The Bitcoin Money (BCH) community underwent a significant improve, permitting builders to create tokens with the identical properties as BCH. These are referred to as “CashTokens,” and they are often issued by anybody utilizing the community.
The community efficiently upgraded the blockchain on the BCH block peak of 792,772. In keeping with BCH developer Jason Dreyzehner, the brand new improve consists of help for CashTokens, which the developer believes to be a “instrument for increasing monetary entry.” The improve additionally consists of different 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) May 15, 2023
The developer highlighted that CashTokens can be utilized for varied purposes from fee stablecoins and commodities as much as even present playing cards and occasion tickets. Dreyzehner additionally talked about that superior on-chain purposes may even grow to be potential from its underlying know-how. This consists of decentralized exchanges (DEXs), safety vaults and bridged sidechains.
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The value of BCH tokens additionally surged on the identical day as a result of 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 went again to the $113 to $114 vary after the day of the improve.
The CashTokens improve on the Bitcoin Money community comes as BRC-20 tokens turned more and more extra in style. 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, 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 Could 10, CryptoQuant analyst Axel Adler Jr expressed that elevated charges and a backlog of transactions have besieged the Bitcoin network due to the brand new token normal.
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