During the second week of July we reported on a Bitcoin Cash-powered token creation proof-of-concept called the Simple Ledger Protocol (SLP). Since the initial announcement, a variety of other BCH token projects have been launched, and all of them are abit different. This week the SLP creators have released the project’s beta version which allows users to store, receive, send, and mint tokens created on the BCH network. SLP is also the first BCH tokenization platform that is compatible with light wallets which is a huge leap ahead when it comes to this type of tech.
Several Bitcoin Cash Developers Reveal the Simple Ledger Protocol
Tokenization is really picking up the pace on the Bitcoin Cash network as devs are scurrying to build a system that replicates the ERC-20 phenomenon that stemmed from the Ethereum (ETH) network. Over the past few weeks here at CryptoBuzz we’ve had the opportunity to experiment with projects like Keoken, Wormhole, and the latest colored coins project launched by the Cryptonize developers. This week the Simple Ledger Protocol (SLP) has launched which allows Bitcoin Cash proponents to create tokens in only a matter of minutes using the Electron Cash SLP beta wallet.
Simple Ledger Protocol was created by programmers such as Calin Culianu, Jonald Fyookball, James Cramer, Ryan X. Charles, Mark B. Lundeberg, and the developer Unwriter.
Simple Ledger Protocol has released the Electron Cash Simple Ledger Protocol version for Windows and Mac OS and users can also compile the software from the source. The devs have also launched a website which gives a ton of info on the project and helpful resources. Additionally, Simple Ledger Protocol also has a blockchain explorer specifically designed to search for SLP-created tokens on the BCH network and the browser called Tokengraph.network also shows transactions in a very unique graph-like way.
“Simple Ledger Protocol is an emerging standard protocol for issuing secure tokens on the Bitcoin Cash blockchain — Anyone can issue their own token or coin within seconds. And with Simple Ledger Protocol, you can spend or trade tokens peer to peer, just like Bitcoin Cash itself,” explains the Simple Ledger Protocol website.
You can think of Simple Ledger Protocol (SLP) as a ‘transaction within a transaction’. SLP transactions live within a special output known as OP_RETURN, which is a part of a standard Bitcoin Cash transaction. If Jenny wants to send Bob some tokens, she sends a minimal (dust) amount of BCH, and the transaction also contains the data to transfer the tokens.
Creating Tokens Using Electron Cash Simple Ledger Protocol
After reading about the project and downloading the latest SLP beta release, we decided to experiment with the new Electron Cash version that incorporates Simple Ledger Protocol transactions. We already had an existing Mac OS version of Electron Cash on our laptop, and after opening the Simple Ledger Protocol version our older wallet which contained a few bucks worth of BCH was ported into the Simple Ledger Protocol client. If you download the Electron Cash SLP client from scratch you will have to add a small fraction of funds to the wallet to be able to mint your own tokens.