- The upgrade allows tokens and dApps to be issued directly on the network
- The upgrade also reduces transaction processing time and introduces smart contracts
- Ahead of the upgrade release, BCH was up more than 7%
The CashTokens upgrade was successfully rolled out on the Bitcoin network yesterday, May 15.
In addition to reduced transaction processing time and additional scaling tools, the hardfork allows token issuance and dApps development directly in the chain.
“CashTokens is integrated directly into the BC chain. Each wallet uses a unique payment address or request parameter, which ensures efficient interaction.
This solves the compatibility problem,” the press release stated.
Binance has come out in support of the update. In the run-up to the release of the innovation, the network’s native token rate increased by more than 7%. As of this writing, it is trading at $116.12.
It is interesting that Bitcoin Cash actually offers two types of tokens – non-exchangeable and replaceable. The second includes “digitized” assets, the first includes NFTs.
The update also brings smart contracts to the network. And that means users will be able to create derivative apps for derivatives trading, fundraising, and other purposes.
It’s pretty clear that CashTokens is a kind of curtsey towards Ordinals and BRC-20. Capitalization of “ordinals” in the Bitcoin network reached $1.5 billion.
The number of tokens based on the new standard is also growing. And while some developers advocate banning these solutions, their popularity is only growing.