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Devs Reveal BCH Cashchannels and Simple Escrow Contracts

Bitcoin Cash (BCH) supporters have been introduced to two new concepts that allow people to leverage the BCH network in a variety of innovative ways. On November 15, former Bitpay developer Jason Dreyzehner revealed his recurring payments system for BCH called Cashchannels. A few days later, on November 18, Karol Trzeszczkowski published a plugin for Electron Cash that allows a user to create a simple escrow contract.

Also read: Cointext Founder Publishes New ‘Postage’ Specs for SLP Tokens


Every week there seems to be something new introduced to the BCH community from software developers looking to leverage the peer-to-peer electronic cash system. On Friday developer Jason Dreyzehner announced a project he’s been working on called Cashchannels, which is a tool that lets users pre-approve future transactions, valued in any currency, to another person or company. Dreyzehner’s announcement highlights that the project bolsters “noncustodial, privacy-preserving, flexibly-denominated recurring payments.” Essentially, once the spender authorizes a BCH payment and after a specific amount of time, a “receiver can create the transaction without the spender having to open their wallet.” Dreyzehner added:

Cashchannels automatically ensure the payment is correct, and spenders have full control over their money at all times.

Leveraging Cashchannels and Peer-to-Peer Cash
Dreyzehner says the first draft of a Cashchannels authentication template is now available.

Dreyzehner is also known for working on the identity and message infrastructure called Bitauth. The software engineer has created a first draft of the Cashchannels authentication template and by using the Bitauth IDE, users can examine every script used by the template. Dreyzehner noted that SLP transactions can’t use the template unless the user modifies the template to support reading SLP-based channel outputs. “If you’re interested in adding Cashchannels to your wallet, have ideas for improving or optimizing the template, or if you have other questions or suggestions, you can find me on Twitter or comment on the Gist,” Dreyzehner’s announcement concluded.

A Simple Escrow Smart Contract Plugin

After Dreyzehner introduced Cashchannels, software developer Karol Trzeszczkowski revealed a new BCH simple escrow contract plugin for Electron Cash (EC). Trzeszczkowski also worked on a recurring payment smart contract plugin similar to Dreyzehner’s concept called Mecenas. The software developer designed the Last Will plugin for EC and another plugin called the Interwallet Transfer as well. The latest simple escrow smart contract plugin specifications on Github state:

The plugin that lets you make a simple escrow smart contract that require only normal “bitcoincash:q…” addresses and no awkward xpub exchange ritual.

Leveraging Cashchannels and Peer-to-Peer Cash

On Reddit, the BCH community enjoyed the latest plugin release from Trzeszczkowski and complimented him on his work. The forum user ‘Shadow of Harbringer’ wrote: “So much developments in Bitcoin Cash,” while other Reddit users discussed how the plugin “allows [an average user] to make a 2-of-3 multi-signature in a standard wallet.”

When one person asked if the simple escrow contract plugin “can be trusted,” the software developer who helped Trzeszczkowski, Imaginary Username replied: “We did quite a bit of tests (on mainnet), so far no money was lost and everything arrived at intended destinations.” On Wednesday November 20, Trzeszczkowski also announced his Escrow Mecenas that features three new contract versions using the Simple Escrow scheme. Overall BCH fans are pleased with the developments announced recently and both announcements from Dreyzehner and Trzeszczkowski this week were welcomed by avid supporters.

What do you think about Jason Dreyzehner’s Cashchannels concept? What do you think about Karol Trzeszczkowski’s simple escrow contract tool and all the plugins he’s created for Electron Cash? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Medium, and Github.

Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for about the disruptive protocols emerging today.

Jamie Redman , 2019-11-20 20:55:31 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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