Bitcoin Cash ecosystem sees a lot of action including adoption of 0 confirm transactions
Bitcoin Cash (BCH) has had a busy few weeks in June. And except for the effect on the prices due to the bearish market, the BCH ecosystem has seen good things. The cryptocurrency has got new infrastructure support, more applications, and protocol innovation. And more importantly, the BCH community is embracing zero confirmation transactions. Several merchants and businesses are accepting 0 confirm Bitcoin Cash payments, the most recent one being Keys4Coins.
The BCH community has been focussed on getting more widespread adoption of the cryptocurrency. And the new infrastructure support that they’ve received definitely goes a long way in backing their focus. The Bitcoin Cash Blockchain is currently ahead of Bitcoin Core by over 7000 blocks. Moreover the BCH Blockchain is operating at 11.5 percent of BTC’s current network difficulty, at the moment.
Bitcoin’s popularity has led to its Blockchain being so congested that transactions take forever to confirm. And as a result the transaction fees are astronomical, which means sending small amounts of BTC is not sensible anymore. According to statistics from Coin Dance, it’s around 10X more expensive to transact on the Bitcoin Blockchain compared to BCH.
Since BCH’s successful network upgrade in May, several BCH supporters have been testing the new OP_Codes and OP_Return transactions. Platforms like Memo.cash, and Blockpress upgraded their software which ensures that users get more characters per written post. A developer called “Unwriter” came up with three platform extensions called Chainfeed, the _opreturn Twitter bot, and read.cash.
Chainfeed is a global news feed which is powered by BCH OP_Return Transactions. It displays all the messages that’re created on the Bitcoin Cash network in real-time.
@_Opreturn, theTwitter bot is a program which monitors real-time messages sent on the BCH chain using the Chainfeed firehouse API.
Unwriter’s other creation is the BCH application called read.cash which combines the user’s social media accounts that’re BCH centric. It creates a platform from these social media accounts from Yours.org, Blockpress, and Memo. This platform ensures that the owner can manage all of the tethered BCH wallets in one place.
A cryptocurrency wallet, CoinText has raised $600,000 in Bitcoin Cash from a seed funding round led by Yeoman’s Capital. The wallet’s users can conduct BCH transactions with any type of mobile phone via SMS technology (text). Managing Director of Yeoman’s Capital, David Johnston says their firm to change the lives of billions across the world through the project.
Vin Armani, the President and CTO of CoinText says,
“We are dedicated to making cryptocurrency easy to use for the maximum number of people.”
Zero Confirm Transactions
Zero confirm transactions have become the talk of the crypto town yet again. And this time its because several merchants and businesses have started accepting zero confirmation BCH transactions. Transactions which are broadcast to the network but haven’t been etched into the blockchain yet are called Zero confirmation transactions. These transactions are only known to the people dealing until such time as the transaction is confirmed.
But the BCH community has embraced this despite the risk of double spending. People are open to idea mainly because it ensures fast payment, which is a desirable aspect for both transacting parties. Several people believe that these transactions will lead to broader acceptance of cryptocurrencies. And some enthusiasts have also proposed solutions to the double spending issue.
Several merchants who accept Bitcoin Cash are embracing 0 confirmation transactions. They trust the network and the low probability of double spend risks. These include Cryptonize.it, Bitasia Exchange, Keys4coins, Bitpay, Satoshi Dice, Mini-POS, Lieferando, and more. There are two protocol development proposals which will give a boost use of 0 confirm transactions on the BCH chain. The BCH community support these ideas and concepts which could prevent and alert network participants of double spends in future.
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