Bitcoin Cash Upgrades Network With 32MB Size, New Features

May 16, 2018 at 20:00

Bitcoin Cash (BCH) network has successfully been upgraded, allowing to raise its block size from 8 MB to 32 MB and add Bitcoin script operation codes.

The fourth largest cryptocurrency’s hard fork happened 4:00pm UTC on May 15 and took effect at block 530356.

The change is considered as one of the largest block size increases in blockchain history.

As of this writing, 67 blocks have been mined under the new consensus rules.

Increasing the the block size by four-fold to 32 MB will allow BCH to process transactions more at a faster speed and at lower fees.

The upgrade also raised the default carrier size to 220 bytes, with an aim to make it the “cheapest” way of embedding data into the chain.

The upgrade also re-enabled Satoshi OP codes, which were part of the original Bitcoin design, allowing BCH to introduce smart contract capabilities. This also opens up opportunity to understand Satoshi’s OP codes.

BCH is a hard fork of the Bitcoin blockchain in August 2017 and boasts of faster transaction than the legacy cryptocurrency.

Despite the network upgrade, BCH fell 11.76 percent over the past 24 hours, trading at $1,256.24, data from CoinMarketCap showed.