To shape the next evolution of the Bitcoin Cash (BCH) blockchain, CoinGeek challenged the crypto community to put tokenization on the BCH chain. The available prize is £5 million worth of Bitcoin Cash.
Since the contest was announced early this year, more than 50 teams have taken on the challenge to design a tokenization solution that runs on the BCH blockchain as well as its associated test networks. Among the participants, CoinGeek has already seen three impressive drafts of white papers solving the token and smart contract issue. CoinGeek expects the solutions to be rolled out before the CoinGeek Conference in November.
In its short life, Bitcoin BCH has already demonstrated that the vision contained in the original Satoshi Nakamoto white paper can be realized on the network. Massive on-chain scaling is already possible, as evidenced by the May upgrade that saw the introduction of the 32MB block size.
These advancements are helping Bitcoin BCH move from simple cryptocurrency solution to become a cornerstone of a globally distributed economy. To put it simply, Bitcoin BCH is capable of doing everything all the other platforms can do and more. Ethereum does not scale or work as a cryptocurrency, and its only redeeming feature was smart contracts-a feature now available on Bitcoin Cash chain. Then there’s SegWit coin, BTC, which is no longer a cryptocurrency. Since it forked off Bitcoin to SegWit technology, BTC removed many of its original abilities and shut off its Bitcoin powers in a bid to transfer value to side chains and away from miners.
This leaves us with BCH, the only coin that follows the original Satoshi Nakamoto white paper and offers the best scaling and security features.
Calvin Ayre, owner of CoinGeek.com and a Bitcoin BCH currency advocate, said the CoinGeek Conference, which comes a few days after the November 15 network upgrade, is “a conduit for the merchant community back into the platform developers, so that there can be better communication between the two.”