SLP Token Ecosystem Built on Bitcoin Cash Continues to Blossom

The Simple Ledger Protocol (SLP) has come a long way since its inception and more than 4,900 SLP tokens have been created to date. During the last few months, SLP usage has grown significantly with people constructing various types of unique ideas that create more use cases for these token concepts.

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Close to 5,000 SLP Tokens Created and Dividend Payments

Lots of individuals have been creating SLP tokens on the Bitcoin Cash (BCH) blockchain. Using the SLP explorer Simpleledger.info shows that there’s been 4,922 tokens created and 182,956 SLP transactions. Transactions using the SLP framework have increased a great deal over the last eight months and since August transactions have spiked considerably. Some of the most popular tokens being used today include the Tribeos Token Test #3, Spice, Bread, Honk Honk, SLP Official, Dogecash, ACD, Honestcoin, and Realmx.

Additionally, there’s been roughly 4,121 SLP-based token burns since the project started. The most popular SLP token designed by Tribeos is a trial token for the firm’s security token offering (STO). Tribeos founder Matt Gallant told news.Bitcoin.com in March that the Tribeos STO was approved by the Bermuda Minister of Finance under new digital asset laws. According to Electron Cash developer Jonald Fyookball and Gallant at the time, the official Tribeos token will be called FIRE.

Another popular platform that leverages the SLP framework is Bitcoin.com’s dividend payment tool and BCH proponents have been using the product regularly. For instance, SLP-centric exchange Cryptophyl has been airdropping tokens to registered traders and just recently the platform airdropped 2.1 million Spice using onchain dividends. Rhett Creighton, the creator of zclassic and bitcoin private, also established an SLP token for his group #800cc. Creighton recently gave away $20,000 in crypto in order to spread more adoption and created an #800cc SLP distribution concept using onchain dividend payments. On Wednesday, Creighton showed his excitement for Bitcoin.com’s dividend payment tool and said:

Wow — If I paste this into a Bitcoin.com wallet, it gives me a transaction to send 1 BCH split between all #800cc members with only 1 3-cent fee. Who is ready for magic?

SLP Token Universe Continues to Show Innovation

On forums and social media, BCH proponents discussed the current SLP trend and showed appreciation for the onchain dividend payment concept. One person remarked “It’s the dividends that really make this a game-changer — One could create a token that tracks eg. Exxon stock and when Exxon pays a dividend you get that in BCH. That’s custodial obviously but imagine having your entire PA stock portfolio in non-confiscatable borderless crypto?” “Coinex should move CET to SLP and pay dividends directly,” he added. Another SLP-related website launched this week called Pulse Monster shows a price index of a few popular SLP tokens like Spice, Drop, and Sai. Alternatively, individuals can visit the markets.Bitcoin.com token section for a price index on SLP tokens like ACD, Spice, and Honestcoin (USDH).

In addition to the traditional type 1 SLP tokens, people have been creating nonfungible tokens that can be grouped by a single ID. Since the release of the nonfungible token concept called NFT1 and the Simple Ledger Protocol virtual hackathon, people have been creating digitized assets and collectibles. The sandbox game built on top of the BCH chain Realmx uses SLP tokens for in-game items and weapons. For instance, there’s the Realmx Diamond Token, which has seen over 500 transactions since the coin’s inception. Moreover, all 4,900 SLP tokens in existence can be easily stored on one of many noncustodial clients like Ifwallet, Crescent Cash, Badger, Electron Cash, Honeypoints, and Memo’s native wallet. As the future of the SLP universe continues to blossom, the innovative concepts tied to the protocol should help cushion the value and utility of bitcoin cash.

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, SLP, Pixabay, Pulse Monster, Simple Ledger Protocol, Ifwallet, Crescent Cash, Badger, Electron Cash, and Memo.

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