Bitcoin Cash is gearing up to include two significant improvements in its upcoming upgrade. The Bitcoin Cash Improvement Proposals (CHIPs) programmed for May 15 that have been approved for inclusion are CHIP-2021-03, which brings larger script integers into the chain, and CHIP-2021-02, which involves the activation of has to do with native introspection opcodes that aim to simplify the writing of smart contracts, so-called covenants.

Bitcoin Cash prepares contract-oriented upgrade

A fresh upgrade is evident in the new one-year Bitcoin Cash upgrade schedule, modified from the previous six-month cycle during last year’s upgrade. This time around, the improvements to be included in the Bitcoin Cash blockchain were decided using CHIPs, Bitcoin Cash Improvement Proposals, which allow for public community discussion of the proposed upgrades. This new MO was also approved during last year’s upgrade, which took place on May 15, 2021.

This year’s improvements are aimed at improving performance and making it easier for programmers to write covenants, which are smart contracts that enact rules about how funds can be used in a transaction. The two CHIPS included in this upgrade aim to make agreements more precise, more useful and to expand their functionality.

CHIPS explained

The first CHIP applied when upgrading BCH is CHIP-2021-03, which introduces larger script integers into the chain. The specification states that larger 64-bit integers are allowed and that these integers can be multiplied directly in code. This will improve the functionality of these contracts by allowing programmers to consume more value without having to design workarounds, and also reduce redundancy and transaction sizes.

CHIP-2021-02, which enables native introspection opcodes, also allows programmers to extract information from the same transaction they are working on to include in any contract. This means that programmers will be able to queue information from transactions with different new opcodes. The implementation of this CHIP aims to reduce the complexity of the code in covenants and to create new use cases through the new functions of the opcodes.

Speaking about the upgrade, Jonathan Silverblood, a developer involved in proposing the two CHIPs to be implemented, said specified:

Before this upgrade, anyone who wanted to create smart contracts couldn’t multiply two numbers in code. They had to understand how to use (abuse) the transaction signing mechanisms to verify who gets paid how much. After that, we have a solid base to build on.

Regular Bitcoin Cash users do not need to make any changes to support this upgrade. Node operators must update to the latest version of their node software to avoid service interruptions.

What are your thoughts on the upcoming Bitcoin Cash network upgrade? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

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