Saying goodbye to the fierce battle during the two forks, BCH seems to have entered a state of Buddhism that is indifferent to the world. However, according to Coindesk's analysis, BCH's development progress and discussions on social media still surpass BSV, which seems to be more prosperous in the Chinese world.
The biggest benefit to BCH in the near future is naturally the upcoming issuance of USDT based on the BCH chain. On July 9, Tether transferred 6 million USDT from the Bitcoin omni network to the BCH SLP network. Before that, Tether issued 3027 USDT based on the BCH chain, but destroyed 2017 of them. According to BCH enthusiast Brucelee, the coinex exchange said that it will support USDT_SLP as soon as it goes online.
The author of the currency circle, Lightning, also said that he received 20USDT-SLP on July 8, which is the manuscript fee earned for translation for the SLP Foundation. If you want to experience USDT-SLP, you can search for the Electron Cash Wallet download experience.
USDT is a stable currency created by Tether. Its total market value is second only to Bitcoin and Ethereum, and its market value is close to 10 billion US dollars. USDT is currently issued on the chain based on Bitcoin, Ethereum, TRON, EOS, and BCH. Among them, Ethereum has the largest amount, but the USDT of the TRON chain is growing rapidly due to its low handling fee and fast transfer speed. middle. As of June 2020, the USDT on the TRON chain has reached 2.9 billion US dollars, which is nearly three times the market value of TRON itself.
On the positive side, for BCH, the SLP protocol has been developed for less than 2 years, and the addition of USDT has a very good brand value for the BCH ecology and the development of the SLP protocol. Tether’s expression on this is that first, it can reflect the diversity of USDT and can be supported by different chains; second, it can support more applications on the BCH chain and enrich the use of USDT.
But on the other hand, the comparison standard of USDT is also very simple. It depends on the level of handling fees and the speed of transfer (and possibly security). Tron is developing rapidly because of this advantage, and even replaces the Ethereum chain USDT in the future. possible. BCH has certain advantages in terms of handling fees, but the transfer speed is relatively slow. USDT_SLP was originally planned to be launched in May, but it was delayed until July. The main reason is that TEDA’s technical staff are not familiar with the SLP protocol, which led to a delay in testing and use.
BCH enthusiast Brucelee said that when USDT_SLP goes online, will the user experience be better than USDT_TRC20? The answer is no, both transfer fees are extremely cheap, which is a tie. However, it is impossible for the exchange to support the zero-confirmation entry of the BCH chain. According to the fact that BCH currently takes more than an hour to obtain confirmation, the transfer experience between exchanges will be beaten by USDT_TRC20. If BCH can shorten the block generation time to 1 minute, then USDT_SLP can barely compete with USDT_TRC20.
As for the Avalanche protocol led by Bitmain, it is said that it can be deployed on BCH and shorten the transaction confirmation time to about 3 seconds, making BCH's zero-confirmation mechanism a reality. However, relevant technical personnel said that this has nothing to do with the USDT deployed on SLP.
According to the Bitcoincash official account, Wu Jihan, one of the supporters of BCH, also has a very clear understanding of the status quo. He said: "The BCH ecology has completed an important part. It is not likely that many stablecoin users will migrate in a short time. But At present, the complete ecology of any cryptocurrency is inseparable from the stable currency, and BCH complements this link, and application developers and users in the future BCH ecology will feel more convenient." In fact, there have been multiple BCH chains before. Stable currency, but the application is not too wide.
Regarding the advantages and development of USDT_SLP, Wu Zhitao, a fan of the BCH community, said, first, compared with USDC, which has become a hot topic these two days, BCH’s USDT is based on UTXO and is resistant to censorship; (Brucelee’s interpretation of this is: and Compared with the frozen USDC, the advantage is that the stable currency on SLP is very safe and is not afraid of being frozen; the disadvantage is that USDC and the like will not be issued by SLP); second, the bitcoin.com wallet with over 10 million downloads will Support the application of USDT on the BCH chain; third, the badger wallet supports the slp protocol. The current Spanish version supports no BCH transfer fee, which reduces the threshold for using stablecoins.
