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 top of 792,772. In line with BCH developer Jason Dreyzehner, the brand new improve consists of assist for CashTokens, which the developer believes to be a “device 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) Might 15, 2023
The developer highlighted that CashTokens can be utilized for numerous functions from cost stablecoins and commodities as much as even reward playing cards and occasion tickets. Dreyzehner additionally talked about that superior on-chain functions may also turn out to be potential from its underlying expertise. This consists of decentralized exchanges (DEXs), safety vaults and bridged sidechains.
Associated: Ordinals good or unhealthy for Bitcoin? Supporters and opposers elevate voices
The value of BCH tokens additionally surged on the identical day because of the new replace. Knowledge reveals that the tokens went from $114 to a excessive of $120 on Might 15. Regardless of the hype, the worth motion was short-lived as the worth 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 standard. On Might 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 improvement proves thrilling for a lot of, it got here with a brand new set of issues for the community. On Might 10, CryptoQuant analyst Axel Adler Jr expressed that elevated charges and a backlog of transactions have besieged the Bitcoin community due to the brand new token normal.
Journal: $3.4B of Bitcoin in a popcorn tin: The Silk Street hacker’s story