Memo.cash

SLP Token Environment Built on Bitcoin Cash Continues to Expand

20/09/2019 by Idelto Editor

According to public data, a number of individuals are creating tokens using the Simple Ledger Protocol (SLP) on the Bitcoin Cash (BCH) blockchain every day. The SLP ecosystem is expanding and has given anyone the ability to create the next great digital token for tomorrow.

Also read: Snowden: US Seizing My Book Revenue is ‘Good for Bitcoin’

SLP Hackathon Prize Pool Grows, Crescent Cash Improvements, and Art on the Bitcoin Cash Blockchain

If you follow the BCH community, you’ve likely heard of the Simple Ledger Protocol (SLP) and the tokens that derive from this system. It’s been over a year since the SLP project launched and the token universe has grown exponentially as the outlying infrastructure has matured. Now developers are hosting a dedicated SLP hackathon aimed at building out the token environment even more. Further, when we last reported on the SLP Virtual Hackathon (SLPVH), we mentioned rewards that will be given to the winners. Now the prize pool is over $7,000 thanks to BCH and SLP token donations.

Last week, BCH supporters donated bitcoin cash and various tokens like spice to the prize pool in order to give contestants more incentives. SLPVH will be held for 72 hours on September 27-30 and participants are encouraged to come up with unique ideas like onchain voting, token specific wallets, SLP tip bots, NFT (nonfungible token) collectibles, and onchain games. Additionally, software developer Chris Troutner published a descriptive video on SLP token development with tools like Badger Wallet, SLP SDK, SLP SDK Documentation, and the bch-cli-wallet alpha release with SLP support.

“I created this video to help contestants in the SLP hackathon,” Troutner explained. “[The video] is a walkthrough on how to set up a development environment, create tokens, mint tokens, and send tokens.”

This week, the developer of the opensource, non-custodial BCH wallet that uses the Cash Accounts system, Pokkst, released version 1.8.1 of Crescent Cash. Similarly to Badger, Electron Cash, and Ifwallet, the Crescent Cash client also supports SLP tokens. Pokkst improved the user interface, added Tor support, and now the wallet supports SLP token icons. This means SLP tokens will show an attached image if the coins have an icon picture tethered to the design.

Crescent Cash v1.8.1 is now being rolled out to the Play Store!

Desktop versions are now available on https://t.co/bcoUV9GDNv

— Crescent Cash (@crescentcash) September 18, 2019

As news.Bitcoin.com discussed in a prior in-depth SLP editorial, developers have been trying to figure out the best methods to attach an SVG, GIF, or other types of images to tokens. People want to add images and custom art to nonfungible tokens and according to developer Gabriel Cardona “tokens are art.”

“There will be highly valuable pieces of art and music tokenized as NFTs — All collectibles will find a home as NFTs on the blockchain,” Cardona tweeted. Following the statement, Cardona shared an art token created by @brianxv15 which shows a moving GIF image and can be viewed by anyone on the Bitcoin Cash blockchain. The token, called silverII, shown in the explorer link is a single nonfungible art token out of 15 minted. Cardona is a huge fan of SLP tokens and refers to the trend as the “Tokambrian Explosion” on BCH and often shares every unique SLP concept he can find on his Twitter feed. On September 19, the Bitcoin Cash programmer noted:

One of the greatest attributes of Simple Ledger Protocol (SLP) tokens is how light-weight they are. Create a token for any occasion and when you’re done with it just send your tokens to a wallet which doesn’t support SLP and they will be safely burned and the underlying BCH will be recaptured.

Another great NFT art token by @brianxv15

Art on the blockchain!https://t.co/qGQrs4XRjI pic.twitter.com/oe6sbPupQf

— Gabriel Cardona (@cgcardona) September 18, 2019

Sideshift’s Sia, Honestcoin Transparency Report, and Nonfungible Tokens Built on Memo

Another interesting development in the SLP environment is the peer-to-peer trading platform Sideshift.ai’s SLP token called sia. The new token is basically like an exchange rewards coin that gives “exclusive services and privileges on Sideshift AI ecosystem.” Sia was added to the exchange Coinex last month currently the token is trading for roughly $0.04 per sia. There’s a max supply of 210 million sia coins and the token has seen $805,000 in 24-hour trading volume this Friday paired against bitcoin cash. Another token that has seen more infrastructure support is the stablecoin built on BCH called honestcoin (USDH). The SLP-centric trading exchange Cryptophyl recently added USDH support to the platform and also published a transparency report for the new listing. The report outlines the steps Cryptophyl took to “conduct due diligence on Honestnode, the company behind USDH.”

