It is always good to keep an eye on developments affecting various cryptocurrencies. In the case of Bitcoin Cash, two recent BUIPs have been submitted, both of which will introduce some major changes to the ecosystem as a whole. Developers need to make Bitcoin Cash more secure and successful. Secure coin splitting instructions and double-spend relaying will certainly go a long way in achieving this goal.
Two new Positive BUIPs for Bitcoin Cash
Developers active in the world of cryptocurrency often know which aspects of a certain coin need to be improved. Even though Bitcoin Cash has come a very long way in just six months, there’s still room for improvement. As such, two interesting BUIPs have been submitted this year. These two proposals aim to make Bitcoin Cash more robust and secure. It seems one of the two proposals has already been passed, whereas the other is still awaiting feedback and approval.
First up, we have the BUIP084 proposal. This plan was submitted a few weeks ago as a discussion, but eventually turned into a useful addition to the Bitcoin Cash ecosystem. Ever since this hard fork was created, users have been confused as to how to “split” their coins in an older wallet. Since a lot of holders have yet to claim their BCH balance from when the fork occurred, having a proper set of secure instructions is always worth looking into.
Even though a lot of wallets have native splitting enabled these days, there was still no clear-written guide for users who used a different wallet solution. With BUIP084, these instructions will be introduced in a convenient manner. The instructions also cover separating BCH from cold storage Bitcoin balances without affecting one’s BTC balance at all. It is also a valuable educational guide regarding hard forks and wallet management in general. Most novice users have a lot to learn, and it’s good to see the BCH developers acknowledging that.
Secondly, there is the BUIP085 proposal, which has yet to be properly reviewed. Double spends are a very real problem in the cryptocurrency world, mainly because there is very little one can do to prevent them from happening. As such, the BUIP085 proposal focuses on double spend relaying. This “warning system” would let merchants know when they are on the receiving end of a double spend attack. Detecting these transactions will not be possible until network nodes actively relay this information.
To put this proposal into action, developers will need to build a double spend relaying system compatible with Bitcoin XT’s implementation. Additionally, all GUI wallets will need a visualization or notification for this relayed information. This is one proposal that doesn’t necessarily require network consensus, although there is no reason anyone would oppose such an idea in the first place. One could even argue a double spend relaying system is long overdue, but it seems such a solution will be implemented eventually.
All things considered, both of these proposals will make Bitcoin Cash more robust than ever before. It is good to see cryptocurrencies evolve month after month in this regard. Unlike traditional money, the technical aspects of cryptocurrency are constantly changing and in need of improvement. Slowly but surely, coins are all maturing, and things will only get better from here on out. The future certainly looks interesting for Bitcoin Cash, assuming both proposals are turned into working code soon.