Now people can mint new tokens on Bitcoin Cash (BCH) network

On May 17, 2023

The Bitcoin Cash blockchain network went through a new upgrade & now allows developers to mint new tokens on the Bitcoin Cash network, just like Ethereum allows ERC-20 token minting.

Bitcoin Cash (BCH) is a forked blockchain network of the Bitcoin blockchain. In Aug 2017, Bitcoin Cash (BCH) took birth, as a part of the Bitcoin community conflict over the block size increase plans. The network of Bitcoin Cash is more efficient & fast than Bitcoin & Ethereum.

On 15 March 2023, A Bitcoin Cash developer confirmed that the Bitcoin Cash network successfully went through a new upgrade.

This new upgrade brought a new feature “Cash tokens”. Cash Tokens is a similar concept to Ethereum ERC-20. In short, any person can use the Bitcoin cash network to mint a new token on the Bitcoin cash network directly.

Financial freedom is increasingly the foundation on which other freedoms rest; the right to assemble, peacefully protest, a fair trial, etc. – these offer little protection if you can be instantly excluded from working or buying food when you exercise those rights.
— Jason Dreyzehner (@bitjson) May 15, 2023

It is worth it to note that over the last couple of years, some countries deployed & tested their CBDC directly on the Ethereum blockchain network, so here Bitcoin Cash developer also believes that it will bring a similar kind of use case for the Bitcoin Cash network & here new token creator will feel more trust & confidence, as Bitcoin Cash is a fully Proof-of-work (PoW) network & also it is alone consensus with this feature.

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Bitcoin ordinals

In Jan of this year, a devs team introduced the Bitcoin ordinals (BRC-20) concept allowing people to mint new tokens & new NFTs on the Bitcoin network.

Under the BRC-20 concept, every new token on Bitcoin ordinals has the corresponding blockchain identity against a single Satoshi unit.

Because of this new concept, people showed huge interest & they are using BRC-20 to mint huge numbers of NFTs & new tokens, obviously not more than garbage.

Over the last few weeks, the Bitcoin network saw very high traffic & also faced congestion issues. So here it will be interesting to see the new challenges for Bitcoin Cash’ Cash tokens protocol.