CASHTOKENS - a New CHIP For Bitcoin Cash coming In May 2023 Upgrade
The proposal for the next Bitcoin Cash upgrade in May 2023, comes with an innovation: CASHTOKENS, which will allow decentralized applications to interact with each other while maintaining the essence of Bitcoin Cash, that is, CASHTOKENS will work using the same types of contracts functionality as we can see in Ethereum but without changing what is the basis of the Blockchain of Bitcoin Cash.
CASHTOKENS proposes the creation of two low-level tokens as primitive tokens to designate - Fungible and NON Fungible Tokens. These two will allow decentralized applications using Virtual Machine (VM) to interact with each other while maintaining the foundations of the Bitcoin Cash blockchain.
The proposal is carried out, as an idea, by software developer and security Jason Dreyzehner who works for the Bitcoin Cash ecosystem.
Jason Dreyzehner devised a system that will allow decentralized applications to be deployed in the Bitcoin Cash ecosystem, allowing Fungible and non-Fungible TOKENS to evolve, requiring only that full nodes need to upgrade their software.
CASHTOKENS will be deployed using the technology found in the Virtual Machine (VM) without needing to create a side-chain, continuing to evolve in an on-chain network allowing Fungible Tokens and non-Fungible Tokens to be created obeying the fundamentals of Bitcoin Cash: low fees, transaction speed and blockchain security.
CashTokens, like Bitcoin Cash, are tokens that cannot be counterfeited and existing wallets after the upgrade will not be affected. The May 2023 upgrade that will allow the creation of CASHTOKENS will also trigger the emergence of a new version of Cash addresses allowing tokens not to be inadvertently sent to the previous software version and, the technical design of the CASHTOKENS prevents even accidentally being sent to the old software they are not destroyed.
The Cash Improvement Proposal (CHIP) that will allow the emergence of CASHTOKENS to create primitive tokens for Bitcoin Cash needs to be embraced by the largest number of contributors to the Bitcoin Cash network in order to be included in the May 2023 upgrade. It's an Open source decentralized technology that documentation can be found on GitHub .
The documentation contains the technical specification of the CHIP that will allow the emergence of primitive tokens in Bitcoin Cash/ Fungible and NON Fungible Tokens that will further expand knowledge about the technology that the May 2023 upgrade can bring to the Bitcoin Cash ecosystem.
A technical demonstration of how CASHTOKENS works allows the creation of JEDEX - an exchange that will work in a decentralized, non-custodial open source way for the Bitcoin Cash ecosystem.
The testnet upgrade for the May 2023 upgrade is already underway.
More about CASHTOKENS can be seen on Jason Dreyzehner's Blog , with more technical aspects and developments on the matter.
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