- The update allows you to issue tokens and dApps directly on the network
- The upgrade also reduces transaction processing time and introduces smart contracts.
- BCH Price Increased by Over 7% Ahead of the Update
Yesterday, May 15, the Bitcoin Cash network had successfully deployed updating CashTokens. In addition to reducing transaction processing time and additional scaling tools, the hard fork allows you to issue tokens and develop dApps directly on the chain.
“CashTokens is integrated directly into the BC chain. Each wallet uses a unique billing address or query parameter to ensure efficient communication. This solves the compatibility issue.” declared in a press release.
Binance spoke in support of the update. In anticipation of the release of the innovation, the exchange rate of the network’s native token increased by more than 7%. At the time of writing, it is trading at $116.12.
Interestingly, Bitcoin Cash actually offers two types of tokens – non-fungible and replaceable. The second includes “digitized” assets, the first – NFTs.
The update also brings smart contracts to the network. This means that users will be able to create derivative applications for derivatives trading, fundraising and other purposes.
It is quite obvious that CashTokens is a kind of nod to Ordinals and BRC-20. The capitalization of “ordinals” in the Bitcoin network has reached $1.5 billion. The number of tokens based on the new standard is also growing. And although some developers advocate a ban on these solutions, their popularity is only growing.