Bitcoin Cash (BCH) Unveils Game-Changing Upgrade
- Bitcoin Cash will receive a major upgrade on May 15, which will enable advanced on-chain applications.
- The upgrade will add CashTokens, a mechanism similar to ERC20, which is viewed as a boon to economic freedom.
- The upgrade will also add P2SH32 for better security.
Bitcoin Cash is set to undergo a significant upgrade on May 15, bringing with it a host of new features and improvements.
According to Wu Blockchain, a prominent news source that covers developments in the blockchain industry, the upcoming upgrade will introduce a new token mechanism called CashTokens, which is similar to Ethereum’s ERC20 standard. This will enable the creation of new tokens on the Bitcoin Cash network, paving the way for a range of innovative on-chain applications that promise to enhance economic freedom, security, and scalability.
One of the most notable changes that the May 15 upgrade will introduce is the ability to create smart contracts that are “comparable to Ethereum” but more efficient, according to Jason Dreyzehner, a developer who has been closely involved in the development of Bitcoin Cash. This is made possible by the addition of CHIP-2022-02 CashTokens, which will allow developers to create advanced on-chain applications such as higher-security vaults, decentralized exchanges, and bridged sidechains. These features have long been available on Ethereum, but Bitcoin Cash’s implementation promises to be more scalable and less expensive.
In addition to the improvements in smart contract functionality, the upgrade will also bring several other changes to the Bitcoin Cash network. These include CHIP-2021-01 Restrict Transaction Version, CHIP-2021-01 Minimum Transaction Size, and CHIP-2022-05 P2SH32, which expands the P2SH address from 20 to 32 for better security. While these changes may seem technical in nature, they represent important steps forward for the Bitcoin Cash community, as they will help to make the network more secure, reliable, and user-friendly.
May 15 upgrade is not the first major release of Bitcoin Cash in recent months. In January, the Bitcoin Cash Node (BCHN) project announced the release of version 26.0.0, which marked a significant milestone in the evolution of the Bitcoin Cash ecosystem. While this release did not introduce any major consensus changes, it did include an interface change for security reasons, and users are urged to update to the most recent node version before the May 15 deadline. Overall, the upcoming upgrade promises to be a major step forward for Bitcoin Cash, and it will be interesting to see how the community responds to the new features and improvements that it brings.
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