Bitcoin Cash Network Discussion June 2021 - Summary (ELI5)
Summary
On June 1st 2021 the fifth Bitcoin Cash Network Discussion took place over zoom.
The main topic of this discussion was PMv3: Version 3 Transaction Format.
Currently, BCH has very limited scripting and smart contract capabilities. Also as transactions get more complex there is the potential for them to become much more expensive.
PMv3 is a proposal for a new transaction format that will upgrade several of BCH’s abilities.
Potential Positives:
Add the ability to do ETH style smart contracts on chain
New contract validated token system and token applications
Previous TXs can be reduced to just a hash value, taking up less space
Will allow for more user side abilities and upgrades that do not require a hard fork
Prediction markets and decentralized exchanges would be easier to create
Things to consider :
It will require a hard fork to change consensus rules.
All indexing software, API’s, SPV wallets etc will need to be upgraded
Hardware and software wallets would only need an upgrade to take advantage of the new features
If you have a proposal for the Bitcoin Cash Network, Bitcoincashresearch.org is a great place to start. Also, follow Twitter @CashDiscussions so that you don't miss the next discussion! ✨
