Developers of Bitcoin Cash (BCH) released the CashTokens upgrade, which enables the creation of digital assets within the network.
Users will be able to create fungible and non-fungible tokens, as well as DeFi applications built on Bitcoin Cash. The upgrade is intended to provide additional security and privacy for the protocol.
“CashTokens are a built-in, additional feature of the Bitcoin Cash network. Wallets that support tokens use unique payment addresses or query parameters to account for the possibility of receiving the created coins, so users do not need to worry about compatibility when sending,” according to the developers’ blog.
Among other innovations: smaller transaction sizes, which will speed up data transfer, and improvements to smart contracts that enable recurring payments, derivatives trading, and crowdfunding.
The update was supported by the cryptocurrency exchange Binance. During the upgrade, the platform paused BCH withdrawals and will resume them after the successful launch of the new features. Representatives of the service pledged to adhere to all technical requirements related to Bitcoin Cash.
Following the CashTokens launch, BCH price rose 2.7% over the last 24 hours. At the time of writing, the asset was trading at $117.72.
In November 2022, Saint Kitts and Nevis Prime Minister Terrence Drew allowed the legalization of Bitcoin Cash. According to him, the cryptocurrency revolution could bring ‘huge advantages and opportunities for business’.