The Bitcoin spin-off cryptocurrency will be celebrating its third year anniversary in twelve days’ time and like every other major digital currency, Bitcoin Cash, the world’s 5th most valued cryptocurrency by market capitalization has grown in leaps and bounds, with multiple achievements to its name. Particularly, its network growth and its price performance over the years have significantly accelerated and developed at an impressive speed.
As the anniversary draws near, there are a few significant milestones that have kept the network up and running, some of which we discuss below.
Increased Block Size
What is interesting about Bitcoin Cash is that its creation was already a plus to what was going to be the future Bitcoin Cash network. The cryptocurrency was forked from Bitcoin in 2017 because of developers who wanted to increase Bitcoin’s block size limit from 1MB. While the Bitcoin network has stuck to this, the Block size limit for Bitcoin Cash was increased to 32MB, which not only boosts the verification process of transactions on the network but also strengthens the Blockchain through heated network activities carried out by miners. In conclusion, this upgrade helps Bitcoin Cash process transactions and handle more transactions than Bitcoin.
Simple Ledger protocol
The simple ledger protocol (SLP), which was built on the Bitcoin Cash Blockchain, is another major achievement for the Bitcoin Cash community. The Simple Ledger protocol was created to be one of the network’s most efficient and reliable tokens. The token which was created using ElectronCash wallet can be traded without any intermediate party. The SLP was designed to limit cost as every single transaction carried out cost little to no fees. The SLP represents the network’s goal to create a feasible digital currency that weeds out the typical limitations of others.
CashFusion, like the SLP is one of Bitcoin Cash’s top projects. CashFusion is a privacy tool created to enhance privacy and security on the Bitcoin Cash network. In April this year, the project raised $100,000 in funds from its security fundraising goal. While the project still has many loopholes to tackle and fix, CashFusion is certain to help take Bitcoin Cash to the next level.
Bitcoin Cash Price Performance
In terms of price performance, compared to its counterparts the crypto-currency is the fifth largest cryptocurrency, with a market capitalization of $4.28 Billion at the time of this writing. With Grayscale Investment announcing that Bitcoin Cash has been approved for public trading by the Financial Industry Regulatory Authority (FINRA), this could be beneficial for the price value which is currently trading at $232.