Prices for altcoin Bitcoin Cash (BCH), which will roll out its expected update today, have surged up to 6% ahead of an update that will allow developers to issue tokens on the network, among other improvements.
Altcoin Bitcoin Cash Prices Rise Ahead of 'CashTokens' Upgrade
The Hard Fork is scheduled for noon today. A hard fork is an upgrade on any blockchain network.
Bitcoin Cash's Hard Fork in May will bring more security and privacy to the startup network, with plans for "CashTokens" that will enable decentralized applications directly on Bitcoin Cash, according to the developers.
Other proposed improvements currently locked include smaller transaction sizes that help speed up transaction times, and smart contracts functionality that could allow the creation of Bitcoin Cash-based apps that offer Bitcoin Cash users recurring payments, derivatives trading, and crowdfunding opportunities, among other uses.
This development comes after growing interest in tokens issued on Bitcoin.
These standards allow developers to natively issue tokens and DeFi applications on Bitcoin.
This has spurred a collection of digital artworks and meme tokens built on Bitcoin in recent weeks.
According to data from OrdSpace, which tracks BRC-20 data, as of today, there are more than 11,000 tokens issued on Bitcoin on the open market. The total market value of these tokens, which was $ 1.5 billion at the beginning of the week, has decreased to $ 500 million.
*Not investment advice.
