Bitcoin Cash Stress Test Widely Viewed As Success
The Bitcoin Cash (BCH) network experienced over 2.1 million transactions on September 1. This came as a direct result of the recently launched BCH stress test, according to data supplied from BitInfoCharts.
The so-called“stress test” is a community-driven test of the BCH mainnet and its associated services, according to the official BCH stress test website.
The test aims to process “millions of minimum fee transactions” within 24 hours in order to prove the Bitcoin Cash blockchain’s capacity and scalability under real conditions, as well as to provide data for developers and business running their services and decentralized applications (DApps) on the BCH network.
The stress test was conducted on September 1, which notably occured a full ten weeks before the scheduled November upgrade and is set to take place recurring on an annual basis going forward.
As a result of the stress test, the share of Bitcoin Cash transactions amounted to 63 percent of all crypto transactions for a full 24 hours. The second currency in terms of number of transactions per day during this period was Ethereum.
It’s worth delving into the specifics of exactly what occured.
During the stress test, the number of microtransactions on the BCH network surged up to 14,300 per block, according to data sourced from Coin Dance.
Additionally, according to Fork.lol, the number of transactions even reached 25,783 per block, which is a notable upsurge from the usual average interval of 90 to 150 transactions per block.
To compare: the average number of transactions per block for Bitcoin (BTC) amounts to 1,000 to 1,500.
According to additional data also cited form BitInfoCharts, Bitcoin Cash average transactions fees have not increased, actually seeing a small overall decline from $0.002 to $0.0017.
Context on this development was provided by software engineer Jameson Lopp, who wrote in a tweet that, “The Bitcoin Cash stress test has succeeded in breaking various transaction and mempool visualizers.”
That the stress-test occurred more or less successfully could offset the slow bleed that has been plaguing Bitcoin Cash of late.
Specifically, In mid-August, media outlets reported that there are now fewer holders of Bitcoin Cash, as well as a decreased use of the cryptocurrency in commerce in general. According to a study done by Chainanalysis, BCH payments dropped to a total $3.7 million in May from $10.5 million in March.
Additionally, Initial Coin Offering (ICO) advisory firm Satis Group forecast in a study that Bitcoin Cash will drop to as low as $268, as it attempts to “inherit brand recognition” while providing “minimal technological advantage to incumbents.”
The same report has stated that Bitcoin’s price could potentially soar to $98,000 in the next five years. While one should take this assessment as more of an economic forecast and less as a predictor of mass adoption, it is worth noting that for all intensive purposes, Bitcoin in the public consciousness is not Bitcoin Cash.
Bitcoin Cash’s price has notably shot up following the stress test, as the coin sees the biggest gains 24 hours after the completion of the test. among top 20 cryptocurrencies by market cap. At the time of writing, Bitcoin Cash is trading at almost $643.
Featured image courtesy of Shutterstock.