The network of Bitcoin Cash has recently gone through a major upgrade on 15th May, which allows the developers to create tokens that have the same properties as BCH. The tokens, according to new information, can be issued by anyone through this network. The network was upgraded successfully in the blockchain at the height of 792,772.
According to Jason Dreyzehner, the developer of BCH, the new upgrade will also include support for CashTokens, which the developer believes to be a massive tool for expanding upon financial access. The upgrade has also brought in features like technical improvements and future-proof multiparty vaults for transaction validation.
Bitcoin Cash Has Enabled The Upgrade of CashTokens
The Bitcoin Cash developer also highlighted that CashTokens could be used for several applications, from payment commodities and stablecoins to event tickets and gift cards. The developer also mentioned that the underlying technology would also make several advanced on-chain applications possible. For those wondering, this would include security vaults, decentralized exchanges, and bridged sidechains.
Reportedly, the BCH price surged heavily on the same day due to this new update. The data shows that the tokens went from a sum of $114 to a sum of $120 on 15th May. Despite this hype, the price action was quite short-lived, as the price was returned almost instantly to the $113 to $114 range after this upgrade.
The upgrade of CashTokens on the Bitcoin Cash network comes as BRC-20 tokens have become quite popular. On 9th May, the BRC 20 tokens went on to surpass a market capitalization of $1 billion. This explosive growth came just a few months after the token fungibility protocol had been created and was fueled by the growth of tokens like Nals, Ordi, Pepecoin, VMPX, and Meme.
