Another week has passed for the Bitcoin Cash (BCH) community and as usual, there’s been a bunch of announcements and developments. BCH supporters this week saw the release of a multi-party onchain escrow system, Ethereum cofounder Vitalik Buterin discussed using the BCH chain as a data layer, and more BCH-accepting merchants were onboarded.
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The cryptocurrency ecosystem is filled with new applications and developments nearly every day and many announcements stem from the BCH community. Last week we mentioned the first exchange-traded product (ETP) tracking the performance of bitcoin cash, Jonathan Toomim’s scaling benchmark, and how the rising transaction volume on the BCH blockchain makes the network one of the most valuable chains according to the founder of Ryan Research, Peter Ryan. Since then there’s been a slew of new announcements and developments within the BCH environment.
Multi-Party Onchain Escrow Transactions Using OP_Checkdatasig
On July 12, the cofounder of Cointext, Vin Armani, announced the release of “Jeton Lib,” a Bitcore library extension that provides users with the ability to create multi-party onchain escrow transactions using OP_Checkdatasig. “I want to see more people experimenting with BCH power,” Armani stated during the release announcement. According to the Jeton Lib documentation on Github, it explains that the BCH protocol has a unique script functionality that’s not available on other Bitcoin forks like the opcode OP_Checkdatasig.
“This functionality allows Bitcoin Cash users to participate in onchain, noncustodial escrow transactions and more,” Jeton Lib’s readme summary details. Developer Chris Troutner called the work a “game changer” and mentioned how the BCH peer-to-peer marketplace Local.Bitcoin.com uses OP_Checkdatasig for secure escrow transactions. Armani wholeheartedly believes that noncustodial escrow is a very big deal when it comes to the crypto industry. On Twitter Armani insisted:
Non-Custodial Escrow — This is the biggest immediate win in my opinion. Local.Bitcoin.com has implemented the first crack at this. In its final form, this will be totally peer to peer and done 100% from mobile wallets. This allows prediction markets of all types — Disruptive.