Bitcoin Cash Upgrade Unleashes Token Frenzy: Over 26,000 Cashtokens Created in 24 Hours

By 0xGorki 05/17/23 12:51 AM

Bitcoin Cash has recently undergone a highly anticipated annual upgrade, opening up new possibilities for its users. With this upgrade, Bitcoin Cash advocates can now create and transact with tokens built on the Bitcoin Cash blockchain, leading to a surge in token creation and infrastructure development.

The Cashtokens development allows for the creation and verification of tokens through the BCH network, alongside traditional financial activities. This means that users can mint and engage in transactions involving both fungible tokens and non-fungible tokens (NFTs) within a single output.

Unlike Ethereum’s ERC20 and ERC721 tokens, Cashtokens operate under a different structure, with token IDs referred to as “categories.” The transfer structure follows the UTXO model, offering superior efficiency and reduced fees compared to tokens built on other blockchains.

Several wallets compatible with Bitcoin Cash have already embraced the Cashtokens infrastructure, providing users with the ability to manage their tokens. Blockchair’s lead developer, Nikita Zhavoronkov, has expressed enthusiasm for Cashtokens, highlighting their captivating nature and superior efficiency. Zhavoronkov encourages developers and analysts to explore the potential of Cashtokens using the 3xpl.com and salemkode.com blockchain explorers, which offer fast, ad-free, private, and open-source features.

Token Minting Frenzy on Bitcoin Cash Blockchain: Latest Data from 3xpl.com Explorer, May 16, 2023, 1:30 PM ET

Since the upgrade took effect, there has been a remarkable increase in token creation on the Bitcoin Cash blockchain. Data from the 3xpl.com explorer reveals that within the last 24 hours, approximately 1,308 fungible tokens and 25,336 non-fungible tokens (NFTs) have emerged, indicating a frenzy of token activity.

The emergence of Cashtokens and the infrastructure support provided by wallets and blockchain explorers have expanded the capabilities of Bitcoin Cash. This upgrade not only enables users to engage in token transactions but also showcases the potential of the Bitcoin Cash blockchain beyond its role as a digital currency. With the growing interest in tokenization and NFTs, Bitcoin Cash is positioning itself as a versatile platform for digital assets, attracting the attention of crypto enthusiasts and developers alike.

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