VMPX (Ordinals)

Bitcoin Cash

Bitcoin

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ORDI

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 Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">The Bitcoin Cash network has&nbsp;<a href="https://blockchair.com/bitcoin-cash/block/792772" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">undergone</a>&nbsp;a mainnet upgrade that allows developers to issue tokens atop the network. The tokens, dubbed “CashTokens,” can be issued by anyone and are similar to the recently-launched Bitcoin Request for Comment (BRC20) tokens.</p> 
<h3 id="bch-upgrade-brings-support-for-cashtokens-and-defi-applications">BCH Upgrade Brings Support for CashTokens and DeFi Applications</h3> 
<p>On Monday, Bitcoin Cash underwent a mainnet upgrade, completed at the block height of 792,772. The new update includes support for CashTokens, BCH developer Jason Dreyzehner noted, adding that it could be a “tool for expanding financial access.”&nbsp;</p> 
<p>“CashTokens are digital assets with the censorship-resistant, peer-to-peer, low-fee properties of Bitcoin Cash,” Dreyzehner explained. He added that anyone could issue these tokens, representing physical assets or serving as currencies, payment stablecoins, commodities, securities, and more.&nbsp;</p> 
<p>Notably, CashTokens introduce two different types of tokens to Bitcoin Cash. The first is non-fungible tokens, allowing NFTs to be created, traded, and transferred on the blockchain. The second is fungible tokens, which will enable tokenizing of any asset on the network.&nbsp;</p> 
<p>Moreover, the upgrade brings smart contracts functionality to Bitcoin Cash, which could allow Bitcoin Cash-based applications like decentralized exchanges, lending and borrowing platforms, and other DeFi protocols.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“The underlying technology also enables far more advanced on-chain applications like higher-security vaults, decentralized exchanges (DEXs), and bridged sidechains. E.g. an auction DEX.”</p> 
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   <p lang="en" dir="ltr">… debt instruments, gift cards, receipts, event tickets, and more. The underlying technology also enables far more advanced on-chain applications like higher-security vaults, decentralized exchanges (DEXs), and bridged sidechains. E.g. an auction DEX: <a href="https://t.co/0Hp7dw9NSt" target="_blank" rel="nofollow">https://t.co/0Hp7dw9NSt</a></p>— Jason Dreyzehner (@bitjson) <a href="https://twitter.com/bitjson/status/1658158651549397018?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">May 15, 2023</a>
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<p>The upgrade also introduces features like future-proof multiparty vaults and technical improvements for transaction validation. Specifically, the update reduces transaction sizes within the blockchain, which could help speed up transactional times.</p> 
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<h3 id="cashtokens-update-comes-as-brc20-tokens-surge-in-popularity">CashTokens Update Comes as BRC20 Tokens Surge in Popularity</h3> 
<p>While the CashTokens concept was proposed in late 2022 before&nbsp;<a href="https://tokenist.com/are-ordinals-choking-the-bitcoin-blockchain/" rel="dofollow" class="deco-link">Ordinals became a hot topic</a>, their arrival timing is ideal. There has been a sharp spike in interest in Ordinals and BRC20 tokens, which allow developers to issue tokens and DeFi applications natively on Bitcoin.&nbsp;</p> 
<p>More than 7 million Ordinals have been inscribed to the Bitcoin network since the launch of the protocol earlier this year, according to a&nbsp;<a href="https://dune.com/dgtl_assets/bitcoin-ordinals-analysis" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Dune dashboard</a>. Similarly, BRC-20 tokens surpassed a $1 billion market capitalization last week, driven by the exponential growth of tokens like Ordi (ORDI), Nals (NALS), VMPX (VMPX), and Pepecoin (PEPE).</p> 
<p>However, the&nbsp;<a href="https://tokenist.com/btc-transaction-fees-drop-90-after-spike-attributed-to-ordinals/" rel="dofollow" class="deco-link">success of Ordinals and BRC20 tokens</a>&nbsp;has resulted in a clogged mempool and skyrocketing transaction fees. At one point last week, around 500,000 unconfirmed Bitcoin transactions in the mempool were waiting to be added to a block.</p> 
<p>That is why some Bitcoin core developers have suggested releasing an upgrade to&nbsp;<a href="https://tokenist.com/bitcoin-devs-discuss-cancelling-ordinals-by-changing-the-code/" rel="dofollow" class="deco-link">kill Ordinals</a>. Critics also believe that on-chain token trading is counterproductive to Bitcoin’s aspirations as a monetary network.</p> 
<p>Nevertheless, the recent upgrade has failed to impact the price of BCH, the native token of Bitcoin Cash. While the token experienced a short-lived rally from $114 to a high of $120 on Monday after the update, it has since yielded all the gains. At the time of writing, BCH is trading at $115.95, down by 2.3% over the past day.&nbsp;</p> 
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<p><strong><em>Do you think Bitcoin Cash’s CashTokens could gain comparable popularity to Ordinals or BRC20 tokens? Let us know in the comments below.</em></strong>&nbsp;</p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/cashtokens-launch-on-bitcoin-cash-with-new-network-upgrade/">CashTokens Launch on Bitcoin Cash with New Network Upgrade</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

CashTokens Launch on Bitcoin Cash with New Network Upgrade

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