Hello Bitcoin Cash Community!
It is a very exciting day for me to be elaborating on different aspects of Bitcoin Cash (BCH). Understanding some of these elements is going to add knowledge and improve experience around dealing with this crypto coin.
Definitions of various technical terms
It is a very exciting day for me to be elaborating on different aspects of Bitcoin Cash (BCH). Understanding some of these elements is going to add knowledge and improve experience around dealing with this crypto coin.
- Ticker Symbol & Currency Code: Bitcoin Cash will have the symbol "BCH," and it is a symbol that is of great importance to use in both wallets and exchanges when exchanging or symbolizing Bitcoin Cash.
- Units: The BCH can be divided further to reach small units, just like Bitcoin. The smallest unit is the "satoshi," whereby 1 BCH = 100,000,000 satoshis, which gives easy precision during the transaction, especially when the rate of BCH changes.
Logo: What further sets the Bitcoin Cash logo apart is the fact that it maintains a rotated "B," as in the previous logo, but sets itself aside to symbolize a unique identity within the cryptocurrency. It maintains a rotated "B" as in the previous logo, but it sets itself apart to symbolize its unique identity within the cryptocurrency. - Transaction Fees: Among the selling points of Bitcoin Cash are very low transaction fees, usually a fraction of a cent. This makes BCH ideal for micropayments and everyday transactions.
- URI Scheme: Bitcoin Cash addresses can be encoded as a URI scheme with a link. Thus, as a user clicks the given link, it initiates a payment. It takes the form "bitcoincash:[address]?amount=[amount]" and can be optionally followed with more parameters in the case of naming or messaging.
- CashAddr Format: Another form is an address format that will be the BCH-specific format. It aims at the BCH format, designed not to be mistakenly used in the BitCoin format, and also to make the user's lives simpler by giving them error detection capabilities to feel stressed about entering the incorrect addresses. It is important for the success of the BCH ecosystem that they can transact correctly.
Payment Requests: Thus, Bitcoin Cash provides a way for a user to solicit payment or donations in a much more ordered and secure way than merely sharing an address. - Cash Accounts: Cash Accounts provides an account system for BCH addresses with human-readable account names. The purpose is to, through the account system, allow users to enhance the user experience by accessing easy-to-remember names for their accounts and BCH addresses.
- CashFusion: CashFusion is a way of linking transactions in such a way that it's possible to increase the anonymity set—that is, all inputs and outputs of all existing transactions—and by that, also to obfuscate the linking of inputs and outputs.
CashChannels: "CashChannels" will also allow its users to pre-approve future transactions with another user or organization. This may apply to subscription services or repeating payments, where consumers require more flexibility and convenience. - Simple Ledger Protocol (SLP): One of the most well-liked includes the Simple Ledger Protocol; it is a token system on Bitcoin Cash that enables the user to issue, send, and receive tokens representing anything from a currency to an asset.
- Memo Protocol: The protocol of Memo enables users to post messages and interact socially on the Bitcoin Cash blockchain. The social networking protocol is decentralized and allows people to share attached-to-transaction information.
- CashScript: CashScript is a high-level language that helps to write Smart Contracts based on Bitcoin Cash in a much easier way. It enables developers to write contracts easily and safely, which allows for an increase in the functionality of BCH.
- CashTokens: Just like SLP, CashTokens is another token system on Bitcoin Cash, providing a framework that allows creating and managing any type of tokens on the BCH blockchain—ranging from digital assets to rewards.
- Reusable Payment Addresses (RPA): RPAs help in maintaining privacy, whereby they allow the reuse of the same address for many transactions, reducing the complexity of handling numerous addresses and hiding the transaction history for privacy enhancement. Every member of these plays a very critical role in the Bitcoin Cash ecosystem; the blockchain has some.
Definitions of various technical terms
