Bitcoin Cash to Undergo Significant Update, Introducing CashTokens and P2SH32 Address

Bitcoin Cash, a cryptocurrency that emerged as a result of a hard fork of the Bitcoin network, is set to undergo a significant update on May 15th. According to a report by Wu Blockchain, the update will introduce a token issuance mechanism known as CashTokens, which is comparable to Ethereum’s ERC20 tokens.

The new upgrade is expected to enable the use of smart contracts on the Bitcoin Cash network, which will be far more efficient compared to Ethereum. The BCH dev Jason Dreyzehner noted that the upgrade will bring about various changes, including the Minimum Transaction Size, Restrict Transaction Version, CashTokens, and P2SH32. Additionally, UTXO tokens will also be generated, which will be used to represent various digital assets on the Bitcoin Cash network.

One of the notable features of the update is the introduction of the P2SH32 address, which is an improvement over the previous P2SH20 address. This will make transactions on the network more secure and prevent possible attacks.

The Bitcoin Cash Node (BCHN) project released version 26.0.0 in January, which was a significant update to the network’s security features. Although there were no significant consensus-related modifications in this version, it was still deemed as a major release due to the new security-focused user interface.

Binance, one of the largest cryptocurrency exchanges, has publicly supported the Bitcoin Cash update, along with its American counterpart, Binance U.S. The exchange has announced that BCH deposits and withdrawals will be temporarily halted from 11:30 a.m. UTC on May 15th, but trading will continue as usual during the upgrade.

In conclusion, the Bitcoin Cash network is set to undergo a significant update that will bring about numerous improvements to the network. The introduction of CashTokens and the P2SH32 address are expected to enhance the security and efficiency of the network, making it more attractive to investors and traders. With the support of major cryptocurrency exchanges such as Binance, the update is likely to have a positive impact on the price of Bitcoin Cash in the long run.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like