Bitcoin Cash will undergo another major upgrade on May 15, 2023, that will introduce a new feature called CashTokens.
The CashTokens upgrade is expected to bring Bitcoin Cash to a whole new level of innovation and adoption. Developers will have access to brand-new set applications and other services on the network. CashTokens are similar to BRC-20 tokens, which are tokens that can be issued on Bitcoin using a new standard called Bitcoin Request for Comment.
CashTokens have advantages over BRC-20 tokens, such as lower fees, faster confirmation times, and more scalability. For example, CashTokens can be used for decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, social media, and more.
CashTokens, the future of Bitcoin Cash
The upgrade will also increase the security and scalability of Bitcoin Cash, as it will implement a new transaction format called Transaction Introspection Signature Scheme (TISS). TISS will allow nodes to verify transactions faster and more efficiently and prevent certain types of attacks and frauds.
The upgrade will also increase the block size limit from 32 MB to 64 MB, optimizing transaction confirmation time and higher throughput. These features could enable Bitcoin Cash-based applications that offer recurring payments, derivatives trading, crowdfunding opportunities, and more.
According to media experts, the market has had a positive reaction to the upcoming upgrade. The last 24 hours have been good for Bitcoin Cash holders, as its value has seen a 6% jump in price. BCH currently trades at $1200 and has a $22 billion market cap.
It is the ninth-largest cryptocurrency by market cap, behind Bitcoin, Ethereum, Binance Coin, XRP, Lido DAO Token, Aptos, Hedera Hashgraph, and Crypto.com Coin.
The upgrade is scheduled to take place at block 692640, which is expected to be mined around 12:00 UTC on May 15. Both users and exchanges won’t need to do anything ahead of the upgrade as long as they are running the latest software version. However, users who want to create or use CashTokens will need to use compatible wallets and platforms that support the new feature.
