Jonald Fyookball was in fact part of the team that on August 1, 2017 launched the new Bitcoin Cash (BCH) protocol, forging the Bitcoin Cash (BTC) protocol, and now more than three years later he takes stock of the situation.
Fyookball obviously admits that this is a partisan point of view, since he loves Bitcoin Cash, but being part of the launch team his contribution remains interesting for those who follow the evolution of this project.
In fact he believes that the main case of use of cryptocurrency should be the one of means of payment, and not of reserve value as it is imposing for example for Bitcoin.
For this reason the evolution of BCH differs from that of BTC, since Bitcoin Cash has as main objective to be used as exchange currency, while Bitcoin is becoming more and more primarily a reserve value.
Fyookball admits that the price of BCH has behaved badly during the bearish market, so much so that its current value is close to its launch value, in August 2017, and still very far from the highs, unlike BTC.
The reason could be due to the volume of daily transactions, defined as „disappointing“. For example, when comparing the number of daily transactions, BCH does not reach a tenth of those of BTC, although it should have been used as a means of payment, i.e. in theory for a much higher number of transactions.
Nevertheless Bitcoin Cash is still the sixth cryptocurrency in the world for market capitalization, although overall it is worth about 70 times less than BTC.
Bitcoin cash, the protocol updates
Among the innovations introduced in these three years stand out:
CashFusion, the protocol for coinjoins,
the testnet which reached 11,000 transactions per second thanks to 250 MB blocks,
the CheckDataSig for the inclusion of external data signatures,
the adoption of BCH as a means of payment in 7,500 stores worldwide,
high-level programming languages like Spedn and Cashscript, Purse.io, ASSERT DAA to keep the block time stable,
the Flipstarter crowdfunding tool, Read.Cash,
the AnyHedge protocol for decentralized financial instruments,
and other developments.
Fyookball also points out that the recent Bitcoin Cash ABC (BCHA) fork was not particularly harmful, as was for example the 2018 fork of Bitcoin SV, so much so that it was called a „bullish“ fork for Bitcoin Cash.
He concludes by saying that BCH has managed to maintain a multi-billion dollar market cap for several years, and is here to stay, thanks to its solid fundamentals.