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- During the upgrade, BCH trading will proceed as normal, but withdrawals and deposits will be suspended.
- The primary feature of the update is the introduction of a token issuance mechanism.
On May 15, a significant update will be executed for Bitcoin Cash, which is a derivative of the Bitcoin network. As reported by Wu Blockchain, the main aspect of the update is the introduction of a token issuance mechanism akin to ERC20, referred to as CashTokens. Following the scheduled update on May 15, smart contracts that are comparable to those on Ethereum but significantly more efficient will be enabled on the Bitcoin Cash network, according to BCH developer Jason Dreyzehner.
Binance will facilitate the Bitcoin Cash (BCH) network upgrade at 2023-05-15 12:00 (UTC). This upgrade primarily introduces the CashTokens issuance mechanism similar to ERC20, and also incorporates P2SH32, which enhances the P2SH address from 20 to 32 for improved security.…
— Wu Blockchain (@WuBlockchain) May 14, 2023
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On May 15, the Bitcoin Cash network will experience an update that, as outlined in a Network update Specification document, will implement the following modifications: Minimum Transaction Size (CHIP-2021-01), Restrict Transaction Version (CHIP-2021-01), CashTokens (CHIP-2022-02), and P2SH32 (CHIP-2022-05). Additionally, UTXO tokens will be generated. The P2SH address has been expanded from 20 to 32 in this release, enhancing its security.
Temporary Suspension of Withdrawals and Deposits
The Bitcoin Cash Node (BCHN) project launched version 26.0.0, a notable update, in January. Although there were no major consensus-related changes in this version of Bitcoin Cash Node (BCHN), it was still classified as a major release due to a new security-oriented user interface.
Furthermore, Binance, a prominent cryptocurrency exchange, along with its U.S. counterpart Binance U.S., has both publicly expressed their support for the Bitcoin Cash update.
On May 15 at 12 p.m. UTC, the Bitcoin Cash (BCH) network will be upgraded. The exchange has announced that from 11:30 a.m. UTC on May 15, BCH deposits and withdrawals will be temporarily suspended. During the upgrade, BCH trading will continue as normal.
