OP code is coming back to life, smart contracts are ushering in a new era of BCH
Tomorrow, BCH will have its first big event of 2018, the hard Fork upgrade.
With this hard fork upgrade, we can see a number of exciting updates, including an increase in the block cap to 32Mb, an increase in the OP_RETURN data carrier size to 220 bytes, and the reactivation of several previously abandoned Bitcoin script opcodes (OP codes). This last one is particularly interesting because it will unlock the bCH-based smart contracts and tokenization capabilities.
When it comes to smart contracts, it is difficult to bypass ETH at the moment. Many people do not know ETH, but they must know ICO, and ICO is actually realized with the help of ETH smart contracts. The problem, however, is that many developers launch projects too early in the hope of generating buzz and hot money with ICOs, resulting in thousands of unreliable codes. According to a study dedicated to assessing Ethernet vulnerabilities, the network has an additional 34,200 high-risk smart contracts, with about $13.8 million at risk. The unstable network caused a lot of losses for investors, so much so that ETH had to be re-evaluated.
This hard fork upgrade, smart contracts and tokenization will link BCH and ETH together. According to Jimmy Nguyen, CEO of nChain, the reactivated OP code will unlock the smart contract function of BCH and effectively fund ETH.
Not only that, of course, but the revival of the OP code could push BCH to the forefront of the cryptocurrency industry.
First, it could be a game changer for Bitcoin, making BCH a clear leader. For BCE, who abandoned this code, they argued that “Bitcoin is not a Turing-complete programming language” and would be difficult to implement smart contracts. In this regard, Christ DeRose, the main developer of Drop Zone, discussed in his article from three aspects of “cost effectiveness”, “Internet benefits” and “transparency issues”. Smart contracts are not necessarily Turing complete, and the revival of some OP codes can add protocol extension interfaces and lay a foundation for the launch of smart contracts in the future. Maybe BCH can surpass BCE as the leader.
Second, it may make BCH a “universal coin”. The resurrected OP code will allow tokenization and smart contracts to be performed on the BCH blockchain, which means that the BCH can be used as any other blockchain. BCH is already a premium payment system that is fast and low-cost and can conduct borderless transactions anywhere in the world, and these additional technical capabilities may enable BCH to achieve even more functionality. Jimmy Nguyen put it this way: “If everything is possible on a coin, why do you need anything else? Just like smart contracts, people thought it was impossible to do in Bitcoin after some OP code was removed, and now they’re back, you have to ask yourself how much ETH do you need?”
There is nothing inherently different about bitcoin and smart contracts. As early as 2010, Satoshi Nakamoto wrote that only a scripting system could complete the complex types of transactions supported by Bitcoin. Can we understand that as long as there are scripts, there are smart contracts? Now the OP code is resurrected and BCH continues to move forward with Satoshi Nakamoto’s vision.
Refer to the article: https://coingeek.com/upcoming-ne… racts-bitcoin-cash/