{"id":49739,"date":"2023-05-16T05:41:31","date_gmt":"2023-05-16T09:41:31","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=49739"},"modified":"2023-05-16T05:42:05","modified_gmt":"2023-05-16T09:42:05","slug":"bitcoin-cash-integrates-support-for-cashtokens-on-its-network","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-cash-integrates-support-for-cashtokens-on-its-network\/","title":{"rendered":"Bitcoin Cash integrates support for CashTokens on its network"},"content":{"rendered":"\n

Bitcoin Cash's latest upgrade incorporates support for CashTokens, according to the platform's developer the move is considered as a \u201ctool for expanding financial access<\/a>.\u201d<\/p>\n\n\n\n

\"Bitcoin
Bitcoin Cash integrates support for CashTokens on its network<\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

At block height 792,772, the network successfully upgraded the blockchain. Jason Dreyzehner\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, the creator of BCH, claims that the new update supports CashTokens, which he views as a “tool for expanding financial access.”<\/p>\n\n\n\n

Future-proof multiparty vaults and technical advancements for transaction validation are further highlights of the upgrade.<\/p>\n\n\n\n

\n

Congrats on the 2023 upgrade, Bitcoin Cash! \ud83c\udf89

Beginning with block #792773 (000000000000000002fc0cdadaef1857bbd2936d37ea94f80ba3db4a5e8353e8), $BCH<\/use><\/svg><\/span><\/a> supports #CashTokens<\/use><\/svg><\/span><\/a>, future-proof multiparty vaults (P2SH32), and several non-breaking technical improvements to TX validation.<\/p>— Jason Dreyzehner (@bitjson) May 15, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

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. <\/p>\n\n\n\n

This includes bridged sidechains, security vaults, and decentralized exchanges<\/a> (DEXs).<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Despite the anticipation, the price movement was brief because, after the upgrade, it nearly immediately dropped back to the $113 to $114 range.<\/p>\n\n\n\n

\"\"
Bitcoin Cash price index from May 14\u201316<\/figcaption><\/figure>\n\n\n\n


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.<\/p>\n\n\n\n

The creation of tokens like Ordi (ORDI), Nals (NALS), VMPX (VMPX), Pepecoin <\/a>(PEPE), and Meme (MEME) helped to fuel the spectacular growth that occurred two months after the Bitcoin token fungibility protocol was launched.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Cash’s latest upgrade incorporates support for CashTokens, according to the platform’s developer the move is considered as a \u201ctool for expanding financial access.\u201d 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 […]<\/p>\n","protected":false},"author":12,"featured_media":49773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[1612,1518,14476,14477],"class_list":["post-49739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-altcoins","tag-bitcoin-cash","tag-cashtoken","tag-jason-dreyzehner"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/image-39.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=49739"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/49773"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=49739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=49739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=49739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}