Pro-freedom technologies advocate and software developer Jason Dreyzehner recently spoke with Bitcoin.com News via email about the upcoming Bitcoin Cash network upgrade on May 15. One of the most talked about improvement proposals set to go through on that date — which proponents view as a boon to economic freedom — is the Cashtokens CHIP. Beyond UTXO-level token creation, the upgrade will allow for “advanced on-chain applications like higher-security vaults, decentralized exchanges, and bridged sidechains,” comparable to ethereum, more scalable, and cheaper, according to Dreyzehner.
Bitcoin Cash Dev Dreyzehner on Cashtokens Upgrade
As the traditional financial world is focused on central bank digital currencies, bank failures, and trying to regulate permissionless digital assets, bitcoin cash enthusiasts are looking forward to the May 15th upgrade, which features a Bitcoin Cash Improvement Proposal (CHIP) known as the Cashtokens CHIP.
BCH Tokyo weekly meetup organizer Big V told Bitcoin.com News: “The Cash Tokens upgrade is exciting because it is one small step for the protocol, but one giant leap for Bitcoin Cash which now enables incredibly fast, efficient and inexpensive decentralized permissionless financial products for everyone on Earth.”
Beyond enabling tokenization, which has been attempted in a less integrated way before with SLP tokens, the Cashtokens CHIP allows the BCH network to be used as never before, enabling onchain UTXO-based smart contracts and decentralized exchanges, which according to developer Jason Dreyzehner, promise to be remarkably more scalable and affordable than those on other chains such as Ethereum.
Bitcoin.com News recently reached out to Dreyzehner via email to learn more about this upcoming change to the network. Below are his responses.
Bitcoin.com News (BCN): It may be a tall order, but in just a few sentences, could you tell me why the Cashtokens CHIP could be a game changer for Bitcoin Cash?
Jason Dreyzehner (JD): Cashtokens are digital assets with the censorship-resistant, peer-to-peer, low-fee properties of Bitcoin Cash. Cashtokens can be issued by anyone, and they can both represent physical assets and directly serve as currencies, payment stablecoins, commodities, securities, debt instruments, gift cards, receipts, event tickets, and more. The underlying technology also enables far more advanced on-chain applications like higher-security vaults, decentralized exchanges, and bridged…
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