Following the recent Bitcoin Cash upgrade on Monday, data reveals that approximately 1,308 fungible tokens and 25,336 non-fungible tokens (NFTs) have emerged on the blockchain. Moreover, the Cashtokens token ecosystem is now accessible through the blockchain explorers 3xpl.com and salemkode.com, allowing users to explore its potential.
Bitcoin Cash Upgrade Unleashes Token Frenzy and Infrastructure Support
As of May 15, 2023, Bitcoin Cash advocates have unlocked a new realm of possibilities with the highly anticipated annual upgrade. Now, they have the power to mint and engage in transactions involving tokens built on the Bitcoin Cash blockchain. The Cashtokens development allows token creation and transactions to be verified by the BCH network, running alongside traditional financial activities.
Several wallets compatible with BCH have already embraced the Cashtokens infrastructure, and crypto enthusiasts can select a Cashtokens-focused wallet through the web portal bestbchwallets.com. Blockchair’s lead developer, Nikita Zhavoronkov, recently shared the experience of jumping into the realm of Cashtokens. In a tweet, Zhavoronkov expressed enthusiasm, stating that “playing with Cashtokens for the last day” has been nothing short of captivating.
Zhavoronkov emphasized the superior efficiency of BCH-native tokens compared to contracts built atop other blockchains, citing reduced fees as a significant advantage. However, the developer also highlighted a fundamental difference when working with Cashtokens, urging developers to discard their preconceived notions about Ethereum’s ERC20s.
“Unlike with ERC-20 and ERC-721, it’s possible to send both [fungible tokens] and some NFTs within a single output,” Zhavoronkov stated. The Blockchair developer’s thread added:
There are no ‘contracts,’ token ids are now called ‘categories.’ The transfer structure follows the UTXO model. For token details, it’s proposed to have the Metadata Registry.
Zhavoronkov also recommended the BCH community embark on an exploration of Cashtokens with the 3xpl.com explorer. The developer said: “It’s super fast, adless (no more “double your bitcoins” ads), private, open-source, and with lots of pro features for devs [and] analysts.” Complementing the 3xpl.com explorer, users can also harness the salemkode.com explorer to delve into the realm of Cashtokens and explore associated transactions.
Ever since the upgrade took effect at block height 792,772, Bitcoin Cash users have been enthusiastically minting Cashtokens. According to statistics provided by the 3xpl.com explorer, 1,308 fungible tokens and 25,336 non-fungible tokens (NFTs) have sprung to life within the last 24 hours, marking a surge in token creation on the Bitcoin Cash blockchain.
What are your thoughts on the exponential growth of Cashtokens and their impact on the Bitcoin Cash ecosystem? Share your insights and token creation experiences in the comments section below.