The Bitcoin Cash network has officially upgraded the blockchain protocol at approximately 1:54 EDT by extending the current block size fourfold from 8MB to 32MB. The consensus change is one of the largest block size increases in blockchain history, and the upgrade also adds the great knowledge of understanding Satoshi’s OP_Codes – which could add the ability to code colored coins and binary contracts.
The wait is over as the Bitcoin Cash (BCH) network has upgraded its base block size from 8MB to 32MB. The implementation of the new consensus rules went into effect at block height 530356, and so far the transition has been smooth as the community awaits the next concession of blocks.
Miners and other full BCH nodes had already upgraded their clients to the latest Bitcoin ABC 0.17.1 and other supported implementations like Bitcoin Unlimited, and XT over the past few weeks as the community prepared for the change. Among some minor updates, three notable changes have been enforced throughout the network which includes a 32MB block size, an increased default data-carrier-size to 220 bytes, and re-enabling previously disabled Satoshi OP_Codes.
The first and biggest change to the Bitcoin Cash consensus rules is obviously the fourfold block size increase. Raising the block size to 32MB will allow vast amounts of transactions to pass through the network with consistent inexpensive transaction fees.
Right now the amount of BCH transactions per day has been steadily increasing, and because the base block size has increased by four times its original size, blocks will not fill up for a very long time. The capability of this mechanism has been proven multiple times as there have been many BCH blocks between 2-8MB processed over the course of the past nine months. Read more from news.bitcoin.com…
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