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Bitcoin Cash Community Sees OP_Code Innovation After Upgrade

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bitcoin Cash Community Sees OP_Code Innovation After Upgrade
Bitcoin cash community sees op_code innovation after upgrade

It’s been well over a day since the bitcoin Cash (BCH) network upgraded its protocol, and the consensus rules now come with a 32MB block size. Although the block size increase is quite a feat, BCH developers have also expanded the network’s default data-carrier-size to 220 Bytes and re-enabled some old Satoshi OP_Codes that were previously removed from earlier codebases. Now over the past 24-hours, lots of people have been playing around with the new BCH features.

Also Read: Bitcoin Cash Upgrade Milestone Complete: 32MB and New Features

Experimenting With the New bitcoin Cash OP_Codes

Lots of BCH community members have been discussing the new OP_Code features and the additional space added to the network’s default data-carrier-size. The first signs of people messing around with the new features came from the Memo and Blockpress developers as both platform’s increased posting character limit from 79 to 217.

Bitcoin cash community sees op_code innovation after upgradeBoth Memo and Blockpress (featured above) now have 217 characters.

This means users of both social media applications can now post more content and everything is saved on-chain. Then shortly after the fork, another OP_Code feature was shown to the community by Openbazaar developer Chris Pacia.

The First Tree Signature on the bitcoin Cash Blockchain

Pacia built the first tree signature on the bitcoin Cash blockchain by utilizing the OP_CAT functionality  which creates a more efficient multi-signature combination. The Openbazaar programmer explains for addresses with a large number of keys, a tree signature can use less data. “For addresses with a large number of keys a tree signature can use less data. And unlike normal OP_CHECKMULTISIG, it doesn’t require you to expose the keys that were not used in the signing,” Pacia explains to the BCH community on May 15. Moreover, Pacia shows his demonstration via a block explorer URL which indicates it was a 1 of 8 multi-sig tree signature.

Bitcoin cash community sees op_code innovation after upgradeChris Pacia’s multi-sig tree.

Many individuals were very impressed with the new multi-sig operation that shows innovation in multi-signature technology, and one that could add more BCH privacy in the future. Pacia details his example is a subset of MAST  which stands for ‘Merkelized Abstract Syntax Trees.’ MAST could improve BCH privacy because certain multi-sig scripts could be kept hidden.

“This is like a subset of MAST,” Pacia explains.  

MAST is more general but can’t be done with the current opcodes as far as I know — If we had OP_EVAL then we could I think.

An OP_Code Puzzle With a Message in the Script

After the tree signature our Chief Technology Officer, Emil Oldenburg, also experimented with the Satoshi OP_Codes and created a ‘transaction puzzle.’ When the puzzle is solved it contains a secret message within the hashed script.    

“I made a fun little transaction puzzle with one of the new OP_Codes,” Oldenburg explains.

The puzzle is solved with the string “BCH is the best bitcoin”. The script is <String1> <String2> OP_XOR OP_HASH256 <hash1> OP_EQUAL. It’s solved by finding the secret String1 that when XORed with String2, after hashing should be equal to hash1.

Etching the Bible’s 23,000 Verses Into the bitcoin Cash Blockchain

Lastly, another anonymous user is pushing the ‘arbitrary data spam debate’ to the ultimate level. The Twitter handle UK Cryptocurrency showed the cryptocurrency community that a BCH address is currently writing the first testament of the King James Bible to the bitcoin Cash blockchain at 1sat/Byte. Looking at the bitcoin Cash transaction ID its Memo states:

1 In the beginning, God created the heaven and the earth.

Transactions following this continue to be written in the BCH chain with each verse that’s found in the King James Bible.

Bitcoin cash community sees op_code innovation after upgradeThis address is etching the entire Bible into the blockchain.

UK Cryptocurrency estimates that the entire Bible may cost around $100 USD (0.08 BCH) and add around 8MB to the BCH chain. Of course, many bitcoin Cash fans were excited to see the many OP_Code developments unfold so fast and expect more innovative ideas will sprout down the line.

