Dec 23, 2021
Bitcoin Cash And The Modern Industrial Revolution
During these times of distress, filled with dire predictions, uncertainty, and confusion, there is still light at the end of the tunnel.
This hope stems from technological advancement and a modern industrial and digital revolution that will host various new ideas and sustain the entrepreneurial spirit, while advancing our living conditions, eradicating poverty, and increasing global wealth equally.
Twenty years ago, the internet was still undeveloped. A dot-com bubble burst with mainstream news covering the internet as a bubble. Yet, it is technology, innovation, and entrepreneurs that drive progress.
A new industrial revolution (the 4th one) is at its inception. This revolution will follow a sequence of progress in various fields, offering vast potential for our economies and living conditions.
Blockchain networks and Bitcoin Cash will have a part in a bright future of rapid economic reform and technological revolution.
The 4th Industrial Revolution and the Digital Economy
By the end of the decade various technologies will reach a point heralding humanity to the modern age:
- Advanced robotics
- AI
- IoT
- 3D printing
- Genetic engineering
- VR/AR & the Metaverse
- Biotechnology & Longevity
- Nanotechnology
- Blockchain networks
All these different technologies will not advance at the same rate and difficulties in research may not help them advance as is expected. More potential technologies can emerge and contribute to the new industrial revolution.
The Blockchain
A blockchain is a public ledger, cryptographically secure, offering financial networks a chance to remove intermediaries. Blockchains demand decentralization, otherwise they are nothing else but a database running on a server. Decentralization provides tamper-proof abilities to these networks and eliminates censorship. A centralized blockchain has limited use-case.
Their use in governance theoretically reduces corruption by improving transparency. Although, it is reasonable to assume that some governments aim to stall innovation in this field.
The broad capabilities of blockchains apply to almost all macroeconomic aspects of our economies and societies.
Bitcoin (BTC) and Bitcoin (BCH)
Bitcoin (BTC) and Bitcoin Cash share the same Bitcoin history from the genesis block until August 2017.
The Bitcoin community was divided about how to proceed with scaling Bitcoin, and this debate led to the fork of 2017. The approach of Bitcoin (BTC) did not allow scalability but favored the development of second-layer networks (like LN and Liquid) that would run on top of Bitcoin.
Bitcoin Cash is the Bitcoin that follows the vision of the Bitcoin white paper and upgraded Bitcoin mainly by increasing the blocksize (currently 32MB), with no sacrifice in decentralization or security.
Bitcoin Cash (BCH), is a scalable decentralized blockchain aiming to meet mass adoption as a P2P electronic cash network.
No single authority has control over the Bitcoin Cash network or the transactions, and no third party is involved in the operations. Transactions are P2P, instant (0-conf), and at a low fee (usually less than $0.01).
It is a cost-efficient network that can financially interconnect all existing technologies that will require to perform billions of microtransactions daily, as the modern industries automate processes.
While various cryptocurrencies claim to perform millions of transactions per second, these networks are always lacking the decentralized factor, and run in an approach that doesn’t constitute a secure blockchain.
Comparative to other blockchains Bitcoin Cash has managed scalability without sacrificing decentralization or security.
Smart Contracts
Smart Contracts are expected to apply in all parts of financial and industrial activity. Platforms offering smart contracts will be singled out by industries under certain criteria that will boost their sectors, increase productivity and provide a fair financial environment.
As technology grows at a rapid pace, it is extremely difficult to make a 10-year prediction.
With the development of smartBCH, the Bitcoin Cash ecosystem has expanded its use case and now reaches more than just the financial aspect of cryptocurrency.
In Conclusion
Technology evolves at a rapid pace and it is extremely difficult to make a 10-year prediction and claim a certain network will keep developing and increasing its utility.
The crypto space is vast and there are thousands of cryptocurrencies, yet, for the previous 3–4 years we can claim that Bitcoin Cash is a network recognized for its ability to offer low-cost transactions at instant speed.
When erasing mere speculation and just looking at fundamentals and potential, Bitcoin Cash is a top-performing blockchain network. SmartBCH allows Bitcoin Cash to enter a world of modern financial opportunities.
Writing at the following websites: ● ReadCash ● NoiseCash ● Medium ● Hive ● Steemit ●Vocal ● Minds ● Twitter ● LinkedIn ● email
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