Bitcoin Cash’s latest upgrade incorporates support for CashTokens, according to the platform’s developer the move is considered as a “tool for expanding financial access.”
On May 15, the Bitcoin Cash network experienced a significant upgrade, allowing developers to produce tokens that shared BCH’s characteristics. Anyone using the web can issue the “CashTokens” that make up the tokens.
At block height 792,772, the network successfully upgraded the blockchain. Jason Dreyzehner, the creator of BCH, claims that the new update supports CashTokens, which he views as a “tool for expanding financial access.”
Future-proof multiparty vaults and technical advancements for transaction validation are further highlights of the upgrade.
The creator emphasized the variety of uses for CashTokens, including stablecoin payments, commodities, gift cards, and event tickets. Dreyzehner also mentioned that the technology underpinning it would enable complex on-chain applications.
This includes bridged sidechains, security vaults, and decentralized exchanges (DEXs).
Due to the latest update, the price of BCH increased that day. Data reveals that on May 15, the tokens reached a high of $120 after rising from $114.
Despite the anticipation, the price movement was brief because, after the upgrade, it nearly immediately dropped back to the $113 to $114 range.
As BRC-20 tokens gain popularity, the Bitcoin Cash network will now support CashTokens. BRC-20 tokens’ market capitalization topped $1 billion on May 9.
The creation of tokens like Ordi (ORDI), Nals (NALS), VMPX (VMPX), Pepecoin (PEPE), and Meme (MEME) helped to fuel the spectacular growth that occurred two months after the Bitcoin token fungibility protocol was launched.
Although many found the new development thrilling, the network faced a whole new set of issues as a result. On May 10, CryptoQuant researcher Axel Adler said that the new token standard had caused increased fees and a backlog of transactions on the Bitcoin network.
