Bitcoin Cash (BCH) Gets Update, Here's What You Should Know!

Bitcoin Cash can be a new upgrade. (Photo; Doc. ModernConsensus)

JAKARTA Cryptocurrency number 30 based on its market capitalization, Bitcoin Cash (BCH), has recently been successfully upgraded at a block height of 792,772. This increase is only aimed at developers.

That means, users or BCH owners don't have to do anything when the upgrade is implemented. More specifically, the upgrade is only intended for those who are active in the network such as miners and operators. They have to upgrade BCH software to be compatible with new improvements. One of them is Cashtokens.

What miners and BCH operators need to know is that this increase covers four new points, namely Cashtokens, Pay to Script Hash 32 (P2SH32), To Allow Transaction, and Restrict Transaction Versions.

According to a statement from Coin Dance, the modified "Pay-to-Script-Hash-32" (P2SH32) acts as a long-term solution to the 80-bit P2SH collision attack. This modification introduces a state-of-the-art address format exclusively designed for smart contracts, with already improved cryptographic security measures.

With the introduction of modified "Restrict Transaction Versions", Coin Dance explains that transactions are now strictly limited to version 1 or 2. Each block containing transactions that violate this rule will be canceled soon.

Cashtokens Has Been Waiting For The BCH Community

In addition, the increase in Cashtokens is what the BCH community has been waiting for. The reason is, Cashtokens will present various important features including to improve the capabilities of the Bitcoin Cash network.

Launching Bitcoin.com News, software developer Jason Dreyzehner commented on Cashtokens on May 2, 2023. He explained the potential impact of changing the game or game changer from Cashtokens CHIP for Bitcoin Cash.

According to Dreyzehner, Cashtokens will offer sensor-resistant, low-cost digital assets that can represent physical assets and function as currency, stablecoin, securities, and others. That means Cashtokens will have a role like Ethereum as a smart-contract platform, but more efficient in terms of block transactions and validation.

Cashtokens offer a variety of attractive benefits, such as empowering individuals to issue tokens that represent a wide variety of items. In addition, they carry smart contract functionality that is comparable to Ethereum but with an efficiency advantage of more than 1,000 times in transactions and block validation.

At the time of writing, Bitcoin Cash is trading at IDR 1,729,900 per BCH. The price of the BCH coin has increased by 0.9 percent in the last 24 hours, according to Coingecko data.