Bitcoin Cash Projects ‘Bitcoin Token’ and ‘Recursive Smelting’ Look to Grow
A Closer Look At Two New Bitcoin Cash Token Projects
Since the last Bitcoin Cash upgrade in May, there has been a surge of new token creation protocols based on BCH. This has created a competitive environment in which many companies are now trying to stand out among the crowd.
This has created a new flood of tokenization and innovation in the BCH community. After BCH increased its block size to 23MB and its default data-carrier-size to 220 bytes, as well as enabling the Satoshi Opcodes again, these features started to appear more.
What Is Recursive Smelting?
One of the projects that appeared on our radar is called Recursive Smelting. This project was created by Harry Barber and Chris Novick and it was introduced to the community back in August 8.
According to the developers, in Recursive Smelting, the main objective was to create a permissionless protocol that could use on-chain data at the same time that they could maximize the SPV compatibility of the project and to avoid any invasive change on the main protocol. Basically, to create something easy to use, non-invasive option.
As the developers explain, each primitive transaction is interfaced with another one and this is able to create a subgraph within all the Bitcoin transactions. As these transactions are generally the genesis and minting type, along with ownership transactions, they are required to conserve the number of tokens while minting is not. The system uses a proof of library system which uses a wallet interface to verify the protocol.
The project is currently in development to be improved as there is still a lot of work to do before the project is actually able to reach its goals. The creators believe that this can be a powerful framework for smart contracts based on the principle of Recursive Smelting.
What Is The Bitcoin Token Project?
The other project that we will talk about today, Bitcoin Token, is used to create smart contracts and tokens with the BCH protocol. This software created by a developer called Clemens, who believes that he can launch it until the end of the year.
According to Clemens’ website, the Bitcoin Token is a tool that the developers will be able to use to create other smart contracts on top of Bitcoin Cash. It gives them very low level access and lets them write smart contracts. There is also the option of using a predefined library and prototypes to create your own smart contract.
Clemens explains that the protocol is based on the concept of colored coins and that this project intends to expand the features of smart contracts to allow them to be more customizable by the users. The project should be scalable and fast, according to the developer, as he believes that receiving the tokens is generally the main bottleneck for Bitcoin solutions, so speed is essential.
These two examples of projects show that the community is very engaged with the new Bitcoin SPV protocol and that more and more developers are starting to use this technology to improve the Bitcoin Cash network.