CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
BCH to beef up smart contract capabilities: ‘VM Limits’ and ‘BigInts’ upgrades gain support
Table of Contents
Market Musing-g

BCH to beef up smart contract capabilities: ‘VM Limits’ and ‘BigInts’ upgrades gain support

Cryptopolitan_News
By Cryptopolitan_News
Created 5 months ago, last updated 5 months ago
4 mins read
BCH to beef up smart contract capabilities: ‘VM Limits’ and ‘BigInts’ upgrades gain support

Bitcoin Cash (BCH) developers and community members have been actively voicing their support for two Cash Improvement Proposals (CHIPs) ahead of a November 15 lock-in deadline. The “VM Limits” (Virtual Machine Limits) and “BigInts” (Big Integers) CHIPs seek to streamline smart contract capabilities onchain for the Bitcoin Cash network and enable more possibilities for developers to build on the protocol. 

The Bitcoin Cash Foundation, an officially unofficial representative of BCH seeking to promote peer-to-peer electronic cash for the world, recently voiced support on X on November 10, for two Bitcoin Cash improvement proposals.
The two Cash Improvement Proposals (CHIPs), which seek to streamline and expand smart contract capabilities on Bitcoin Cash, are seeing support on multiple fronts from devs and community members ahead of a November 15 “lock-in” deadline. Once locked in, the proposed changes would be activated during the May 2025 Bitcoin Cash network upgrade.

VM Limits and BigInts — Two proposed upgrades for Bitcoin Cash

First, it may be necessary to point out that Bitcoin Cash already has functioning UTXO (unspent transaction output)-based smart contract capabilities, allowing for smart contracts to be executed on-chain. This was made possible via the CashTokens CHIP back in 2023.

Thanks to the smart contract capability, BCH now enjoys NFTs, contracts baked into the layer 1 protocol, on-chain DEX (decentralized exchange) capability and an efficiency advantage which devs say could leave Ethereum a day late and a satoshi short.

The two CHIPs gaining support for the 2025 network upgrade are:

These two dovetailing proposals aim to make smart contracts on BCH much more efficient, and to render “previously-theoretical use cases immediately practical.” So what are the use cases?

According to BCH and former BitPay developer Jason Dreyzehner, they include: “more advanced automated market making and exchange protocols, decentralized stablecoins, collateralized loan protocols, cross-chain and sidechain bridges, zero-knowledge proofs, post-quantum cryptography, homomorphic encryption, and more.”

2025 BCH upgrade proposals see massive community support, with some caveats

Joining the Bitcoin Cash Foundation in support of the VM Limits and BigInts CHIPs is General Protocols, the company behind the decentralized hedging and trading app BCH Bull.

General Protocols initially had some reservations about one of the 2025 CHIPs, as it was a relative latecomer to the table compared to previous proposals.

“The Bigints proposal was announced later than most other CHIP precedents in a barebones form, which did cause concern for us as we expressed in our previous assessment,” the firm stated on a blog post. General Protocols pointed to extraordinary circumstances this time around, and concluded: “In our opinion both CHIPs have met the bars for rigor established in previous years, and are now in sufficiently good shape for inclusion together.”
However, the company also clarified: “This endorsement shall not be taken as an endorsement for latecoming proposals in general.” There has also been some noteworthy dissent on GitHub in recent weeks by a prominent node operator and respected community member.
That said, in large part, even those initially skeptical have come to officially support integration of the CHIPs in May, after review. Supporters include Bitcoin Verde, The Bitcoin Cash Podcast, Bitcoin.com, and numerous others.
0 likes
|

Other articles published on Nov 11, 2024

Market Musing-g

Monday Recap: Coinbase Fee Controversies, Hamster Kombat’s Decline, and a $200K Bitcoin Prediction

Monday crypto highlights from Coinbase accused of listing fees, bitcoin price projections, and hamster kombat losing users
By BSCN
5 months ago
2 mins read
Market Musing-g

$1.3m Raised: Why Dogizen Is Charging Towards a Binance Listing

After making headlines with its canine-themed counterpart to the popular Telegram game, Catizen, and holding the first-ever Telegram ICO, Dogizen looks like its charting a course toward a Binance l...
By Cryptopolitan_News
5 months ago
3 mins read
Market Musing-g

ADA Surges 72% As Cardano Founder Charles Hoskinson Eyes Key Role Shaping Trump Crypto Policy

ADA has skyrocketed over 72% in a week after Cardano founder Charles Hoskinson revealed plans to help shape US crypto policy under the incoming Trump administration. [...]
By Inside Bitcoins
5 months ago
3 mins read
Market Musing-g

Study reveals women lead in Crypto knowledge, eager to learn

The adoption and education of cryptocurrencies have been constantly surging, and the number of users is estimated to reach a new milestone by 2025. As per a recent study by BITmarkets Academy in al...
By Todayq News
5 months ago
3 mins read
Market Musing-g

Mt. Gox Moves 30,000 Bitcoin for Market Activity

The infamous Mt. Gox exchange, which once dominated the cryptocurrency scene, has re-entered the spotlight by transferring an impressive amount of Bitcoin following a significant price surge. Conti...
By BH NEWS
5 months ago
2 mins read
Announcements

Blockchain Meets Sports : WEMIX CHAMPIONSHIP 2024

By WEMIX
5 months ago
4 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!