Bitcoin Cash is a fork of Bitcoin and this altcoin underwent a massive upgrade on May 15. Thanks to this upgrade, it is possible for developers to create tokens with the same properties as Bitcoin Cash. The tokens live under the name of CashTokens and can be issued and developed by anyone on the network.
According to Bitcoin Cash developer Jason Dreyzehner, the introduction of CashTokens is a “tool to expand financial inclusion.”
Various applications
According to Dreyzehner, numerous applications can be devised with this new form of tokens. How about stablecoins, commodities, gift cards and even event tickets? At first glance, the possibilities with the new token standard are endless.
The idea itself is a bit like Bitcoin Ordinals, on which the BRC-20 token standard can now also be used to develop tokens for the Bitcoin blockchain. That application is immensely popular and Bitcoin Cash now seems to want to copy that.
Furthermore, according to Dreyzehner, this technology makes several things possible on the Bitcoin Cash blockchain. How about, for example, decentralized exchange platforms, digital vaults and bridges to other blockchains.
In response to the news, Bitcoin Cash initially rose from $114 to $120, but has since fallen back to $116, so the revival was short-lived.
Memecoins on Bitcoin Cash?
The timing of the upgrade is certainly not striking. We have already touched on it, but from January 21, 2023 it was also possible to publish, launch and sell tokens on the Bitcoin blockchain to the general public.
Bitcoin Cash is now following that development and seems to hope that memecoins such as PEPE will now also find their way to their blockchain. The total market cap of altcoins on Bitcoin has already risen to $487 million.
That doesn’t mean much in the big picture of the entire market, but for such a short time frame it is certainly impressive. According to brc-20.io there are currently more than 24,000 tokens in circulation on the Bitcoin blockchain.