Another Token Project Launches on the Bitcoin Cash Network

A new smart contract and tokenization system has been launched on the Bitcoin Cash (BCH) network. On Oct. 31, BCH developer Clemens Ley released the alpha version of Bitcoin Token, a Javascript library built to develop autonomous contracts, BCH-based tokens, and integrate payments into web applications.

Also read: New Bitcoin Cash Stress Test Sees 700,000 Transactions in One Day

Project Bitcoin Token Launches Alpha Version

In August, news.Bitcoin.com reported on a project called Bitcoin Token developed by software programmer Clemens Ley. At the time, the developer explained that the project was in its prototype stage and had planned to launch at the end of the year. Now the creator has launched the alpha version of Bitcoin Token, which gives developers three tools to enable the assembly of applications on the Bitcoin Cash network. The software contains a wallet, a database, and the token solution. The 0.0.1 alpha has been downloaded 103 times.

The Bitcoin Token project has published documentation on compiling the implementation as well. The specifications detail the program’s tech-stack which includes the application build, tokenization abilities, Bitdb, and the source containing a readable Javascript BCH implementation. However, the source code is not publicly available yet but the developer is offering an early version by email. The Bitcoin Token creator says that the project’s alpha release currently supports fungible tokens, which operate similarly to Ethereum’s ERC-20 tokens. At the moment, smart contract support on Bitcoin Token is not yet available.

Clemens Ley’s Creation Becomes the 5th BCH-Based Token Project

The Bitcoin Token project was welcomed by the BCH community when the alpha release was announced on Twitter and Reddit. Some commenters on Reddit liked the idea that Bitcoin Token was an alternative to Wormhole while others asked why the source code was not yet available. Ley’s project joins the slew of other token projects that have been introduced to the Bitcoin Cash network like the Simple Ledger Protocol, Colored Coins, Keoken, and of course Wormhole. Even though the Bitcoin Token protocol uses a similar system to ERC-20, tokens will not clog up the chain with crypto-kittie coins. Ley firmly believes the BCH chain can do far better than the Ethereum network’s token process coupled with scaling.

“Bitcoin Cash can do pretty much everything Ethereum can do – but at a 10-100x lower cost,” the Bitcoin Token creator detailed on a pinned thread on Twitter.

Coingeek Reveals Another Token Solution

The day after the Bitcoin Token alpha release, Bitcoin Cash proponents heard about a different project developed by James Belding, Samuel Georges, Scott Barr, Farid Uddeen, and Brendan Lee. It has been revealed that these developers won the tokenization contest hosted by Coingeek and took home the grand prize of £5,000,000 ($6.4 million).

According to the press release, the new token project built for Coingeek uses existing technology already available on the BCH network. The project does have a website where people can request more information. According to the site, the whitepaper will be published soon. Coingeek’s press statements detail the project’s technical specifications should be available by mid-November.

Since the hard fork last May, there has been a good portion of token and smart contract projects built for BCH. The alpha release of Bitcoin Token marks the 5th project attempting to provide users with tokenization abilities on top of the BCH chain. When launched, Coingeek’s project will be the 6th.

What do you think about the Bitcoin Token alpha release by Clemens Ley? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, the Bitcoin Token Project, Jamie Redman, and Twitter.

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