5 million from Nchain and Bitmain. The two companies are likely to be well known: Bitmain is the largest manufacturer of mining hardware, Nchain The company of Craig Wright, the entertaining pseudo-satoshi. At the Bitcoin conference in Arnheim, Ryan met both Jihan Wu from Bitmain and Craig Wright. An existing connection was deepened, and a few months later there was a mentioned investment.
Yours becomes a kind of flagship company for Bitcoin Cash. It remains to be seen whether the page actually succeeds in establishing micropayments in journalism. However, it is the most successful and ambitious project to date that I know.