What Happens in the Next Year With the bitcoin Cash Development?

Recently, I have read a number of articles written by well known experts of the field who are advocating that the bitcoin cash project be funded. These include: Brad Callen, John H. Forman, and Gregory M. Miller. All of these authors have separately written compelling arguments for why their recommendations should be approved.

The main reason for their recommendation is the proposal of an Bitcoin Cash Development Fund, that would provide a number of opportunities for individuals and businesses to fund the rapid development of required software and other artifacts needed for the bitcoin cash platform. This would be a very positive for the future of the protocol, they maintain. There has been much discussion in the past regarding how certain features of the bitcoin protocol may not be adopted into the traditional banking networks, because those network participants may not view the feature as being in their best interests. For instance, since the majority of traditional banks make money through interest-based loans, they may not see an advantage in funding the development of new software that would enable users of their systems to transact without charging fees. However, if these same groups were able to use this feature to encourage the growth of user adoption and use of their wallet applications, they may find that it was the most beneficial feature of the new technology.

Many experts have discussed the need to increase the blocksize in the bitcoin protocol, in order to allow users to transact with a larger number of inputs and outputs while reducing the average transaction throughput per second. bitcoin cash developers suggest that this can be done via the implementation of a "miner policy". Such a policy would specify how the size of a block can be adjusted, and how quickly adjustments can be made. By creating larger blocks, the network could scale to allow transactions per second to increase, thus improving its speed. While this is not likely to solve the scalability problem, it could help increase the security level for users.

One of the arguments put forth by those opposed to increasing the blocksize is that a solution to the scalability problem will not be found until the later years of this decade. If there is a rush to get the feature into the main chain as soon as it is developed, it may limit the development opportunities available to the developer community. The Bitcoin Cash developers claim that this is a misunderstanding. They argue that the feature was designed to make transactions faster, and allow users to transact on a wider basis when they choose to do so.

There are many different solutions to scalability issues in the bitcoin network, such as the Lightning Network and Sidechains. These solutions have different ways of achieving scalability, and no one is certain which will ultimately win. But for now, the Lightning Network appears to be the most viable solution for many users and business owners looking to increase the security of their transactions. Even if no major progress is made on the scalability front in the next year, the Lightning Network will have achieved a lot of its goals already.

With the impending release of BIP-1, which is expected in late 2021, more progress will be made on improving the scalability of the network. However, there is no indication that this will happen in the immediate future. For now, the developers continue to wait for BIP-1 to be released in order to test its compatibility with the existing bitcoin software. If it is successful, then the entire network will run on BIP-1, and fees for transfer will be reduced drastically. For now, the wait for BIP-1 is ongoing, but it has certainly been an interesting and worthwhile pursuit for those who want to contribute to the improvement of the world's financial system.