Bitcoin Cash Breaks From The Crypto Pack On Big Developer News

Investing, News | November 2, 2018 By:

The cryptocurrency action today is centered on Bitcoin Cash, which is breaking upward more than 7 percent in early trading as investors rejoiced at some significant new developments.

The coin has been in flux because of a dispute among developers. So far, November 15 has been set as the date of a hard fork, wherein the competing development teams who disagree on direction for Bitcoin Cash will split off into competing chains.

Of course, if consensus is reached before that anticipated split, things will move smoothly, but right now, there’s no telling which fork will be the dominant one. Already, at least one wallet – Ledger – said it will suspend Bitcoin Cash trading near the fork date.

But today’s boost was a reaction to the announcing that BCH is now capable of tokenizing assets and running smart contracts  A $5,000,000 bounty payable in BCH was offered by Coingeek in return for anyone who could provide an on-chain solution for BCH tokenization.

Researchers from Australia and Singapore today claimed they have achieved that, and according to the press release, the new features are compatible with the existing BCH protocol and will not require changing the Bitcoin Cash code,  off-chain solutions, separate asset layers, or token burns.

The rest of the market is mostly standing still in early trading, as investors – particularly in bitcoin – watch to see what the fallout will be from the BCH announcement. The outlier in the top ten coins was Litecoin, which joins Bitcoin Cash and XRP in CMC Markets, a UK-based financial derivatives, spread betting, and contracts for difference dealer that added it to its crypto offerings.