Cryptophyl collected information on Honestnode which consisted of “blockchain token data, information pertaining to the legal structure and registration(s) of the project, information about the team behind Honestnode, KYC documentation for persons with significant control over the company, KYC documentation for company executives, and copies of contracts for key commercial relationships.” The exchange transparency report concluded:

We decided that the Honestcoin team was able to meet and exceed our high listing standards. There is always room for improvement, and we are looking forward to seeing the first audit to be carried out by Cohen and Co. The publicly available roadmap and future products we can expect from Honestnode give us confidence that they are positioning Honestcoin to accelerate cryptocurrency adoption.

The SLP trend hasn’t let up and passionate BCH supporters continue to push tokenization to new levels. There are discussions every day concerning SLP tokens on social media and BCH forums. People have also been creating NFTs on the memo.cash onchain microblogging platform. The same person who created the NFT art token silverII, also published a two-minute demonstration video teaching viewers how to create NFTs using memo.cash. In the last 30 days, the most used SLP tokens include the bread emoji token, spice, tribeos test token #3, official SLP token, beer, and the realmx token created for the Realmx video game.

What do you think about the ongoing development happening with the SLP ecosystem? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Cryptophyl, SLPVH 2019, and Twitter.

Did you know that Bitcoin.com’s BCH Block Explorer can query SLP token transactions? Check it today to search and find Simple Ledger Protocol token’s within the BCH network. Our Blockchain Explorer tool will allow you to view all previous BCH and BTC transactions as well.

The post SLP Token Environment Built on Bitcoin Cash Continues to Expand appeared first on Bitcoin News.

BCH Microblog ‘Member’ Shows the Future of Reddit-Like Forums

16/09/2019 by Idelto Editor

BCH-Based Microblog Member Shows the Future of Reddit-Like Forums

Since the Bitcoin Cash upgrade in May 2018, software developers have unleashed a slew of microblogging protocols that utilize OP_return transactions. One application called Member is a BCH-based browser that makes use of these types of transactions and the extra space added to the data carrier size. While still in its infancy, the Member platform has matured into a censorship-resistant Reddit but with geolocated posts, reputational ratings, and native BCH tipping.

Also Read: At Least 19 Central Banks Give Way to Monetary Easing As Economy Slows

The Member Client Continues to Grow

Years ago, Reddit was an interesting online place that allowed many groups to connect, share news and content, and discuss in a forum-like atmosphere. These days, Reddit is synonymous with mass censorship and deplatforming as the corporate entity has banned a variety of subreddits this year. The crypto community caught wind of Reddit censorship last year when the company removed the subreddit /r/darknetmarkets. Reddit users can’t even trust the company’s founder and CEO Steve Huffman who was forced to apologize when he got caught altering pro-Trump related thread comments.

BCH Microblog 'Member' Shows the Future of Reddit-Like Forums — Reddit censorship has increased significantly in recent years.

Bitcoin supporters have seen severe forms of censorship on the subreddit /r/bitcoin as the owner and moderator Theymos and his minions deleted thousands of comments from visitors and suppressed the conversation during the block size debate. Last May, a former moderator who worked alongside Theymos told Bitcoin.com’s podcast host Matt Aaron how he was removed from the group of administrators after he failed to toe the line. Censorship like this has driven the BCH community to foster censorship-resistant microblogging communities like Memo. In tandem with Memo, another application called Member could push the Reddit-like forum concept to new heights using the BCH chain.

Member has been around for some time now but the application has matured a great deal since news.Bitcoin.com reported on it last year. The application’s creator, a developer called Freetrade, describes the platform on Github, calling it a BCH blockchain browser. “It reads and allows users to create actions in the Memo/Member protocol — The client is an HTML5/JS BCH blockchain browser app with no outside js dependencies and it can be run from a website, or from a local file system,” Freetrade’s Github repo details. “Currently it connects to the Member server to get content, and uses Bitbox to get utxos and broadcast transactions.”

Getting Acquainted With the Member App

In order to use Member, you need to have an account with the social network and microblogging app memo.cash where all posts are permanently recorded to the Bitcoin Cash chain. You can sign up for Memo here and it’s a good idea to fund your Memo wallet with a small fraction of BCH so you can post on memo.cash and the Member platform as well. To access Member, go to the website and press the “Login” tab at the top right side of the screen. You can also sign up directly from the Member Login page by pressing the “Create New Account” tab.

Member will tell you to connect your wallet address to get started so you can post. After pressing “Ok,” Member will direct you to a page that shows your new BCH address so you can send a small fraction of funds. If you already have an account or started by signing up for memo.cash using the link mentioned above then Member asks you to paste your Memo private key (compressed WIF format, starts with ‘L’ or ‘K’) into the Login window. After these steps are complete, you are free to explore the Member app but also to create posts, upvote, tip people BCH, and initiate a geolocated post.

To create a new post on Member, simply press the “New post” tab on the upper left side of the user interface. The platform will open a window that allows you to customize a new post with a title and text. You can also post a memorandum or post directly to the memo.cash feed. After creating a post, other Member users can reply to the thread just like a traditional Reddit post and they can “like” the post as well. Moreover, you can be tipped bitcoin cash as Member offers a native BCH wallet that allows for tipping users. If you observe Member’s main feed, it’s set up similarly to the front page of Reddit and there’s a large variety of threads and discussions hosted on the feed. Additionally, you can check the most recent posts on the Member feed by pressing the “Posts (new)” tab on the upper left side of the screen.

Geolocated Posts, 2,000 Characters, and a Reputation System

You can also tether your location coordinates to a custom message using the Member app. At the top left side of the screen simply press the “Map” tab and the website will take you to a map of the world. Like a traditional geolocation map, your browser will ask you if you want to give the Member map your location coordinates so you can get a visual look at your area. The choice is optional but if you do, you can tie a special message to your location that’s written on the BCH chain. Essentially you or anyone can tether a message to any location in the world for less than a U.S. penny at any time. Just click the map with your mouse pointer to select the message location, write it and post it to the Member map. After a few minutes of exploring the Member app’s features, the platform is relatively easy to understand and use.

Member’s creator Freetrade has been hard at work adding more services to the application like reputational ratings and increased character limits for messages. The software engineer recently made it so Member users can reply with much longer character limits. “Member now allows 2,000 character replies by chaining transactions together — Member also treats topics more like subreddits,” Freetrade told BCH supporters on September 15. This announcement got the /r/btc community on Reddit pumped due to their intolerance of censorship. “Wow, now we’re talking,” a BCH proponent opined after Freetrade revealed the 2,000 character extension. “Reddit is slowly dying because of censorship and abuse from admins — If we could create a decentralized alternative on BCH that would be huge,” he added. In addition to the character extension, Freetrade has introduced a web of trust infrastructure to the Member platform. The new idea allows you to rate other Memo profiles using the Member app by giving them a public trust rating. Freetrade has shown that as the reputation system matures, robust trust graphs could be created.

There’s been a lot of development within the BCH ecosystem and Member’s improvements have bolstered a microblogging and censorship-resistant Reddit-like experience. As with most peer-to-peer and decentralized blockchain applications, Member needs to gather more users over time. Memo and Member have seen a lot of lively users since they were created and both have grown a great deal. While projects like Blockpress have fallen to the wayside and are now defunct, the Memo and Member apps have remained strong after the long crypto winter and the blockchain split in November 2018. One difference between the two clients is the Memo protocol browses both BCH and BSV blockchains but the Member app only browses the BCH chain. Freetrade continues to work on making the Member client more robust and has put together a list of certain elements of the project he could use help with.

What do you think about the Member client? Let us know what you think about this project in the comments section below.

Image credits: Shutterstock, Member, and Pixabay.

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Social Network Memo Adds Decentralized SLP Token Exchange

14/08/2019 by Idelto Editor

Social Network Memo.cash Adds a Decentralized SLP Token Exchange

The Simple Ledger Protocol (SLP), a token creation system built on top of the Bitcoin Cash (BCH) network continues to mature as developers have released a number of third-party applications that support SLP tokens. Now the onchain, BCH-based social network Memo.cash has implemented an SLP token exchange allowing people to list SLP tokens and sell them for bitcoin cash.

Also read: Creating Your Own SLP-Based Token Using Memo

The New Trustless Onchain SLP Token Exchange

Memo.cash is a popular social network that’s built on top of the BCH chain where every action uses an onchain transaction. For a while now Memo has accrued users and has added a variety of features since the platform’s inception. News.Bitcoin.com recently reported on the application adding the ability to forge SLP tokens on the Memo platform and to store, send, and receive SLP coins as well. At the time, we gave our readers step-by-step instructions on how to mint an SLP token using Memo and explained that the process takes less than a minute. Since then, the engineers behind Memo have added the ability for people to trade SLP tokens onchain in a safe environment. The new exchange service utilizes an open source decentralized trust-less protocol that accepts purchase offers and transfers using an atomic transaction.

The creators of Memo noted that the new feature that still has limited functionality and people using the exchange should understand there might be bugs. When you visit the Memo exchange page, you’re greeted with options like viewing the tokens already listed for sale, the ability to sell a token, and a list of offers you already created. Right now, looking at the listings page shows there are tons of SLP tokens being sold for various amounts of satoshis. Well-known SLP tokens such as Honestcoin (USDH), Spice, Honks, BTC2, and Trump are being sold alongside coins you probably never heard of. The exchange listings show when the tokens were listed, price, seller, and a tab that allows you to purchase tokens being sold instantly.

Selling Rare Stones

To demonstrate how the Memo exchange operates, I decided to mint six nonfungible tokens from the same address and called them the Infinity Stones or “IFS.” If you want to try to sell SLP tokens using Memo, you will need to register for an account to enjoy the new trading feature. People who know the story of the Infinity War and Thanos will know that there are six stones needed to complete the Infinity Gauntlet in order to harness god-like powers. So I minted tokens using the Electron Cash SLP wallet and each token represents the mind, space, reality, power, time, and soul stones. I designed them to be nondivisible and each stone was represented by only one token. Each stone is also tethered to a URL, which leads to the original Infinity Gauntlet comic book cover.

After the stones (tokens) were forged I sent them all to my Memo account dubbed “Zelda” and prepared to list each stone for sale. On the “List Tokens for Sale” page the Memo platform provides a customizable window to create new listings. On this page, I chose the tokens I wanted to list, how many tokens to list, the price per token, and the total price. I listed the six IFS tokens for 1,560,000 satoshis (0.0156 BCH) per token and for every completed trade Memo takes a 1.5% fee. So the fee for each IFS trade would be a total of 23,400 satoshis (0.000234 BCH).

After creating the listings for all six stones, I then tweeted out my IFS sales on Twitter to let people know I had some rare nonfungible tokens for sale. Not long after sending out my tweet, well-known BCH proponent and streamer Collin Enstad, host of “Collin’ It Like It Is,” a “no bullshit crypto show,” purchased two of the stones on the Memo exchange. According to Memo, Enstad is the proud owner of the mind and reality stones. Moreover, Enstad decided to sell the two IFS tokens for double the price I sold them for at 3,000,000 and 5,000,000 satoshis. So far there are four Infinity stones (IFS tokens) left waiting for someone to snatch them up at my price in an attempt to control the universe. Someone will have to buy them at Enstad’s price to capture his two stones. The Memo.cash SLP exchange has a lot of potential, but once an offer is submitted there is no way to cancel it right now, the Memo engineers have explained.

https://t.co/W1Y8pMkENU pic.twitter.com/hdmFZPPymD

— Jamie Redman (@jamieCrypto) August 14, 2019

Memo’s New Feature Augments the Broad Range of Support for the SLP Token Universe

Memo adding a decentralized way for people to swap tokens for BCH in an atomic fashion bolsters the social network’s powerful features. Just like the latest Cryptophyl exchange and the upcoming Exchange.Bitcoin.com, which will launch on September 2, the new Memo SLP marketplace also adds more trading liquidity to these unique tokens. Furthermore, well-known trading platforms like Altilly Exchange, Coinex, and Coinsuper are all listing SLP tokens. With all the exchange endorsements and wallet support from clients like Badger, Ifwallet, Cresent Cash, and Electron Cash, the SLP universe continues to showcase enormous amounts of innovative possibilities. Further, Bitcoin.com will soon be launching an SLP token dividend tool that allows people to pay dividends to groups of specific SLP token holders. Memo’s recent trading platform for SLP tokens has been welcomed by the BCH community, while also highlighting the innovation taking place within the BCH and SLP development community over the last few months.

What do you think about the ability to sell and purchase SLP tokens using the social network Memo.cash? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned software and trading platform. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, software, exchange, or services mentioned in this article. This editorial review is for informational purposes only.

Image credits: Shutterstock, Memo.cash, Marvel, Wiki Commons, Infinity War, and George Pérez.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. Also, we just announced launching a cryptocurrency exchange on September 2, 2019. Pre-register today at Exchange.Bitcoin.com to take part in the rewards and trading incentives.

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Crypto Social Media is Breaking Free: How 10+ Blockchain Platforms Pay You to Post

04/08/2019 by Idelto Editor

Social media has become so embedded in most people’s everyday lives that it’s hard to imagine life — or even a span of a few hours — without it. While the social media revolution is huge, there’s another revolution within that revolution, driven by users into cryptocurrency, privacy, and immutability: incentivized, blockchain-based social media.

Also Read: US Regulator Plans to Outsource Running Cryptocurrency Nodes

Steemit as Pioneer

Coming on scene as a pioneer in July 2016, Ned Scott and blockchain developer Dan Larimer’s Steemit boasted to be a first of its kind blockchain-based social media platform, allowing users to earn rewards via Steem for posting, curating, and commenting. Many users compared the site’s style to a kind of “crypto Reddit.”

Larimer, the creator of the Bitshares DEX, DPoS (Delegated Proof of Stake Algorithm), and the current CTO of Block.one (EOS developer), built the site with co-founder Scott on the Steem blockchain, a Graphene-based, DPoS chain. While the site enjoyed initial, highly sensational success — with one well-known and controversial libertarian podcaster raking in $15,000 for a short “introduce yourself” post — user interest has since flagged significantly. A series of seismic management and corporate structuring shifts (including Larimer leaving the project in 2017), coupled with the crypto winter of last year, saw many loyal users searching out greener pastures.

One thing that Steemit did help establish, however, was the potential of blockchain technology to provide relative censorship resistance and successfully reward users for engagement. Neither the platform nor other users could deplatform anyone by reporting or flagging a post (a huge problem currently for many giants in the field like Twitter, Facebook, and Youtube). And when the first payouts came in the summer of 2016, a massive wave of excitement ensued. However, troubles with spambots and abuse of voting power would prove to be significant challenges down the road.

Steemit ‘Spin-Offs’

Seeking to improve on the shortcomings of the Steemit project, newly-launched (April 2019) Narrative.org has become a home to crypto bloggers interested in a less “wild west” and more centralized approach. Narrative is supposedly more resistant to the abuses which would come to plague Steemit. Multiple account creation is difficult due to KYC policy, and communities are organized around niches (tags) owned by users who can reap monetary benefits for ownership, and elect moderators (a feature not yet implemented on the beta version site) to keep spam from overwhelming the network. A central tribunal exercises executive decision-making power and moderates mostly democratic community activity.

Another notable “spin-off” of Steemit (in this case, admittedly, directly inspired via a pizza purchased with Steem rewards) is Japan’s first blockchain-based social media site, ALIS. Similar to Narrative, ALIS focuses on niche interest groups (like crypto enthusiasts and Japanese manga readers). Though current financial regulations present hurdles for the group, CEO Masahiro Yasu and company maintain their vision of helping users “find trustworthy articles and people quickly” in lieu of depending only on spammy Google search results and unreliable mainstream media. Quality content and curation are rewarded with the ALIS token.

BCH Joins the Party

Emerging on April 15, 2018, on-chain social media site memo.cash was launched on the BCH network. With features like native tipping and SLP token creation, Memo is a unique and multi-faceted way to interact with the Bitcoin Cash blockchain. The platform was notably mentioned in July by Ethereum co-founder Vitalik Buterin, when he suggested that the Bitcoin Cash network might provide a temporary scalable data layer for Ethereum:

The BCH community seems to be friendly to people using their chain for whatever they want as long as they pay the tx fees (eg. https://memo.cash)

Though not as visually ornate as some blockchain-based platforms, users are drawn to the functionality and innovative aspects of the platform. The ability to authentically timestamp important information and make it virtually immutable, for example, is an important feature to many. This particular application has been suggested to Twitter CEO Jack Dorsey as a means by which to allow verifiable editing of Tweets.

Honest.cash

Another platform built using the Bitcoin Cash blockchain is Honest, which was launched in November, 2018. In keeping with the theme of free speech, the site affirms that:

The internet should reward quality thinking and be a place for an uncensored discussion.

Direct voting via a user wallet allows bloggers to receive BCH for their posts when other users upvote, or, like Steemit and Narrative, when successful curation occurs. While the site is still growing and completing its V2 migration, community members and the honest.cash core team and creator, Adrian Barwicki, are active in development and support via the Honest Cash Telegram chat.

Comparative List of Popular Crypto Social Media

Decentralized, incentivized blockchain and crypto-based social media offer alternatives to popular platforms like Twitter, Reddit, Youtube, Instagram, Facebook, Medium, Linkedin, and Patreon. Here is a list of some of the most popular sites:

Bitchute: P2P, web torrent video sharing platform. Monetization available via Bitbacker, Coinpayments and others. Main user interests: politics/activism. Alexa ranking: 4,024. Similar to: Youtube.

Steemit: Steem blockchain-based social media platform. Earn Steem and Steem Dollars (USD soft-pegged asset) to post, comment, and curate. Main user interests: advice, finance/economics. Alexa ranking: 5,255. Similar to: Reddit.

Dlive: Lino blockchain-based video sharing platform. Formerly built on the Steem blockchain. Earn Lino points to post and engage. New home to Pewdiepie. Main user interests: gaming (livestreaming), animation, analytics. Alexa ranking: 5,748. Similar to: Youtube.

Minds: Open source social media platform. Earn Minds ERC20 tokens for contributions. Main user interests: politics/activism. Alexa ranking: 9,611. Similar to: Twitter/Facebook.

Dtube: IPFS-based, Steem blockchain dapp. Video sharing platform. Earn Steem to post and curate. Main user interests: news, visual arts. Alexa ranking: 24,832. Similar to: Youtube.

Earn: Coinbase’s targeted microtask earning platform/app. Earn crypto by replying to emails or completing small tasks. Main user interests: economics, technology. Alexa ranking: 59,172. Similar to: n/a.

Narrative: User-governed social media platform for bloggers. Earn NRVE tokens to post, comment, curate, moderate, and own niches. Main user interests: n/a. Alexa ranking: 129,990. Similar to: Medium.

Scorum: Sports and betting-focused blockchain-based platform. Earn SCR coins for content creation and curation. Main user interests: sports, gambling/betting. Alexa ranking: 138,365. Similar to: n/a.

Voice: Block.one EOS-network-based social media platform. Earn Voice tokens for contribution. Identity-focused user validation. Main user interests: n/a. Alexa ranking: 204,857. Similar to: n/a.

Memo: BCH blockchain-based social media platform. Earn BCH via posting. Data is stored direct to blockchain using OP_RETURN. Main user interests: Bitcoin Cash, blogging. Alexa ranking: 369,947. Similar to: Twitter.

Sapien: Democratized, Ethereum-based news platform. SPN tokens serve as stake in the network facilitating interaction. The site aims to combat unreliable or “fake” news. Main user interests: news. Alexa ranking: 430,729. Similar to: n/a.

Indorse: Ethereum-based coding evaluation and assessment recruiting platform. Earn IND tokens for activity on the network. Main user interests: coding, recruiting. Alexa ranking: 523,854. Similar to: Linkedin.

Bitbacker: Crypto-based fan-funding platform. Garner support for projects and posts from your fanbase. Main user interests: n/a. Alexa ranking: 1,159,103. Similar to: Patreon.

Obsidian: PoS blockchain with an encrypted mobile messaging app/platform. Earn ODN tokens for securing the network. Main user interests: n/a. Alexa ranking: 1,442,289. Similar to: n/a.

Socialx: Photo and video sharing blockchain-based platform. Earn SOCX coins for contribution and licensing. Main user interests: n/a. Alexa ranking: 2,030,873. Similar to: Instagram.

Honest: BCH blockchain-based blogging platform. Earn BCH for content creation and curation. Main user interests: n/a. Alexa ranking: n/a. Similar to: Medium.

Local.bitcoin.com: P2P, encrypted trading platform. Offers non-KYC, P2P trading of BCH. Main user interests: cryptocurrency. Alexa ranking: n/a. Similar to: Localbitcoins.com.

(Information based in part on Alexa rankings and data from August 3 and 4, 2019)

It’s Anybody’s Game, But the Game Is Here to Stay

The aforementioned Larimer of Steemit fame, along with Block.one CEO Brendan Blumer, has now jumped into the social game once again with his new platform Voice, whose launch was announced June 1. During a recent Telegram Q&A, however, when potential users voiced privacy concerns about strict KYC policies of the platform, Larimer didn’t seem overly receptive:

It should prove interesting to see how the new site develops and fares against the others with drastically different philosophies and mission statements.

However different these platforms may be, it’s an exciting time for social media enthusiasts, crypto lovers, bloggers, developers, journalists and entrepreneurs alike, with the proliferation of this new generation of social media providing unique opportunities in cryptocurrency and security for users.

What are your thoughts on blockchain-based social media? Did we miss one of your favorites? Let us know in the comments section below.

Image credits: Shutterstock, Fair use.

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Exploring the SLP Token Universe Built on the Bitcoin Cash Chain

29/07/2019 by Idelto Editor

Since last August, the Simple Ledger Protocol (SLP) has become a prevalent application within the Bitcoin Cash ecosystem. So far there’s been thousands of SLP tokens created, a number of which have been very popular and used regularly. Tokens have been issued by governments like Liberland, there’s a new SLP stablecoin backed by USD, a city-token being built for Dublin, Ohio and trading platforms like Coinex and Altilly have begun to list SLP-based tokens.

Also Read: SLP Developers Publish Specs for a Unique Type of Non-Fungible Tokens

Bitcoin Cash Tokenization Matures With the Simple Ledger Protocol

The token universe on the Bitcoin Cash blockchain is growing and since last year there’s been close to 2,700 tokens created using the Simple Ledger Protocol framework. All of the tokens created using the protocol can be queried using the SLP explorer called Simpleledger.info or a block explorer that supports the SLP type standard.

Bitcoin Cash proponents appreciate the SLP standard because the token system does not interfere with the BCH chain’s consensus rules. SLP tokens and their transactions have metadata attached to them, which is data that describes and gives information about the token’s properties. The SLP system ties the metadata to OP_Return transactions on issuance, and when tokens are sent and received.

“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 Simple Ledger Protocol whitepaper explains. “Full validation of a transaction back to its token genesis is possible by supplementing existing transaction-retrieval infrastructure with integration of SLP consensus rules.”

Spice, Liberland’s Merits, Dublin Ohio’s City Tokens, Cash Games Dividends, and ACD

When the project started, lots of people created tokens for fun and to experiment with the SLP framework. After a few months, token creations became more robust and people have started using them for a variety of reasons. Currently, the most popular tokens by transaction volume include projects like Honk Honk, Spice, Brave Sound token, Official Honk, ACD coin, Amouranth, Honks and Taylor Swift token. Honk Honk tokens capture 26.4% of the SLP transaction volume while Spice tokens hold 9.1%. Spice tokens are used to tip regularly on Telegram channels and even Twitter.

In April, the sovereign micronation known as Liberland issued its own SLP tokens to bolster Liberland’s goals as an independent and free nation. Liberland’s Merits (LLM) tokens are listed and traded on the Altilly exchange. LLM tokens are paired against BCH on Atilly and are swapping for 0.00199900 BCH ($0.61) per LLM. Last year, Vit Jedlicka, Liberland’s President, detailed that at some point merits will be used for “more of a share in Liberland than a cryptocurrency.” Moreover, in the future, as Merits become more mature, they could be used for special voting privileges and paying for state contributions (voluntary taxes).

Following the launch of Liberland’s merits, in July the CEO of the BCH implementation Bitcoin Verde revealed that the local government from Dublin, Ohio is planning to issue SLP-based tokens. The unnamed SLP token aims to curate three different functions: a token of value, an electronic polling system, and digital identity. “The ‘Dublin token’ is intended to be a reward and barter system for Dublin’s citizens — to incentivize positive behavior,” Green told the BCH community on July 2. “For instance, citizens may receive ‘Dublin Points’ for participating in volunteer programs and can use the points in exchange for city-branded swag, for priority parking, or can be redeemed by vendors for goods or rewards.”

Then there’s SLP utility coins and dividend tokens. For instance, on July 23, Bitcoin.com’s Roger Ver announced the launch of a Cashgames.Bitcoin.com Dividend Test Token (CGT). “Bitcoin Cash has enabled all sorts of amazing things — One of them is the ability to pay dividends in BCH directly on the blockchain to the addresses holding a specific token type,” Ver explained. “This essentially turns SLP tokens into bearer shares that are able to collect dividends. I don’t think people appreciate how awesome this is yet, so I wanted to help get things started.”

At the time, there were 173 BCH in the Cashgames hot wallet and over the next few days holders of the Cashgames.Bitcoin.com Dividend Test Token got sent half of all the BCH earned on the site when dividend payouts were sent. The distribution of Bitcoin.com’s dividend token concept will be based on the percentage of tokens you hold. In the near future, Bitcoin.com will be launching “Cash” tokens for all of the BCH-centric projects within the Bitcoin.com portfolio. Anyone will be able to purchase, sell, and hold Cash tokens in order to get distributed dividend payments.

Last May, the Tokyo-based Alliance Cargo Direct, a subsidiary of ANA Holdings (ALNPF), announced the launch of an SLP token called ACD. According to Alliance Cargo Direct, ACD and BCH will be supported by physical and online merchants partnered with the company. Alongside this news, in order to bolster ACD’s utility, the business also initiated an ACD coin buyback project. ACD is also listed on Coinsuper exchange and is currently swapping for $0.065 paired against USD and is up 8.33% over the last 24 hours.

BTC2 and Honestcoin: SLP Tokens Backed by Assets

There are two coins that are backed 1:1 with other assets: Sideshift.ai’s BTC2 which is backed by BTC and then Honestcoin (USDH) created by the company Honestnode and backed by USD. Both SLP-based tokens were introduced to the BCH community on the same day. The cryptocurrency exchange Coinex revealed the USDH launch and also explained that week that the trading platform will be listing other SLP tokens in the future. Honestnode’s CEO Jian Shi told news.Bitcoin.com that USDH is a regulated and secure stablecoin backed 1:1 with USD and partnered with a San Francisco-based compliance provider Koi Compliance. Jian Shi told our newsdesk the startup Honestnode is building a whole ecosystem around the USDH token. Moreover, Jian Shi emphasized that SLP tokens built on top of the BCH chain are more robust than tokens created on Ethereum (ERC20s) or Omni Layer (Tether). “At the same time, Bitcoin Cash supports large blocks, with low transfer fees (about 1 satoshi) and 0 confirmation (instant arrival of small amounts),” he explained, which allows USDH to move fluidly.

BTC2 (Core Cash) is backed 1:1 with BTC and was launched by the cryptocurrency swapping platform Sideshift.ai. The Sideshift project created by Andreas Brekken allows users to trade cryptocurrencies between chains with ease. When Brekken launched BTC2, he told news.Bitcoin.com that all the BTC is collateralized by Sideshift. “Sideshift.ai is to BTC2 what the firm Tether is to USDT,” Brekken explained. At the time of publication, BTC2 has a market capitalization of around $957,000 with 100 BTC2 tokens in circulation.

Third-Party SLP Infrastructure Support and the Continued Growth of BCH Tokenization

Since the creation of the SLP system, there’s now a couple of ways people can issue tokens. The first is the SLP version of Electron Cash (EC) which is an alternative version of the light wallet that allows for token creation. News.Bitcoin.com has published a step-by-step walkthrough that explains how easy it is to issue SLP tokens using the BCH wallet. Not too long after the launch of the SLP-centric EC wallet, the social media platform Memo.cash created a way for users to produce tokens. Generating tokens on the Memo.cash platform takes less than a minute and our newsdesk published a review of that process as well. Additionally, there’s a decent number of light wallets that support SLP tokens so people can store and validate their own SLP token transactions in a noncustodial fashion. Wallets like Ifwallet, Crescent Cash, Badger, Electron Cash, and Memo’s native wallet all give users the ability to store, send, and receive tokens.

The SLP ecosystem is only going to continue to grow more mature over time and there’s plenty of token projects in the making. In March, Tribeos founder Matt Gallant and Electron Cash founder Jonald Fyookball explained Tribeos is creating an SLP token for a Security Token Offering. The STO was approved by the Bermuda Minister of Finance under new digital asset laws in the region. On July 26, SLP developers Fyookball and James Cramer published new specifications for a unique type of non-fungible tokens called NFT1. This implementation will allow anyone to create non-fungible tokens that can be grouped together by a single ID.

This type of token opens the doors to things like collectibles, digitized assets like virtual land, virtual items for extensible blockchain games, lotteries, raffles and event tickets. There’s been a lot of concepts produced by these SLP tokens and the protocol is really just getting started. Developer Tobias Ruck launched an onchain token auction protocol for SLP tokens and the point-of-sale (PoS) service Bchpls.io now supports SLP. Engineers can also supercharge their BCH application workflow with SLP and Badger Wallet software developer kits (SDKs).

It’s likely that people with innovative concepts will design a lot more tokens within the SLP ecosystem, which should help push the value and utility of bitcoin cash alongside the people using BCH for traditional double spend-resistant onchain settlement.

What do you think about the environment being built around the Simple Ledger Protocol and all the tokens created on top of the BCH chain so far? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Pixabay, Simple Ledger Protocol, Simpleledger.info, Bitcoin.com, Memo, Ifwallet, Badger, Crescent Cash, Electron Cash, Core Cash, and Cashgames.Bitcoin.com.

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