Bitcoin Cash network upgrades to issue tokens

Innovations also include improving the security and privacy of the network

15.05.2023 - 12:40

419

2 min

What’s new? On May 15, at 12:00 UTC, the Bitcoin Cash (BCH) network activated an upgrade that includes the option to issue CashTokens tokens and support for smart contracts. The hard fork also improves security and privacy on the network, and CashTokens will allow the creation of decentralized applications (DApps) directly on Bitcoin Cash.

Information on the Bitcoin Cash website

Bitcoin Cash is a fork of bitcoin that appeared in 2017 to simplify and speed up transactions. BCH ranks 30th in the cryptocurrency ranking with a capitalization of $2,31 billion. As of 12:20 UTC, it is trading at $118,96, up by 4,3% per day.

What else is known? The upgrade also reduced transaction sizes. Smart contracts functionality, according to developers, will allow the Bitcoin Cash network to create applications for regular payments, derivatives trading, or crowdfunding.

According to analyst Colin Wu, CashTokens will be similar to ERC-20 tokens on the Ethereum network. In addition, crypto exchange Binance will support the Bitcoin Cash network upgrade.

Binance will support the Bitcoin Cash (BCH) network upgrade at 2023-05-15 12:00 (UTC). This upgrade mainly adds the CashTokens issuance token mechanism similar to ERC20, and also adds P2SH32, which expands the P2SH address from 20 to 32 for better security.… — Wu Blockchain (@WuBlockchain) May 14, 2023

In November 2022, Terrance Drew, the Prime Minister of the Caribbean state of St. Kitts and Nevis, allowed the possibility of BCH officially becoming a means of payment by March 2023. However, the asset had not been legalized by May.

Author: