No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash Cc To Btc No Verification

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No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash

Two more types of BCH tokenization projects have been announced on July 18, giving the BCH community a wider variety of different ideas that can bring forth the concept of representative tokens into reality on the Bitcoin Cash network.

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Bitcoin Cash Community Greeted by Two More Token Creation Systems

The Bitcoin Cash (BCH) network has seen a lot of development since the last hard fork which debuted the reenabled Satoshi OP_Codes and the upgraded default data-carrier-size. The BCH community and developers have been bolstering the idea of tokenization on the BCH chain. There’s been a bunch of ideas so far with

Andrew Stone’s GROUP proposal and Joannes Vermorel’s Tokeda paper

project that utilizes a fork of the Omni Layer. Then on Wednesday, two more token ideas have been introduced for the BCH chain — One concept from the Cryptonize.it developers, and another proposal written by a group of six developers including Jonald Fyookball, James Cramer, Unwriter, Mark B. Lundeberg, Calin Culianu, and Ryan X. Charles.

to the BCH network. The Colored Coins (CC) protocol debuted for the BTC back in 2013 network by adding specific metadata to the blockchain. This in turn created ‘representative tokens’ or ‘colored coins’ that can represent any physical or digital item like stocks, bonds, gold and silver backed coins. The Colored Coin protocol will allow Cryptonize.it the ability to create a currency called

that can be used with Cashpay for discounts and exclusive products. Cc To Btc No Verification

“Further utility will be added as Cryptonize.it grows — There will be a total of 1 billion CC, without the ability to add more in the future,”

 emphasized on the social media platform Yours.org. “The tokens are always redeemable on Cryptonize.it — One of the most important questions to answer when proposing adoption of a certain framework is what are the use-cases?

Luckily with colored coins, the answer is endless. Colored coins can represent vouchers, coupons, tokens, altcoins or other assets. You can tokenize whatever you want. The first real-world use-case is Cryptonized Cash (CC), an incentive program on Cryptonize.it which is live right now.

Following the Colored Coins concept, another paper was revealed to the public written by Ryan X. Charles, Mark B. Lundeberg, Calin Culianu, Jonald Fyookball, James Cramer, and the developer Unwriter. The paper called, “

explains the group of developers. Cc To Btc No Verification ,” details a proposal for the BCH network that handles tradeable redeemable tokens without a consensus upgrade. Enhancement proposals such as GROUP have not been able to obtain consensus needed to change the base protocol, explains the group of developers.

Simple Ledger Protocol (SLP) utilizes metadata in OP_Return transactions and the SLP creators believe consensus can be achieved by “token users and market participants adhering to a prescribed set of simple rules.”

“Because SLP builds on the transaction chain of the existing Bitcoin framework, users can easily verify transactions with SPV/lite wallets within practical boundaries,” the paper explains.   

Full validation of a transaction back to its token genesis is possible by supplementing existing transaction-retrieval infrastructure with the integration of SLP consensus rules.

The developers say that the SLP system will be permissionless, simple, robust, non-invasive, extensible, and an implementation plan for rapid ecosystem support. The 26-page paper is extremely detailed and it observes multiple subjects that need attention such as wallet implementations, token address format, proxies, utilizing the

, economic implications, and more. The group of six developers revealed they were

motivated to present their own token solution and the key to its success will be simplicity.

“But will also depend on our taking action to foster the support of the ecosystem,” the SLP programmers add.

No Matter How You Look at It, Token Assets Are Coming to the Bitcoin Cash Network

Of course, the Bitcoin Cash community was pretty thrilled about two more tokenization projects using the BCH chain. One user on the Reddit forum r/btc who enjoyed the SLP paper

that there has been quite a lot of these proposals lately, “I believe we’re hitting some ‘tokenization proposal fatigue.” Nevertheless, enthusiasts dig the competition and the amount of development dedicated to bringing tokenized assets to the Bitcoin Cash network. The community may end up using a bunch of different color coin methods down the line or perhaps they may just use the superior tokenized system. Whatever the case may be, “I believe we’re hitting some ‘tokenization proposal fatigue.” Nevertheless Cc To Btc No Verification

What do you think about these two BCH tokenization concepts introduced? Let us know what you think about this subject in the comment section below.

Images via Pixabay, the SLP paper, and Cryptonize.it.

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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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