SLP Token Environment Built on Bitcoin Cash Continues to Expand

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.

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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 Sai, 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 sai. 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 sai. There’s a max supply of 210 million sai 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.