2018-9-1 05:06 |
September 1st will mark the first annual Bitcoin Cash stress test. The test intends to make Bitcoin Cash surpass the number of transactions performed by Bitcoin itself. Holders of Bitcoin Cash will produce a massive volume of activity, reaching five million transactions over a twenty-four hour period.
Automated tools like tip bots will allow users to send multiple transactions at once, but users are encouraged to manually make transactions as well. Microtransactions are made possible by Bitcoin Cash’s low transaction fees, which currently sit around $0.003 per transaction.
The events of the day will also be open to spectators. Various network visualizers display network traffic and represent it with entertaining visual metaphors, such as highways, streets, and subway stations.
What Is the Goal?The amounts sent during the stress test are not supposed to be substantial: the organizers note that participation “could include sending everyone you know a penny,” and they specifically discourage “single big donations.”
Some people consider these transactions spam, but microtransactions are a widely coveted goal for crypto networks that want to gain adoption. Bitcoin proper’s high transaction fees are one factor that makes spending difficult and prevents commercial adoption.
As such, the goal of the stress test is to prove that Bitcoin Cash is well-suited for commercial purposes, which would in turn increase the value of BCH. Participation will not immediately benefit anyone, but will build Bitcoin Cash’s reputation.
Not About Block SizeBitcoin Cash’s most recent fork increased the block size limit to 32 MB. This feature is not currently fully utilized. However, organizers have made it clear that maxing out the block capacity is not a goal of the test:
“The aim of the stress test is not to fill a single block, but to process millions of transactions within 24 hours. Although blocks may become full during the stress test it is not the main aim of the stress test just a symptom.”
Nevertheless, some participants do want to attempt to send full 32 MB block transactions. This would require cooperation from mining pools, which generally do not mine 32 MB blocks.
How To ParticipateA full list of automated scripts and traffic viewers is available on the BCH Stress Test website. Registration is optional, and may get you represented on the organizer’s list of sponsors, but is not necessary.
The event is entirely community-coordinated. To take part, you only need to send BCH anywhere you like on the day of the test. You can obtain Bitcoin Cash through various exchanges.
The post Bitcoin Cash Stress Test Set For Saturday appeared first on UNHASHED.
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