Bitcoin Cash, a distributed ledger technology powered by Bitcoin is planning to undergo a crucial upgrade on 15th May. This upgrade will install the CashToken issuance token mechanism that is comparable to that used by Ethereum, albeit more efficient and faster. Further, the upgrade will be strengthening the Bitcoin Cash by incorporating Restrict Transaction Version and Minimum Transaction Size addition to the company's facility.

Along with this, a new P2SH32 feature is being added that will extend the credibility of the P2SH address from 20 to 32 for better safety measures. The Bitcoin Cash Node (BCHN) version 26.0.0 was released in January with a major purpose of changing an interface for better secure transactions.

. For users of BCHN, the v24.x.0 software will be expiring on the upgrade date of May 15 and in order to continue using the services, the users are being asked to update the software to the latest version before the mentioned date. The upgrade will lead to a temporary suspension of deposits and withdrawals of BCH by the exchange services at around 11:30 a.m. UTC on the 15th of May. However, the trading of BCH will not be affected by the network upgrade. Cryptocurrency exchange giants Binance and its U.S. subsidiary Binance U.S. have also declared their support for the Bitcoin Cash upgrade.

This upgrade may prove to be a vital step in the development of Bitcoin Cash, introducing advanced on-chain applications with higher security vaults, decentralized exchanges and bridged sidechains with lower costs and improved scalability. This could double down the already impressive user base of Bitcoin Cash, as the distributed ledger technology is widely accepted by the mass population due to its swift and secure transactions.



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