A Bitcoin Cash upgrade has been activated May 15th.
The upgrade will increase block size from 8MB to 32 MB and add or reactivate Bitcoin Op codes.The hard fork used the Median Time Past (MTP) for initiation, going live on next block after the MTP timestamp of 1526400000 at 16:14 UTC.
Bitcoin ABC, a Bitcoin Cash full node implementation, previously announced on April 1st that
the Bitcoin ABC 0.17.1 full node upgrade testnet was available, noting that all BCH full nodes needed to upgrade and that major exchanges and wallets were being notified. BitcoinCash.org also wrote that this is the first of several planned upgrades for the cryptocurrency.
A reddit post explained that the upgrade is “paving the way for future adoption as well as new functionality being added such as op codes.” User Steve Shadders-a co-author for reenabling disabled Op codes – also posted on his blog that the reactivation of formerly disabled Op codes is compelling to developers and could bring some much needed value to the BCH economy.
Chief among arguments against an increase in block size include making operation of full nodes more expensive, leading to less decentralization of the network, as well as lower propagation speeds.
BCH, is a hard fork of the Bitcoin blockchain that made the split last August 2017, touts itself as the original Bitcoin (BTC) and superior to BTC due to its lower transaction fees. However, at the end of February this year, BTC’s transaction fees were cheaper than those of BCH.
Another thing setting BCH apart is it’s large block size, due to Satoshi Nakamoto’s attempt to avoid splitting the blockchain in the case of some miners produced big blocks that other miners couldn’t accept. In order to solve the scalability problem caused by BTC’s block size limit, the Segregated Witness (SegWit) upgrade was proposed, with many crypto exchanges like Coinbase, Bitfinex, and GDAX exchange having already accepted this upgrade.