The Bitcoin Money (BCH) community underwent a significant improve on Could 15, permitting builders to create tokens with the identical properties as BCH. The tokens — referred to as “CashTokens” — might be issued by anybody utilizing the community.
The community efficiently upgraded the blockchain on the block top of 792,772. In accordance with BCH developer Jason Dreyzehner, the brand new improve consists of help for CashTokens, which the developer believes to be a “device for increasing monetary entry.” The improve additionally has options like future-proof multiparty vaults and technical enhancements for transaction validation.
Congrats on the 2023 improve, Bitcoin Money!
Starting with block #792773 (000000000000000002fc0cdadaef1857bbd2936d37ea94f80ba3db4a5e8353e8), $BCH helps #CashTokens, future-proof multiparty vaults (P2SH32), and a number of other non-breaking technical enhancements to TX validation.
— Jason Dreyzehner (@bitjson) Could 15, 2023
The developer highlighted that CashTokens might be used for numerous purposes, from fee stablecoins and commodities to present playing cards and occasion tickets. Dreyzehner additionally talked about that its underlying know-how would make superior on-chain purposes potential. This consists of decentralized exchanges (DEXs), safety vaults and bridged sidechains.
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The worth of BCH surged on the identical day because of the new replace. Information exhibits that the tokens went from $114 to a excessive of $120 on Could 15. Regardless of the hype, the value motion was short-lived as the value nearly immediately returned to the $113 to $114 vary after the improve.
The CashTokens improve on the Bitcoin Money community comes as BRC-20 tokens develop into more and more standard. On Could 9, BRC-20 tokens surpassed a $1 billion market capitalization. The explosive development got here two months after the Bitcoin token fungibility protocol was created and was fueled by the expansion of tokens like Ordi (ORDI), Nals (NALS), VMPX (VMPX), Pepecoin (PEPE) and Meme (MEME).
Whereas the brand new improvement proved thrilling for a lot of, it got here with a brand new set of issues for the community. On Could 10, CryptoQuant analyst Axel Adler expressed that elevated charges and a backlog of transactions have besieged the Bitcoin community due to the brand new token customary.
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