What do you think about all the OP_Code experimentation over the past day? Let us know what you think about this subject in the comments below.

Images via Shutterstock, Reddit, the bitcoin.com Block Explorer, and Blockpress. 

Want to see all those Memo posts and OP_Codes in the BCH Chain? Check out bitcoin.com’s Block Explorer today!

The post Bitcoin Cash Community Sees OP_Code Innovation After Upgrade appeared first on Bitcoin News.

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These 11 Cryptocurrencies Outperformed Bitcoin in January

bitcoin is only the 12th best-performing cryptocurrency of January 2016, with Counterparty, BitCrystals and MaidSafeCoin making a surprise top three movers.


bitcoin Outperformed by 11 Altcoins

When one thinks of cryptocurrencies or blockchain, one usually thinks of bitcoin. It’s the oldest, most used and most secure blockchain out there. However, many fail to realize that there are actually hundreds, if not thousands, of cryptocurrencies out there – and some of these are gaining too much traction on the market to ignore.

Bithub.pl has composed a list of the 20 best performing cryptocurrencies for January 2016, yet bitcoin came in only at number 12.

bitwala-altcoin-bitcoins-1024x444

Weeding out rogue appearances, the list left out some of the smaller market cap coins, which may have risen considerably on thin volumes. Bithub.pl did however give honorable mentions to Pascal Coin (PASC), which grew by 10,765.08%, Byteball (GBYTE) — that’s up 244.64%, — and Golem (GNT) with a 192.09% increase.

The list is diverse and points to no one specific trend within the space. There are privacy-centric coins such as Dash and Monero, Smart Contract platforms like Ethereum and Lisk, and even in-game assets like BitCrystals.

bitcoinist_top_20_1

Who’s Winning The Crypto Race?

Looking at the top three cryptos on the list, we can see a diverse set of coins that serve multiple purposes. The first, CounterParty (XCP) is an asset-issuing platform that embeds data into regular bitcoin transactions. Using CounterParty, anyone can issue assets or tokens that reside within the bitcoin blockchain. One of these tokens issued on the CounterParty platform is, in fact, the second on the list, BitCrystals.

Bitcoinist_Counterparty

BitCrystals (BCY) is an in-game asset that acts as the currency in EverdreamSoft’s free-to-play mobile game Spells of Genesis, a trading card/arcade-style game that leverages blockchain technology both in its in-game economy and the game’s storyline.

The third-highest mover is MaidSafeCoin (MAID), the asset that fuels the MaidSafe network, where users can create and host websites, store private data and share public data through a decentralized mesh network of computers.

bitcoin Weathers January Storm

January was a turbulent month for bitcoin. Despite massive volatility and game-changing developments in the industry, bitcoin has managed to end on a positive note, the price even continuing to grow into February, currently sitting at around $1,030.

Looking at charts showing how bitcoin started the month at $963 and ended at $970, it is easy to forget that bitcoin has dropped to as low as $760, following exchange inspections carried out by the People’s Bank of China, only to bounce back after those involved introduced precautionary measures.

bitcoinist_usd_btc_cryptocompare_3months

What About Fiat?

As we have come to expect, fiat currencies haven’t done nearly as well as cryptocurrencies. Their inflationary nature combined with the fact that they are easily influenced by geopolitical developments has made some big losers this month. 

Following the inauguration of President Donald Trump, and the various policies announced and applied by his administration, the USD dropped 2.6% in January, the biggest monthly drop of the currency since March last year.

Do these altcoins have a standalone future or are they heavily dependent on bitcoin to raise all ships? Let us know in the comments below!


Images courtesy of CryptoCompare, Bithub.pl, Shutterstock, Bitwala

The post These 11 Cryptocurrencies Outperformed Bitcoin in January appeared first on Bitcoinist.com.