Bitcoin Cash (BCH), one of the largest cryptocurrencies in the market, is getting prepared to experience a new network upgrade. The Bitcoin Cash community performs bi-yearly improvements to the network to offer better services to users.
On November 15, network participants should have their client updated for the enhancements to be implemented on the network.
Bitcoin Cash Gets Ready For A New Upgrade
The Bitcoin Cash community is getting ready for a new network update. This November 15, the network will be adding two new features to the blockchain. The first one is related to Schnorr support for OP_Checkmultisig. The second upgrade will finalize the BIP62 malleability vector.
With this network upgrade, it will be possible to process more complex mechanics to multi-signature transactions and most of them now will be non-malleable.
Mark Lundeberg, a software engineer, explained they have used a weird wart of Bitcoin’s Script language in which the OP_Checkdatasig uses an additional unused element off the stack.
According to Bitcoin ABC, the goal is to “create sound money that is usable globally to drive freedom and prosperity to everyone.”
In order to assist technical preparations for the upgrade, a testnet is available with all the new features. In this way, participants can test these improvements, ensure compatibility or start building products before the official upgrade on November 15.
The Bitcoin Cash community considers that it is very important for it to be updated in order to remain a competitive cryptocurrency in the market.
On the matter, Bitcoin ABC explained:
“By implementing protocol optimizations and upgrades, we can enable peer-to-peer digital cash to scale many orders of magnitude beyond current limits. Bitcoin Cash must continuously improve in order to compete.”
It is worth mentioning that back on November 15, 2018, the Bitcoin Cash blockchain experienced a hard fork due to two different improvement proposals for the network. Due to this contingency, the Bitcoin Satoshi Vision (BSV) cryptocurrency was created backed by Craig Wright.
When last year’s network upgrade took place, the whole cryptocurrency market fell to the lowest point in over a year.
Nowadays, Bitcoin Cash and Bitcoin SV have followed their own paths and projects for the whole crypto industry.
At the time of writing this article, Bitcoin Cash is the fourth largest digital currency with a market capitalization of $4.25 billion and a price per coin of $235.