The Bitcoin Money (BCH) community underwent a serious improve on Might 15, permitting builders to create tokens with the identical properties as BCH. The tokens — known as “CashTokens” — may be issued by anybody utilizing the community.
The community efficiently upgraded the blockchain on the block peak of 792,772. In line with BCH developer Jason Dreyzehner, the brand new improve contains assist for CashTokens, which the developer believes to be a “instrument 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 several other non-breaking technical enhancements to TX validation.
— Jason Dreyzehner (@bitjson) Might 15, 2023
The developer highlighted that CashTokens may very well be used for numerous purposes, from fee stablecoins and commodities to present playing cards and occasion tickets. Dreyzehner additionally talked about that its underlying expertise would make superior on-chain purposes attainable. This contains decentralized exchanges (DEXs), safety vaults and bridged sidechains.
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The value of BCH surged on the identical day as a result of new replace. Information reveals that the tokens went from $114 to a excessive of $120 on Might 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 grew to become more and more extra common. On Might 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, NALS, VMPX, PEPE and MEME.
Whereas the brand new growth proves thrilling for a lot of, it got here with a brand new set of issues for the community. On Might 10, CryptoQuant analyst Axel Adler Jr expressed that elevated charges and a backlog of transactions have besieged the Bitcoin community due to the brand new token commonplace.
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