B CH was developed as a side project for the original
Bitcoin project, but it grew into a separate project under its own wing called
the Bitcoin Association. The aim of BCH was to formalize the behavior of the
two sides of the coin - the buyers and sellers - while also protecting
investors. If this was done successfully, then the protocol could go into
production and has become a worldwide phenomenon. It is not however, quite
there yet. BCH remains in an early testing stage right now.
The following article will describe the background of BCH
and why it evolved into a different and coin from the original bitcoin. TL; DR:
bitcoins were created by an unknown person or group, and they are the most well
known cryptosystem around. During the past two years, cracks in the protocol
have appeared, and the core team has been hired by an individual to manage
business operations and its new fundraising campaigns. Now, George got the job
of "btcrafter" and he is currently busy building a library of guides
for the project. He has also taken on the role of a spokesperson to explain the
benefits of the currency to the general public.
BCH was designed to be an upgrade to the bitcoin client.
Right now, the software has been integrated into the bitcoincore server but not
released to the general public. This task has however been handed over to a
developer called "bitemy treasurer", who is starting a plan to
release the BCH software to the public once the testing stage is over. This
developer is also in charge of keeping track of the progress of the testers and
ensuring that the new feature will be properly integrated into the bitcoin
client in a smooth manner. His job is quite important because he is in charge
of Bitcoin Cash Reference marketing and raising funds to support the software development.
The developer is also in charge of supervising the
implementation of the BCH software upgrade and handling the transactions for a
series of test runs. In addition, he also handles the hard fork process itself
and works on the first hard fork implementation as well. This would mean that
the transition from the existing reference client to the second is smoothly
handled and there will be no downtime for users. However, since the hard forks
will be implemented in a flash, there will be a risk of instability for several
days. So far, there is no indication whether the risk will outweigh the
benefits.
BCH is planned to be the reference client in the BCH
network along with the main network. At present, the main network is being
upgraded to increase its hashrate capacity, bring more competition into the
field, and to provide better service to its users. Meanwhile, the BCH network
will handle the transition smoothly by itself. There is no concrete timetable
for this yet, and it will depend on the experience and reputation of the core
developers. It will most likely be rolled out in phases so that the risk can be
managed accordingly.
Both sides agree to work together for the betterment of
the project and this is why the BCH project received a lot of support from both
the community and the industry. Now the only thing left for the Core Developers
is to make the upgrade happen in a timely manner. Only time will tell if they
will be able to meet the BCH schedule.
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