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Bitcoin Classic valuable? Technical innovations?

Since the birth of Bitcoin in 2009, the “scalability problem" has been entangled by its development, and the contradiction between Core developers and Large Block supporters has reached the point where it is difficult to reconcile. Some Bitcoin supporters chose to continue the vision of a "peer-to-peer electronic cash system" through a hard fork, and Bitcoin Classic BGH was born as a result.
Bitcoin Classic successfully forked when the Bitcoin block height reached 630,000, and a new chain was generated as Bitcoin Classic on the basis of the original Bitcoin chain. Bitcoin Classic miners began to use the new proof-of-work algorithm to create blocks, and will continue to develop based on Bitcoin's original vision and increase transaction speed. In addition, the total amount of Bitcoin Classic is 210 Millions, which means that the cost of new participants is reduced and the necessary threshold is lowered.



The members of the Bitcoin Classic development community believe that Bitcoin is more suitable as a digital gold reserve than a means of daily transaction payment due to Bitcoin's block size limitation; this obviously violates Satoshi Nakamoto's original vision of building a peer-to-peer electronic cash system .
 
In order to supplement Bitcoin's functional deficiencies, Bitcoin Classic has become a universal peer-to-peer electronic cash system, and this system needs to meet people's daily payment scenarios, so it needs to have the following features: faster transaction speed, cheap enough transaction fee and widely accepted by the public.
 
Focusing on the payment field, what are the technological innovations of Bitcoin Classic?
The strategic direction of Bitcoin Classic is to make up for the shortcomings of Bitcoin and become a peer-to-peer cash system suitable for daily payments. The current underlying technology of Bitcoin Classic is obviously not enough. Therefore, the developers of the Bitcoin Classic community are concerned about the underlying Bitcoin Classic. The technology has been deeply optimized and iterated.
 
The specific improvements in the underlying technology of Bitcoin Classic are as follows:
(1) Restart Op-code to build a foundation for ecological prosperity
At the beginning of Bitcoin’s creation, Satoshi Nakamoto added an operation code to the Bitcoin protocol; users can push data or perform certain functions through the Bitcoin scripting language; however, a Bitcoin community developer is working on a program called OP_L Shift. A vulnerability was found in the opcode, so the opcode was disabled.
In the Bitcoin Classic technical iteration, the Bitcoin Classic community developers re-used Satoshi Nakamoto's opcodes. These codes enable the Bitcoin network to implement various decision-based transactions, compilers, and other functions. This is the Bitcoin Classic network. Convenience provided by application developers on the web.
(2) Introduce OP_Checkdatasig to re-enable smart contracts
OP_Checkdatasig is a script opcode that can check the validity of the signature using the message and the public key. Essentially, the opcode can calculate the hash value in the transaction to verify the signature in an automated way; in addition, the most competitive aspect of the opcode is that it allows importing oracle data for verification.
After having the OP_Checkdatasig script operation code, the smart contract on the Bitcoin Classic network can be said to be redefined. Application developers can build on the Bitcoin Classic network such as a non-custodial custody system, an on-chain SLP token auction console, and a regular payment system. , Intelligent inheritance system, games on the chain and other applications.
(3) Large capacity of 32M, carrying more traffic
As we all know, Bitcoin's slow transaction speed and high transaction fees are mostly due to the low block size limit; the block size of BTC has always been limited to 1MB.
After the optimization and upgrade of the underlying technology, Bitcoin Classic upgraded the block limit to 32MB. In the stress test, the Bitcoin Classic network proved that the large block and large capacity road is feasible with superior performance. This optimization can make The Bitcoin Classic network has faster transaction speeds and lower transaction fees.
In addition, the improvement of the block size also provides a broad space for the development of Bitcoin Classic smart contracts. If Bitcoin Classic's smart contract optimization can have greater breakthroughs, the Bitcoin Classic network may also serve as the data layer of ETH. Help ETH complete the 2.0 version upgrade.
(4) Access to CTOR to speed up block propagation
The access of CTOR is to replace the original TTOR on the Bitcoin Classic network. The iteration of this technology can greatly increase the speed of Bitcoin Classic block propagation, break the Bitcoin Classic block propagation bottleneck, and lay a solid foundation for future Bitcoin Classic expansion.
At present, Bitcoin Classic community developers have used CTOR to increase the compression rate of block compression technologies such as graphene technology and thin block technology, so that the block chain compression rate of graphene technology can reach more than 99.9%.
(5) Adopt Schnorr signature to complete technical iteration
In the process of upgrading the underlying technology of the Bitcoin Classic network, Schnorr signatures were added. This technological improvement is ahead of most blockchain projects on the market; Schnorr signatures not only allow multiple parties to aggregate signatures, but also reduce the Bitcoin Classic chain. The storage and bandwidth of Bitcoin Classic improve the scalability and privacy of Bitcoin Classic, and it also helps to deploy more complex smart contracts on Bitcoin Classic.
After the optimization of the underlying network of Bitcoin Classic, what impact will it have on the ecological functions of Bitcoin Classic?



