Bitcoin Cash developer Jason Dreyzehner states that the latest upgrade incorporates support for CashTokens, which he considers a “tool for expanding financial access.”
Bitcoin price BCH ($116) network had a major update on May 15, allowing developers to create tokens with the same value as BCH. Tokens – called “CashTokens” – can be issued by anyone using the network. The network has successfully upgraded the blockchain to a block of 792,772. According to BCH developer Jason Dreyzehner, the new upgrade includes support for CashTokens, which the developer considers a “tool for expanding financial opportunities”. The upgrade also includes features like multiparty vaults and technology upgrades for business support.
The developer pointed out that CashTokens can be used for a variety of applications, from stablecoins and commodity payments to gift cards and event tickets. Dreyzehner also said that its underlying technology will enable applications in high-end chains. This includes exchanges (DEX), securities, and linked side chains.
BCH price went up in one day due to this new update. The data showed that the sample fell from $114 to $120 on May 15. Despite the hype, the price action was short-lived as the price almost immediately bounced back to $113-$114 after after the upgrade. The promotion of CashTokens to the Bitcoin Cash network comes as the BRC-20 token becomes more popular.
On May 9, the BRC-20 index exceeded the market value of $1 billion. The explosion came two months after the launch of the Bitcoin Token Fungibility Protocol and was stimulated by the growth of tokens such as Ordi (ORDI), Nals (NALS), VMPX (VMPX), Pepecoin (PEPE) and Meme (MEME).
Although the new development proved exciting for many, it comes with new problems for the network. On May 10, CryptoQuant analyst Axel Adler said that rising fees and a backlog of transactions have damaged the Bitcoin network due to the new token standard.
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