Proposals to Improve Bitcoin Cash
Feb 08, 2018 Posted / 2469 Views
Developers are seeking for changes to create Cryptocurrency more secure and safe and it is always beneficial to keep an eye on these changes to stay aware of the crypto ecosystem. Active Programmers cognize the desired modification required in a virtual token through studying its aspects. Talking about Bitcoin Cash, it has come a long way in mere 6 months but still, there is a space for improvement in its security system. For this purpose, 2 changes have been suggested and it is estimated that out of these two BUIP084 has been already approved while BUIP085 is still under consideration.
The BUIP084 proposal came into a discussion when the hard fork was introduced. A lot of users were confused regarding how to “split” their old wallet coins. There was no instruction manual to guide them about the changes that occurred when hard fork entered and how to operate their old wallet coins as many holders didn’t claim their BCH amount.
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With the emergence of this guide manual, a lot of novice users will easily understand hard fork and general management of wallet. The manual also creates awareness regarding separation of BCH balance from cold storage wallet without any effect on one’s Bitcoin Cash balance at all. An instruction manual is essential for newfound technology and it is good to see that BCH creators accepted that.
The BUIP085 proposal is yet to be reviewed. It suggests a modification in Double-spending issue. It is a genuine problem which has been accounted in many cryptocurrencies and there is not much one can do to avoid this from happening. The modification will create a “warning system” which would save traders from double-spending attack. It is not possible to detect such transactions as this won’t happen until networking nodes relay this information.
It doesn’t seem that anyone would oppose this system as it was overdue for a long time. To implement this improvement, developers will create a double spending relaying system with Bitcoin XT’s execution. Further, all GUI’s will require a notification setting regarding relayed information.
As per experts, by the implementation of these modifications, Bitcoin Cash will be secure than ever before. Unlike traditional money, cryptocurrencies keep on maturing which make it even more desirable. It will be interesting to see the future of Bitcoin Cash hoping that the proposals will be approved.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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