(1) A complete SLP system makes up for the shortcomings of other chains
As mentioned above, the introduction of OP_Checkdatasig script operation code enables the establishment of an SLP token creation system on the Bitcoin Classic network, which will make up for the shortcomings of other blockchains. SLP uses the programmability of the Bitcoin Classic network, the protocol uses a directed acyclic graph to verify transactions, and all operations of the SLP token creation system will be recorded on the chain.
The directed acyclic graph of SLP makes SPV verification very easy and can easily prove the legality of Token transactions. Just like erc20-token, the token created by the SLP system can be a traditional replaceable token or an irreplaceable token.
Many Bitcoin Classic fans believe that the SLP token creation system on the Bitcoin Classic network is very powerful, and it will not destroy the underlying protocol consensus of the Bitcoin Classic network in order to create Tokens.
(2) The ultra-low rate of Bitcoin Classic network redefines the future of the Token system
Because the SLP token creation system is built on the Bitcoin Classic network, it is supported by the Bitcoin Classic underlying network. Therefore, the cost of sending SLP-token is much lower than that based on ERC20 and BTC-based Tokens derived from Omni or Counterparty.
According to statistics, the current average transaction fee of Bitcoin Classic is about US$0.001, which will make the transaction fee for tokens in the SLP system very low.
What does the low fee of the SLP system on the Bitcoin Classic network mean?
The migration of USDT has proved that in the future, the demand for lower-charged Token systems will continue to increase, and low-cost solutions like SLP on the Bitcoin Classic network will be an attractive choice.
 
At present, the SLP ecosystem is still very young, and tokens with practical use cases and value have begun to appear. In the future, Bitcoin Classic-based Token will become very important. People can use it to create stablecoins, dividend tokens, irreplaceable collectibles, expandable game projects, and so on.
These functions will directly drive the vigorous development of the Bitcoin Classic network ecology. Along the way, Bitcoin Classic has always adhered to the concept of innovation and user first, and has never stopped moving forward, constantly upgrading and improving, and striving to improve its own functions and expand users. Increase the utilization rate.
 
Through the optimization of the bottom layer of the blockchain and the improvement of functions, the Bitcoin Classic ecosystem will experience explosive growth
After a series of optimizations mentioned above, the usability of Bitcoin Classic will be greatly enhanced. Bitcoin Classic, as a global peer-to-peer payment method with low handling fees, fast transaction speed, and high safety factor, will be more and more merchants and users joining the Bitcoin Classic ecosystem in the future. And the current report shows that more than 200 offline stores plan to use Bitcoin Classic as a payment method.
 
As the number of users who use Bitcoin Classic as a payment method increases, Bitcoin Classic will gradually enter our daily lives in a full range. According to the current development speed of Bitcoin Classic, Bitcoin Classic's global circulation will be just around the corner.
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