Bitcoin Cash Used Cryptonize It Opens Own Crypto Token Creation Process
You Can Create Your Own Tokens With Cryptonize.it, A BCH-Powered Platform
Recently, a lot of platforms have been founding new ways to use Bitcoin Cash (BCH) to power new tokens. Some of the most high-profile examples have been Bitmain’s Wormhole and Bitprim’s Keoken. Now, Cryptonize.it has decided to launch Colored Coins, a multi-signature desktop wallet that lets you to create tokenized assets using the BCH protocol.
This “colored coins protocol” launched by Cryptonize.it and Cashpay can help the users to issue tokens using the BCH protocol. These new assets can be used to represent almost anything, the list goes from stocks, coupons, precious metals, and more.
After the release of the Colored Coins wallet, the team is already planning to issue new tokens called Cryptonized Cash (CC). The holders will have the opportunity of using their CC tokens to get discounts if they want to buy products of the company.
The Token Creation Protocol
Some members of the Colored Coins community are already trying to experiment with the technology. One of the administrators of the Slack channel of the community, Joel Dalais, has created Bchchat Slack Tokens, which are used as a way to get access to the chat now. Another new coin is called Lightning Network Tokens (LNT) and uses on-chain operations to operate lightning fast.
According to the creator of the platform, the protocol has been tested a lot and the existing SDK and service providers will be able to use the plugins easily to implement this new technology.
To use the platform, you just have to deploy a value in BCH tokens (generally “bits”, about 1,800 bits equals $1 USD) in your wallet. After that, you can pay a fee of 23 bits to create tokens and name them however you like. These tokens will be issued and you can add a log or an icon to them, as well as their name and the name of their creator.
The wallet will be simple to use for anyone who ever used a BCH wallet and was designed for simplicity of use. Unlike Wormhole, this platform has a user friendly interface. Unfortunately, it lacks compatibility with other SPV clients at the moment.