Bitcoin Cash (BCH), the popular digital asset, saw a substantial uptick, gaining as much as 6% in anticipation of an impending mainnet upgrade. This revamp will empower developers to issue tokens on top of the Bitcoin Cash network, enhancing its functionality significantly.
Scheduled for around noon UTC on Monday, this hard fork - a term used to describe a significant upgrade in the blockchain network - is on the cusp of introducing enhanced security and privacy measures to Bitcoin Cash's rapidly evolving network. The hard fork also brings with it the introduction of "CashTokens." These tokens aim to facilitate the operation of decentralized applications (DApps) directly on Bitcoin Cash, according to the network's developers.
The upgrade promises a host of other improvements that have already been confirmed. Among them are reduced transaction sizes, which will accelerate the speed of transactions. The implementation of smart contract functionality could lead to the creation of Bitcoin Cash-based applications that offer a range of services, including recurring payments, derivatives trading, and crowdfunding opportunities. This will give Bitcoin Cash users a wealth of new possibilities to explore.
This move aligns with the rising interest in tokens issued on Bitcoin, following the recent launch of 'Bitcoin Request for Comment' (BRC20) tokens. These standards enable developers to issue tokens and Decentralized Finance (DeFi) applications directly on Bitcoin. This has triggered a surge in digital artwork and meme tokens built on Bitcoin in recent weeks.
According to data from OrdSpace, which tracks BRC-20 data, over 11,000 tokens issued on Bitcoin are available on the open market as of Monday. Despite a dip from a $1.5 billion figure earlier this week, the cumulative market capitalization remains an impressive $500 million.
With this impending upgrade, Bitcoin Cash is primed to usher in a new era of opportunities and advancements, promising exciting times for its users and developers alike.
