With the May 15 Cashtokens upgrade of the Bitcoin Cash network now three months in the making, the bustling development in non-custodial wallets, marketplaces, non-fungible tokens (NFTs), games and other applications continues unabated. Joemar Taganna, CEO of the Paytaca wallet, notes that “improvements in consensus building” and “new and powerful upgrades to the protocol” show that several parties are “working together to make the peer-to-peer cash revolution happen. “
Little green monsters, gurus, cats and fortune markets
Following the May 15, 2023 Bitcoin Cash upgrade, which effectively enables on-chain smart contracts for BCH by leveraging unused transaction outputs (UTXOs), there is a lot of development happening on the network around Cashtokens, a feature that has led to the creation of numerous non-fungible tokens (NFTs) and marketplaces such as tapswap.cash.
Tapswap.cash NFT marketplace
NFT’s sales and trading operations are still modest compared to other networks, with marketplaces in the early stages and decentralized exchanges (dexs) in testing stages. Nevertheless, background development has moved at a diligent pace as Cashtoken proponents point to the power of the upgraded chain to enable even more types of permissionless peer-to-peer exchange directly on-chain, at a lower cost than others leading protocols. . Some notable NFT collections include Emerald DAO, Bitcats Heroes Club, and BCH Gurus.
As developer Jason Dreyzehner told Bitcoin.com News in May, “Suddenly it was possible to build highly efficient, UTXO-based decentralized applications while retaining important features of Bitcoin Cash: stateless transaction validation (low cost) and zero-delay re- expenses (quick transactions).”
Source: bitinfocharts.com.
Paytaca, creator of the Cashtokens-friendly Paytaca wallet, is now working on a tool that will allow anyone to create their own NFTs through a project called Cashtokens Studio. Paytaca CEO Joemar Taganna is also involved in the Bitcats Heroes Club NFTs. Taganna told Bitcoin.com news:
There is now a need for a general public tool that allows anyone to create tokens using the Cashtokens protocol. Currently, the process is largely manual, so it’s tedious and error-prone. That’s why we build Cashtokens Studio.
A popular NFT project that emerged after the May upgrade was the BCH Gurus. This project is a multi-dimensional NFT effort that is currently building price prediction games fueled by NFTs and other tokens on the new protocol.
BCH gurus
“The Cashtokens upgrade has made it possible to develop an entirely new ecosystem directly on the Bitcoin Cash main chain,” the BCH Guru team told Bitcoin.com News via Telegram, explaining: “The BCH Guru combines the fun and addictive element of a uniquely designed NFT Collection, along with a fungible token (Furu), which allows users to play price prediction games onchain through a Cashtokens smart contract.
Community and Tech Developments, Crypto Custody Ethos
Taganna notes that Cashtokens’ simple token primitives “that allow you to create most (if not all) of the defi applications you see on other chains” require some tooling developed from scratch. Taganna says his group is “happy to take on a part of that huge challenge.” Speaking about the development of Bitcoin Cash in recent years, Paytaca’s CEO notes:
“The BCH community is becoming more vibrant and productive, a breath of fresh air from the previous years of political strife that led to splits. We now have individuals, development teams and entrepreneurs, backed by well-aligned donors/investors, all working together to make the peer-to-peer cash revolution happen.”
A vital part of the refusal to compromise on Satoshi Nakamoto’s vision for money that cannot be censored and traded without the need for a financial institution – an ethos enthusiastically championed by many in Bitcoin Cash communities – holds complete control over one’s cryptocurrency. Non-custodial bitcoin cash wallets that support the Cashtokens upgrade include Paytaca, Electron Cash, Cashonize, and Zapit.