Bitcoin Cash enables CashTokens upgrade on its network The | Bitcoin Industry
Bitcoin Cash enables CashTokens upgrade on its network
The Bitcoin Cash network underwent a major upgrade on May 15, allowing developers to create tokens with the same properties as BCH. The tokens — called “CashTokens” — can be issued by anyone using the network.
The network successfully upgraded the blockchain at the block height of 792,772. According to BCH developer Jason Dreyzehner, the new upgrade includes support for CashTokens, which the developer believes to be a “tool for expanding financial access.” The upgrade also has features like future-proof multiparty vaults and technical improvements for transaction validation.
The developer highlighted that CashTokens could be used for various applications, from payment stablecoins and commodities to gift cards and event tickets. Dreyzehner also mentioned that its underlying technology would make advanced on-chain applications possible. This includes decentralized exchanges (DEXs), security vaults and bridged sidechains.
The price of BCH surged on the same day due to the new update. Data shows that the tokens went from $114 to a high of $120 on May 15. Despite the hype, the price action was short-lived as the price almost instantly returned to the $113 to $114 range after the upgrade.
