Key Takeaways
- Bitcoin Cash has upgraded its network to include CashTokens, a token that allows developers to customize tokens for different use cases.
- Amidst BCH’s growing popularity, this upgrade is expected to lower transaction fees and improve the scalability of a secure platform.
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With a block height of 792,772, CashTokens were 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 will be issued to anyone using the network.
Congrats on the 2023 upgrade, Bitcoin Cash! 🎉
Starting at block #792773 (0000000000000000002fc0cdadaef1857bbd2936d37ea94f80ba3db4a5e8353e8), $BCH support #CashTokensfuture-proof multiparty vaults (P2SH32), and several non-destructive 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 that can represent a 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, following a Twitter thread highlighting exactly what this means for the network.
This upgrade provides a smoother and more user-friendly experience for developers and end-users. “They can be issued by anyone, and they can both represent physical assets and directly serve 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. Low transaction fees, improved scalability and a secure and stable platform for token creation will soon follow in an attempt to promote network innovation as a means of “show them how free, fair, and stable money works. “
Financial freedom is the ultimate foundation upon which other freedoms rest; the right to assemble, peaceful protest, a fair trial, etc. – this offers little protection if you can immediately be excluded from working or buying food if you exercise those rights.
– Jason Dreyzehner (@bitjson) May 15, 2023
Bitcoin Cash hard forked from the Bitcoin network on August 1, 2017, due to a misunderstanding of increasing block sizes. A year later, due to a further disagreement about increasing block sizes, another hard fork occurred and split into Bitcoin SV.
While BTC and BCH hold similar inflation and emergence processes, Bitcoin Cash has lower transaction fees at higher speeds. However, it is difficult to get long-term investors.
Despite the improvements that Bitcoin Cash seems to have over Bitcoin, the number of active wallet addresses for Bitcoin Cash does not match its strong start. Active wallet addresses peaked in January 2018 at 166,000. As of May 16, 2023, that number sits at nearly 40,000. It remains to be seen if and how IT The new update may change interest in Bitcoin Cash.
Source: BitInfoCharts
