Bitcoin Cash [BCH] receives proposal from CoinEx CEO to form a standard organization

On 1st September, the CEO of the cryptocurrency exchange CoinEx, Haipo Yang posted a proposal regarding setting up a standard organization for Bitcoin Cash [BCH]. In the proposal, he attempted to establish a definition for Bitcoin Cash in order to solve the issues faced by the community.

The reason explained for this in his official blog is that Bitcoin’s original white paper does not clearly define the details of the consensus protocol, such as time and block size, among other aspects. Haipo also cited the example of W3C as a standardized organization established for the development of the World Wide Web. As an analogy to the Bitcoin consensus protocol, he mentioned e-mail protocol to explain that it is important for the client to be compatible with the protocol for it to work.

According to Haipo Yang, the consensus protocol of Bitcoin should not be defined by software codes but by documentation. He also stated that the protocol is unfit for the implementation of multiple clients and does not include peer-to-peer [P2P] feature or RPC command.

To avoid the risk of forking or splitting the blockchain, Haipo suggested client protocols to not conduct undefined operations. He also wrote that the community requires extreme care in terms of achieving a combined consensus of all clients on a modification proposal.

Regarding the criteria for modifications to be made in Bitcoin Cash consensus, the proposal conveyed that the process should be more transparent and public. Additionally, to submit a Bitcoin Cash Improvement Proposal [BCIP], one has to produce certain documents such as essays, reference implementation and test results, among others.

A Twitter user named Phil Kirby, regarding the suggestion of social voting in the proposal, wrote:

“To be fair, the idea of a bitcoin standard, like w3c, is fine if you can get anyone to agree to a “Code of Ethics and Professional Conduct” (“,). // 0.1.0 is a good place to start. // Don’t like the idea of social voting though.”

Elliot, another Twitter handle and a cryptocurrency follower commented:

“BCSO? are you kidding me? did you forget miners? A specifically designed system where the decisions are left to those with stake, or skin in the game? The balance of the economic system is not to take away the power from the miners and hand it to developers. That is a FAIL.”