The chief developer team for Bitcoin Cash (BCH) has presented the code for the mandatory update scheduled for November 15. The series of hard forks performed aim at transforming BCH into a more agile form of digital cash.
The team believes the update will bring the goals of BCH closer:
“The goal of Bitcoin ABC is to help create sound money that is usable by everyone in the world. We believe this is a civilization-changing technology which will dramatically increase human freedom and prosperity. Bitcoin ABC 0.18.0 represents the next step towards this goal,” wrote the developers in a recent blog.
The goals of Bitcoin include constant updates to achieve goals of becoming both a faster form of digital cash, and a platform with other features such as smart contracts and oracles. The November 15 hard fork and preliminary updates are likely to not be the last for BCH.
But this time, the update hardly caused the market price to recover. The most recent market downturn saw altcoins lose much faster compared to Bitcoin (BTC).
The BCH market price slid by about 8% overnight to $522.24 on volumes of around $329 million in 24 hours. With the latest slide, BCH is quite far below the levels seen around August 19-20 2017, when prices spiked above $800 for a brief spell before settling at around $720. BCH is down about 88% from its peak prices, with no signs of an immediate recovery.
However, the technical improvements will slowly continue for the project. Recently, tokens known as colored coins became available for launch through the Bitcoin Cash Bitcoin.com wallet. The service, known as Cryptonize.it, offers the creation of tokens on the Bitcoin Cash network:
On the Bitcoin Cash network, the creation of colored coins is made as easy as possible, paving the way for an ecosystem of smart contracts, tokenized projects and possibly security or asset-backed tokens.
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