Bitcoin Cash [Cash] broke above $300 early on 4th May 2019 leading the market gains as most cryptocurrencies traded in the green. It recorded a rise of over 13% on a daily scale before a swift correction below $300 was observed.
The price of Bitcoin Cash [BCH] at 4: 20 hours on 4th May is $293. It is trading 7.6% higher on a daily scale. Moreover, while the market is presumably in a bull-run, the additional rise on Bitcoin Cash [BCH] over the other altcoins might be related to the impending update for 15th May.
Bitcoin Cash [BCH] Races Bitcoin [BTC] To Schnorr Upgrade
Bitcoin Cash [BCH] community have unanimously voted for the next hard fork on Bitcoin Cash [BCH] which will implement the Schnorr Update. Until now, the signature scheme used in Bitcoin [BTC] and subsequently Bitcoin Cash [BCH] is the Elliptic Curve Digital Signature Algorithm (ECDSA). However, the Schnorr protocol would essentially reduce the memory space each transaction signature requires.
“In layman’s terms, that means that the software is able to verify several signatures at once, for instance eight, in a way that is faster than verifying one signature eight times,” leading bitcoin cash developer Amaury Sechet told the media.
Furthermore, Bitcoin Core developers have also planned on including the protocol in Bitcoin as well as it would improve scalability. Nevertheless, Schnorr designs were patented for a long time which prohibited the devs from early adoption. As the patent conditions were lifted recently, Bitcoin Cash [BCH] devs jumped on the opportunity and beat Bitcoin [BTC] to it.
“they’re (BCH community) getting Schnorr signatures ahead of Bitcoin. They have a lot of real technical talent in there and it’s getting interesting.”
Bitcoin Cash [BCH] and Litecoin [LTC] are the two currently efficient blockchains to execute payments. Their market capitalizations are also very close as LTC is ranked just below BCH w.r.t to total market capitalization. The total Mcap of BCH at $300 is near $5.25 billion, while the total Mcap of Litecoin at $80 is around $5 billion.
Do you think Bitcoin Cash [BCH] will lead as the cryptocurrency for payments? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com