A significant upgrade for Bitcoin Cash, a fork of the Bitcoin network, will be launched on May 15. The addition of a token issuance mechanism called CashTokens, which is comparable to ERC20, is the update’s standout feature, according to Wu Blockchain.
After the anticipated upgrade on May 15, according to BCH developer Jason Dreyzehner, the Bitcoin Cash network will support smart contracts that are equivalent to Ethereum but far more effective.
A network update specification document states that the following modifications will be implemented on May 15 as a result of the Bitcoin Cash network upgrade: Restrict Transaction Version (CHIP-2021-01), CashTokens (CHIP-2022-02), Minimum Transaction Size (CHIP-2021-01), and P2SH32 (CHIP-2022-05) are some of the other transaction types.
A substantial upgrade, version 26.0.0, was issued by the Bitcoin Cash Node (BCHN) project in January. The Bitcoin Cash Node (BCHN) was updated in this version, however, even though there were no substantial consensus-related changes, the user interface was changed to prioritize security, making it a major release.
A major cryptocurrency exchange called Binance and its American counterpart Binance U.S. has both openly declared their support for the Bitcoin Cash upgrade.
The Bitcoin Cash (BCH) network will be updated on May 15 at 12 p.m. UTC. BCH deposits and withdrawals will be temporarily stopped on May 15 at 11:30 a.m. UTC, according to the exchange. Trading in BCH will go on as usual throughout the update.
Bitcoin Cash permits longer blocks in its blockchain than Bitcoin, it should theoretically be able to process more transactions per second. This is the technical difference between the two currencies. With “the goal of creating money out of thin air,” software development teams forked the original Bitcoin computer code to create Bitcoin Cash, which was the first of the forked Bitcoin currencies.