In an effort to further enhance the Bitcoin Cash (BCH) network, Binance has announced its support for the upcoming BCH network upgrade. This upgrade, scheduled for May 15th, 2023 at 12:00 UTC, will introduce a new token mechanism known as CashTokens and an enhanced security protocol called P2SH32. The announcement has caused a buzz among cryptocurrency enthusiasts, who see it as a promising development for the BCH network.
Bitcoin Cash (BCH) network upgrade
CashTokens is a new token mechanism that is similar to the ERC20 tokens on the Ethereum network. This means that developers can issue tokens on the BCH network that are compatible with the widely-used Ethereum token standard. CashTokens will allow for easier and more seamless token issuance, and is expected to lead to an increase in the number of tokens issued on the BCH network.
In addition to the introduction of CashTokens, the BCH network upgrade will also feature an enhanced security protocol called P2SH32. This protocol expands the P2SH address format from 20 to 32 characters, making it more difficult for attackers to guess the correct address. This improvement is expected to significantly enhance the security of transactions on the BCH network, making it more attractive to users and investors.
Overall, the BCH network upgrade is seen as a major step forward for the network, and Binance’s support for the upgrade is expected to further boost the network’s growth and development. With the introduction of CashTokens and P2SH32, the BCH network is expected to become even more attractive to users and investors alike.