On 9th August, users found out more about Wormhole, the Bitcoin Cash-based smart contract platform. The platform is being co-developed by Bitmain, the Hong Kong-based semiconductor company.
The developers had earlier spoken about Wormhole stating that:
“The Omni Layer runs on top of Bitcoin blockchain — Since the Omni Layer protocol uses the MIT license (open source), we forked the Omni Layer protocol and implemented the tech feature on Bitcoin Cash blockchain to achieve token issuance. We named this technical solution Wormhole protocol, and the original token in the protocol is named Wormhole Cash.”
Jiazhi Jiang, the Lead Developer of Wormhole uploaded a video where he talked more about its developments. According to Jian, Wormhole is built on the Bitcoin Cash protocol with ERC 20 transfer functionalities. The platform will mainly focus on building permissionless smart contracts that will enable safer and faster transactions. The company has also stated that they are also building ‘Plasma’, a feature to make the transaction system better.
The Omni layer on the platform is aimed to make Wormhole bigger and better, stated the company. Jiang also went on to say that the platform will focus on security and consensus achievement with the core software designed around the BCH protocol. He also said that decentralized timestamps will be provided to users to help users track the data.
The Lead Developer also said that Wormhole has integrated the BCH OP code that will give consistent results throughout any process run on the platform. The company has also pointed out the positives of the platform that includes the possibilities of multiple innovations and smart contract applications.
Jiang was also frank in stating the current problems associated with Wormhole right now. The first problem pointed out by him is related to the UTXO accounts on the platform which have the tendency to cause problems with data storage. Since Wormhole is based on an account model, Jiang has stated that the data has nowhere to go.
The second problem, according to the company, is because of transactions occurring on the platform. The company has stated that the UTXO chain can break during processes with the inability to track the problems on a deeper and consistent level.
With developments on the platform getting added on consistently, Jiang added that the UTXO application will give users greater advantages compared to other platforms. The advantages mentioned by the company include Wormhole providing greater decentralization and independent outputs on every process.
Jiang ended the upload by pointing out that Wormhole solves a lot of multiple party issues with jurisdiction on the platform being a key focus during development.
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