Created in 2017 as a result of a hard fork of Bitcoin (BTC), Bitcoin Cash (BCH) will reportedly receive a major upgrade on May 15, making the network more secure, reliable, and user-friendly.
According to the announcement, along with the release of the node version that would focus more on the interface with more corrections and improvements, rather than the consensus, there would be other four major changes on the Bitcoin Cash “chipnet” test network. In addition, one of the key features of the upgrade will be the addition of a token issuance mechanism similar to ERC20 called “CashTokens.”
Binance will support the Bitcoin Cash (BCH) network upgrade at 2023-05-15 12:00 (UTC). This upgrade mainly adds the CashTokens issuance token mechanism similar to ERC20, and also adds P2SH32, which expands the P2SH address from 20 to 32 for better security.…
— Wu Blockchain (@WuBlockchain) May 14, 2023
BCH Plans To Compete With ETH DeFi Market
The fresh update also aims to ramp up security on the network. Interestingly, Binance along with its American counterpart Binance U.S. have both publicly stated their support of the Bitcoin Cash (BCH) update. The software update is the project’s 10th network polishing since the first in November 2017.
With the revamp, it seems the BCH ecosystem is planning to take on the Ethereum decentralized finance (DeFi) market, enabling developers to launch smart contracts, non-fungible tokens (NFT), and decentralized applications (dApps) on the network.
While these changes may seem technical in nature, they represent important steps forward for the BCH community, as they will help to make the network more secure, reliable, and user-friendly. The new update comes shortly on the heels after the Bitcoin Cash Node (BCHN) project announced the release of version 26.0.0, marking a significant milestone in the evolution of the Bitcoin Cash ecosystem.
Bitcoin Cash Prices Fire Up
In the wake of this crucial update, BCH prices jumped due to a renewed interest among Bitcoin Cash users. According to CoinMarketCap, BCH is up nearly 4% in the last 24 hours to hover at $118.67. Meanwhile, over the past seven days, the digital token increased by 4.60%, validating that investors are indeed betting big on the BCH network.
Moreover, the number of Daily Active Addresses (DAA) on the Bitcoin Cash network has increased since the beginning of May. Between April 30 and May 10, the DAA increased by 23% from 209,000 to 256,000 active users.
Over the past couple of weeks, Bitcoin (BTC) blockchain spinoffs such as Bitcoin Cash (BCH) and Bitcoin SV (BSV) have witnessed a tremendous uptick as investors flocked to Bitcoin alternatives amid the rising congestion along with a sharp increase in transaction fees. On May 8, Binance temporarily closed BTC withdrawals twice in less than 12 hours, citing network congestion.