While Bitcoin Cash supporters prepare for the eagerly anticipated upgrade that promises to unleash decentralized applications, General Protocols unveiled the full production release of its decentralized hedging application, offering a doubled contract size.
However, since its launch, users of the privacy-enhancing Cashfusion protocol have fused over 17.4 million Bitcoin Cash, amounting to an astounding $2 billion in U.S. dollar value.
General Protocols Unveils New DeFi App Release
On May 15, 2023, an upgrade that is expected to revolutionize the development of decentralized applications will be released, and the Bitcoin Cash community is eagerly awaiting it. Jason Dreyzehner, a blockchain developer, said in November of last year that the 2023 upgrade had been securely included in the testnet network.
Dreyzehner shared further details about the forthcoming upgrades that will feature Cashtokens, enabling various capabilities, such as identity tokens, covenant-tracking identity tokens, voting with fungible tokens, sealed voting, multithreaded covenants, and decentralized applications with multi-covenants.
The complete production version of BCH Bull has already been made available to BCH aficionados. The decentralized finance (defi) program allows users to hold or hedge their BCH against various tradable assets. On April 17, 2023, the project’s creators released the most recent version and divulged a number of significant improvements that increased the platform’s appeal.
Cashfusion Fusing Over $2B in Value
Cashfusion reached yet another big milestone in April as the total value of fusions increased above $2 billion since its launch on November 2019. Currently, more than 17.4 million Bitcoin cash (BCH) transactions have been fused, with a value of $2,049,395,837 at the time of writing.
This accomplishment comes at a time when Coinjoin procedures are being closely examined. The origin and destination of cryptographic transactions are concealed using both Cashfusion and Conjoin systems, although their methods and levels of privacy differ significantly.
Coinjoin combines a number of crypto transactions, making it difficult to identify which inputs correspond to which outputs, although it is not faultless because some patterns can still be seen.
Cashfusion, on the other hand, is regarded as a more advanced privacy solution that uses a multi-party computation (MPC) protocol to combine transactions to prevent even the participants from determining which inputs are connected to which outputs. James Waugh, a data analyst, tested Cashfusion in 2020 and fervently defended its viability above alternative Coinjoin strategies.
Supporters of Bitcoin Cash anticipate the installation of more decentralized, privacy-enhancing applications with just 18 days till the eagerly awaited BCH upgrade. BCH supporters are still making use of tools like BCH Bull and Cashfusion as they wait for the upgrade.
This privacy application has now been included in the Electron Cash mobile wallet for Android devices, further enhancing its accessibility along with the remarkable Cashfusion milestone.