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Binance Announces Support for Upcoming Bitcoin Cash Upgrade

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Binance Announces Support for Upcoming Bitcoin Cash Upgrade

  • During the upgrade, BCH trading will continue as usual but withdrawals and deposits halted.
  • The key feature of the update is the addition of a token issuance mechanism.

On May 15, a big update will be implemented for Bitcoin Cash, a spin-off of the Bitcoin network. According to Wu Blockchain, the key feature of the update is the addition of a token issuance mechanism similar to ERC20 called CashTokens. Smart contracts comparable to Ethereum but far more efficient will be enabled on the Bitcoin Cash network after the planned update on May 15th, says BCH dev Jason Dreyzehner.

Binance will support the Bitcoin Cash (BCH) network upgrade at 2023-05-15 12:00 (UTC). This upgrade mainly adds the CashTokens issuance token mechanism similar to ERC20, and also adds P2SH32, which expands the P2SH address from 20 to 32 for better security.…

— Wu Blockchain (@WuBlockchain) May 14, 2023

On May 15, the Bitcoin Cash network will undergo an update that, according to a Network update Specification document, will bring about the following changes: Minimum Transaction Size (CHIP-2021-01), Restrict Transaction Version (CHIP-2021-01), CashTokens (CHIP-2022-02), and P2SH32 (CHIP-2022-05). This is in addition to the generation of UTXO tokens. The P2SH address has been increased from 20 to 32 in this version, making it more secure.

Temporarily Halt of Withdrawals and Deposits

The Bitcoin Cash Node (BCHN) project released version 26.0.0, a significant update, in January. Even though there were no significant consensus-related modifications in this version of Bitcoin Cash Node (BCHN), it was nonetheless designated as a major release because of a new security-focused user interface.

Moreover, Binance, a leading cryptocurrency exchange, and its American counterpart Binance U.S. have both publicly stated their support of 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 beginning at 11:30 a.m. UTC on May 15, BCH deposits and withdrawals will be temporarily halted. During the upgrade, BCH trading will continue as usual.

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