Key points to remember
- Bitcoin Cash has upgraded its network to include CashTokens, a token that allows developers to customize tokens for various use cases.
- Amid BCH’s lukewarm popularity, this upgrade is expected to reduce transaction fees and improve scalability on a secure platform.
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At block height 792,772, CashTokens was officially implemented on the Bitcoin Cash network on May 15, 2023. This new upgrade allows developers to create tokens, CashTokens, with the same properties as Bitcoin Cash (BCH) and d be issued by anyone using the network.
Congratulations on the 2023 update, Bitcoin Cash! 🎉
Starting with block #792773 (000000000000000002fc0cdadaef1857bbd2936d37ea94f80ba3db4a5e8353e8), $BCH supports #CashTokensfuture-proof multi-party vaults (P2SH32) and several unbreakable technical improvements to TX validation.
—Jason Dreyzehner (@bitjson) May 15, 2023
CashTokens are similar to ERC-20 tokens on the Ethereum network, and they allow users to create and manage their own tokens which could represent a wide variety of assets, including fiat currencies, stocks, and bonds.
Bitcoin Cash developer Jason Dreyzehner, also known as Bitjson on Twitter, announced the successful implementation of CashTokens, followed by a Twitter thread highlighting exactly what this means for the network.
This upgrade provides a more seamless and user-friendly experience for developers and end users. “They can be issued by anyone, and they can both represent physical assets and serve directly as currencies, payment stablecoins, commodities, securities,” Dreyzehner tweeted.
With these customizable tokens on the Bitcoin Cash network, the upgrade aims to facilitate a wider range of use cases, including DApps and NFTs. Lower transaction fees, improved scalability, and a secure and robust platform for tokenization will soon follow in a bid to promote innovation on the network as a means of “show them how free, fair and resilient money works.
Financial freedom is increasingly the foundation upon which other freedoms rest; the right to assemble, to demonstrate peacefully, to have a fair trial, etc. – these rights offer little protection if you can be immediately excluded from working or buying food when you exercise these rights.
—Jason Dreyzehner (@bitjson) May 15, 2023
bitcoin money hard fork from bitcoin network on August 1, 2017, due to disagreement with increasing block sizes. A year later, due to a new disagreement regarding increasing block sizes, another hard fork occurred and split into Bitcoin SV.
While BTC and BCH have similar inflation and halving processes, Bitcoin Cash has lower transaction fees at higher speeds. But, it is struggling to find long-term investors.
Despite the advantages Bitcoin Cash seems to have over Bitcoin, the number of active wallet addresses for Bitcoin Cash has not matched its bullish start. Active wallet addresses peaked in January 2018 at 166,000. As of May 16, 2023, that number was around 40,000. Whether and how remains to be seen. This new update may reignite interest in Bitcoin Cash.
Source: BitInfoCharts