A significant update for Bitcoin Cash, a branch of the Bitcoin network, is planned on May 15.
According to Wu Blockchain, the update principally includes the ERC20-like CashTokens issuance token mechanism. According to BCH developer Jason Dreyzehner, the network update for Bitcoin Cash expected on May 15 would enable smart contracts “comparable to Ethereum” but notably more efficient.
The following modifications to the Bitcoin Cash network would take effect following the update on May 15, according to a Network update Specification document: CHIP-2022-02 CashTokens, CHIP-2022-05 P2SH32, CHIP-2021-01 Restrict Transaction Version, and CHIP-2021-01 Minimum Transaction Size.
Supporters of CashTokens CHIP consider it to be a blessing for economic liberty. The update will make it possible to use “advanced on-chain applications like higher-security vaults, decentralised exchanges, and bridged sidechains,” which are more affordable and comparable to Ethereum. Additionally to UTXO-level token production, this is done.
P2SH32, which increases the P2SH address from 20 to 32 for improved security, is also added as part of the upgrade.
The version 26.0.0 major release of the Bitcoin Cash Node (BCHN) project was announced in January. Although there were no modifications to the consensus with this Bitcoin Cash Node (BCHN) version, the interface was altered for security purposes.
Users of BCHN are recommended to think about updating to the most recent node version before the old BCHN v24.x.0 software expires on May 15, the date of the upgrade.
Binance to support Bitcoin Cash upgrade
Binance, a leading cryptocurrency exchange, and Binance U.S., a division of Binance, have declared support for the Bitcoin Cash upgrade.
On May 15 at noon UTC, a network update for Bitcoin Cash (BCH) is anticipated. On May 15, at 11:30 a.m. UTC, deposits and withdrawals of BCH will be momentarily stopped, according to the exchange. During the network update, BCH trading won’t be impacted.
